2023, with an anticipated increase to USD 13.7 billion by 2030. This growth is forecasted to occur at a compound annual growth rate (CAGR) of 3.3% between 2024 and 2030. This growth of the market can be credited to the extensive variety of applications of this material in the automotive, construction, and manufacturing sectors.

In 2023, on the basis of type, the atomized bifurcation led the industry to over USD 7.0 billion in revenue. This variant is made by spraying melted ferrosilicon into a chamber and letting it harden into minor particles or droplets. 

The resultant small particles own a higher surface area, which makes it appropriate for applications where a quick reaction is needed. Its major applications are the parting of dense media in the metallurgy sector and the parting of heavy media in the coal sector. Additionally, its particle size constancy makes it perfect for usage in making welding consumables and certain alloys.

In 2023, the carbon & other alloy steel category had the largest share, on the basis of end users, of 35%. Ferrosilicon is significantly utilized to make carbon steel and many other alloy steels credited to its capability to advance the structural integrity and performance of the end product. Basically, the base material works as a potent deoxidizer during the making of carbon steel. 

Cast iron is projected to experience the highest Compound Annual Growth Rate of 3.7% throughout the forecast period. Its advantages include ease of melting, cost-effectiveness, and superior casting characteristics when compared to steel. Ferrosilicon serves as an inoculant during cast iron production, preventing the formation of iron carbide by counteracting rapid cooling in thin sections of the castings.

In 2023, APAC will dominate the market with a share of around 55%, and the region is projected to continue with the dominance in the future as well, propelled by the growing material need from the construction sector. As per a study done by the Institution of Civil Engineers (ICE), the worldwide construction industry is estimated to touch USD 8 trillion by 2030, propelled mainly by India, the U.S., and China. Thus, steelmaking capacity is being prolonged by major metallurgy businesses in different nations.