Market overview
The global ferrosilicon market is worth USD 11.0 bn in 2026 and is forecast to reach USD 15.5 bn by 2036, growing at a 3.5% CAGR. China is the largest country market and 75 percent ferrosilicon is the largest by grade segment.
| Scope | Ferrosilicon, an iron-silicon alloy used to deoxidise steel, in cast iron and in magnesium and silicon production, in 75 percent, 65 percent, 45 percent and magnesium-grade forms. |
|---|---|
| Industry | Chemicals and Materials |
| Value 2025 | USD 10.7 bn |
| Value 2026 | USD 11.0 bn |
| Value 2036 | USD 15.5 bn |
| CAGR 2026-2036 | 3.5% |
| Volume 2026 | 8.36 million tonnes |
| Volume 2036 | 10.7 million tonnes |
| Average price 2026 | USD 1,318 per tonne |
| Report price | Starts from USD 1,999 |
| Published | November 2026 |
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Ferrosilicon market size and forecast, 2026-2036
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Year | Market value |
|---|---|
| 2026 | USD 11.0 bn |
| 2027 | USD 11.4 bn |
| 2028 | USD 11.8 bn |
| 2029 | USD 12.2 bn |
| 2030 | USD 12.6 bn |
| 2031 | USD 13.1 bn |
| 2032 | USD 13.5 bn |
| 2033 | USD 14.0 bn |
| 2034 | USD 14.5 bn |
| 2035 | USD 15.0 bn |
| 2036 | USD 15.5 bn |
Ferrosilicon market segmentation
By grade
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| 75 percent ferrosilicon | 62.0% | 62.5% | USD 6.8 bn | 3.6% |
| 65 percent ferrosilicon | 12.0% | 11.5% | USD 1.3 bn | 3.1% |
| 45 percent ferrosilicon | 10.0% | 9.1% | USD 1.1 bn | 2.6% |
| Magnesium ferrosilicon | 10.0% | 11.1% | USD 1.1 bn | 4.6% |
| Other grades | 6.0% | 5.8% | USD 661 mn | 3.1% |
By end use
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Steelmaking | 52.0% | 50.0% | USD 5.7 bn | 3.1% |
| Foundry and cast iron | 20.0% | 19.2% | USD 2.2 bn | 3.1% |
| Magnesium and silicon production | 16.0% | 18.6% | USD 1.8 bn | 5.1% |
| Other | 12.0% | 12.1% | USD 1.3 bn | 3.6% |
By silicon content
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| 75% silicon | 60.0% | 58.0% | USD 6.6 bn | 3.1% |
| 65% to 72% silicon | 18.0% | 18.0% | USD 2.0 bn | 3.5% |
| Below 50% silicon | 22.0% | 24.0% | USD 2.4 bn | 4.4% |
By particle size
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Lump | 48.0% | 45.0% | USD 5.3 bn | 2.8% |
| Granules | 22.0% | 22.0% | USD 2.4 bn | 3.5% |
| Powder | 16.0% | 17.0% | USD 1.8 bn | 4.1% |
| Atomised | 14.0% | 16.0% | USD 1.5 bn | 4.9% |
By steelmaking use
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Deoxidiser | 44.0% | 40.0% | USD 4.8 bn | 2.5% |
| Alloying agent | 28.0% | 28.0% | USD 3.1 bn | 3.5% |
| Cast iron inoculant | 16.0% | 17.0% | USD 1.8 bn | 4.1% |
| Magnesium production | 12.0% | 15.0% | USD 1.3 bn | 5.8% |
Top 25 countries for ferrosilicon by revenue
Countries are ranked by revenue earned from sales in the country, not by where the product is made. The ten largest hold 85.0% of 2026 revenue and the 25 countries below together hold 95.3%.
