The global manganese market, which achieved a valuation of approximately US$25 billion in 2020, is poised for steady growth in the coming years. Several key factors are contributing to the positive trajectory of this market, making it an attractive investment opportunity.
Increasing Use in Steel Production Drives Manganese Market Growth
Manganeses indispensable role in steel and iron production, owing to its deoxidising, alloying, and sulfur-fixing properties, remains a driving force behind the markets growth. According to the United States Geological Survey (USGS), manganese accounts for 80-90% of the total domestic demand in steel production. As the global steel production continues to rise, with a 3.7% increase in 2021 alone, reaching 1,950 million tons, the demand for manganese is expected to follow suit, providing new avenues for market growth (Source: World Steel Association).
Rising Demand in Lithium-Ion Battery Manufacturing and Electric Vehicles
The demand for manganese in lithium-ion battery production is another key growth driver for the market. Manganese plays a vital stabilizing role in the structure of nickel manganese cobalt (NMC) cathode materials, enhancing the efficiency and functionality of lithium-ion batteries. In addition to being cost-effective compared to cobalt, manganeses stability and capacity to increase energy density can extend the driving range of electric vehicles. Moreover, manganese reduces the combustibility of electric vehicle batteries, setting it apart from cobalt-infused batteries. With the increasing sales and production of electric vehicles, this trend is expected to further bolster the manganese market in the coming years.
Asia Pacific Emerges as a Flourishing Market, with China at the Helm
The sale of manganese in Asian countries, including India, China, Japan, and others, has been on an upward trajectory. The Asia Pacific manganese market is expected to grow significantly in the coming years, driven by rising demand in construction and steel industries. Rapid urbanization and infrastructure development in ASEAN countries, coupled with growing industrialization, have also contributed to the regions dependency on manganese. China, being a major steel producer and consumer, is likely to lead the manganese market in Asia Pacific. This region offers high growth potential, making it a promising hub for companies operating in the market.
North America and Europe Poised for Growth
While Asia Pacific takes the lead, developed economies in North America and Europe are not far behind in terms of manganese market growth. The rapidly expanding steel industry in the US and Canada, coupled with the increasing sales of electric vehicles, presents new opportunities for market growth. Additionally, stable GDP growth, urbanization, and automobile production are expected to further boost the manganese market in these regions.
Key players in the global manganese market, such as Mesa Minerals Limited, Ningxia Tianyuan Manganese Industry Group Co. Ltd., Sibelco, Assore Limited, Anglo American PLC, and others, are actively engaged in new product launches, collaborations, and acquisitions to strengthen their positions and gain a competitive edge.
In conclusion, the global manganese market is on a stable growth trajectory, driven by its essential role in steel production and the increasing demand from the lithium-ion battery and electric vehicle sectors. Asia Pacific, led by China, offers significant growth potential, while North America and Europe are poised for expansion. Industry players are actively pursuing strategic initiatives to harness these opportunities and strengthen their market positions.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/manganese-market
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