Fortune Business Insights™, in its new report, titled “Manganese Alloy Market Size, Share & Industry Analysis, By Type (Silico-Manganese SiMn, Ferro-Manganese FeMn, Metallic Manganese Mn, Nitrided Manganese Alloys, Superalloys, Others) and Regional Forecast, 2019-2026”, provides valuable insights into this burgeoning market
Tightening regulatory directives to build fuel-efficient automobiles will play a pivotal role in the expansion of the global Manganese Alloy Market size during the forecast period. Pollution worldwide is reaching dangerous levels and one of the main contributors to this is passenger and commercial vehicles. In response, governments in many countries are putting in place stringent regulations for automotive manufacturers to find alternative materials to make their products more fuel- and cost-efficient. For instance, the National Highway Traffic Safety Administration under the US Department of Transport formulated the Corporate Average Fuel Economy (CAFE) standards in 2019 to ardently regulate fuel economy of vehicles. Subsequent to this announcement, US carmakers are exploring metals that can be alloyed with aluminum to build lightweight and safer vehicles. One of the top contenders for this is manganese owing to its properties of hardness, wear resistance, and ductility, which signals good news for this market.
Some of the highlights of the report include:
- Careful segmentation of the market and in-depth study of the individual segments;
- 360-degree analysis of the factors and trends influencing the market;
- Detailed assessment of the market restraints; and
- Meticulous research into the regional landscape and competitive dynamics shaping the market.
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Key Players Covered in the Manganese Alloy Market Report:
- Mortex Group
- Maithan Alloys Limited
- Sakura Ferroalloys
- Godawari Power and Ispat Ltd (GPIL)
- Jindal Steel & Power Ltd.
- March 2019: Researchers from the Purdue University discovered new copper-manganese alloys that have higher strength and castability quotients. These alloys could provide a cleaner alternative to lead, which is the dominant material used in construction activities across the US.
- March 2017: POSCO developed novel high manganese steel technology that can reduce production time by 50% and enhance performance efficiency by 10%. Molten ferromanganese (FeMn) alloy forms the basis of this technological advancement. It is expected to be used in ExxonMobil’s oil and slurry pipes soon.
Promising Applications of Manganese in Alternative Energy to Favor Market Growth
Manganese alloys are grabbing global attention as the world steadily shifts towards clean energy. The most remarkable applications of manganese and its alloys is being seen in the development of electric vehicles (EVs), making it one of the top manganese alloy market trends. For instance, carmakers are experimenting with new battery technologies called lithiated manganese dioxide (LMD), which provided better thermal stability, higher power output, and are safer than the traditional lithium-ion batteries. The Nissan Leaf and the Chevy Volt electric cars are already running on these batteries. Another ground-breaking application of manganese alloys is in off-the-grid power, a domain where Tesla’s Powerwall is making significant strides. The demand for this material will get a major booster shot as more number of EVs hit the roads in the coming few decades, which, the International Energy Agency estimates, will reach 125 million by 2030.
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Asia-Pacific to Hold Largest Growth Potential; North America to Occupy Commanding Position
Among regions, Asia-Pacific is anticipated to dominate the manganese alloy market share in the forthcoming years as India and China are two of the largest steel producers in the world. These two countries are also two of the largest consumers of manganese alloys worldwide. Besides this, rapid development of the manufacturing sector will also drive the market in the region. In North America and Europe, concerted shift towards clean energy will propel the market, while increasing industrialization in the Middle East and Africa will bode well for this market.
Academic Research Initiatives to Bring New Perspectives to Market Competition
Given the potential of manganese alloys in clean energy, many private and public academic institutions are engaging in intense research to come up with innovative solutions. Other market players are undertaking different measures, such as diversification of product offerings and strategic collaborations, to entrench their position in this market, as per the manganese alloy market analysis.
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