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| # | Country | Value 2026 | Share 2026 | Value 2036 | CAGR 2026-36 |
|---|---|---|---|---|---|
| 1 | China | USD 5.7 bn | 52.0% | USD 8.0 bn | 3.4% |
| 2 | India | USD 771 mn | 7.0% | USD 1.4 bn | 5.9% |
| 3 | Japan | USD 551 mn | 5.0% | USD 668 mn | 1.9% |
| 4 | South Korea | USD 441 mn | 4.0% | USD 560 mn | 2.4% |
| 5 | United States | USD 441 mn | 4.0% | USD 591 mn | 3.0% |
| 6 | Russia | USD 331 mn | 3.0% | USD 420 mn | 2.4% |
| 7 | Germany | USD 331 mn | 3.0% | USD 404 mn | 2.0% |
| 8 | Turkey | USD 331 mn | 3.0% | USD 513 mn | 4.5% |
| 9 | Brazil | USD 220 mn | 2.0% | USD 326 mn | 4.0% |
| 10 | Italy | USD 220 mn | 2.0% | USD 264 mn | 1.8% |
| 11 | Ukraine | USD 204 mn | 1.9% | USD 286 mn | 3.4% |
| 12 | Canada | USD 134 mn | 1.2% | USD 185 mn | 3.2% |
| 13 | Norway | USD 106 mn | 1.0% | USD 148 mn | 3.4% |
| 14 | Vietnam | USD 89 mn | 0.8% | USD 154 mn | 5.6% |
| 15 | Mexico | USD 78 mn | 0.7% | USD 124 mn | 4.7% |
| 16 | Iran | USD 69 mn | 0.6% | USD 101 mn | 3.8% |
| 17 | Poland | USD 64 mn | 0.6% | USD 96 mn | 4.2% |
| 18 | Egypt | USD 58 mn | 0.5% | USD 98 mn | 5.3% |
| 19 | Spain | USD 55 mn | 0.5% | USD 75 mn | 3.1% |
| 20 | Thailand | USD 52 mn | 0.5% | USD 79 mn | 4.3% |
| 21 | Indonesia | USD 48 mn | 0.4% | USD 81 mn | 5.2% |
| 22 | Czech Republic | USD 46 mn | 0.4% | USD 64 mn | 3.2% |
| 23 | Argentina | USD 44 mn | 0.4% | USD 67 mn | 4.2% |
| 24 | Kazakhstan | USD 42 mn | 0.4% | USD 65 mn | 4.5% |
| 25 | Saudi Arabia | USD 41 mn | 0.4% | USD 65 mn | 4.8% |
| Rest of world | USD 521 mn | 4.7% | USD 721 mn | 3.3% |
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
Competitive landscape
Group 1: Global leaders
- Elkem
- Ferroglobe
- Erdos Group
- OM Holdings
- Chelyabinsk Electrometallurgical Plant
- Kuznetsk Ferroalloys
- Fesil
Group 2: Regional and specialist players
- Nippon Denko
- Tata Steel
- Maithan Alloys
- Sarda Metals & Alloys
- Eurasian Resources Group
- Sinosteel
Research methodology
Every figure on this page comes from the research framework that we apply to all of the markets we cover. The 2025 base for the ferrosilicon market is built from the volume sold and the price that buyers pay, and is cross-checked against the size of the wider industry the market belongs to. Where a market can be sized in more than one way, the routes are compared before a figure is set.
The forecast runs year by year from the 2025 base to 2036. Growth in each year reflects demand from the industries that buy the product, adoption of new technology, pricing, regulation and replacement cycles. Volume and price are modelled together, so revenue in each year equals volume multiplied by average price. The 2026 to 2036 compound annual growth rate of 3.5% is calculated from the resulting values.
The market is divided by grade, by end use, by silicon content, by particle size, by steelmaking use. The 25 largest countries are ranked by revenue earned from sales to buyers in each country, not by where the product is made. Segment values and country values add up to the market total in every year, and every report is checked for consistency before it is published.
Companies are placed in three groups: global leaders, regional and specialist players, and emerging and niche players. The groups describe how companies compete in the market. They are not a ranking and they are not market shares.
Our analysts also carry out primary research. Customized reports add interviews with key opinion leaders, such as senior executives, technical specialists and buyers, to test the assumptions behind the numbers for the question being asked.
Frequently asked questions
How big is the ferrosilicon market?
The global ferrosilicon market is estimated at USD 10.7 bn in 2025 and USD 11.0 bn in 2026.
How fast will the ferrosilicon market grow?
It is forecast to reach USD 15.5 bn by 2036, a compound annual growth rate of 3.5% from 2026, an increase of USD 4.5 bn.
Which country is the largest market for ferrosilicon?
China is the largest market by revenue at USD 5.7 bn in 2026, 52.0% of the global total. The three largest countries together hold 64.0%.
Which country is growing fastest?
Among the ten largest markets, India is growing fastest at 5.9% a year from 2026 to 2036.
Which ferrosilicon segment is largest?
In the by grade split, 75 percent ferrosilicon is the largest segment with 62.0% of 2026 revenue.
Who are the leading ferrosilicon companies?
Global leaders include Elkem, Ferroglobe, Erdos Group, OM Holdings.
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