Manganese is an essential element used in a variety of industrial and product applications, such as steelmaking, alloys production, and chemical production. Demand for Mn-based products is continuing to increase rapidly due to increasing industrialization and technological advancement in the world. Therefore, the forecast of Mn markets around the world in both short-term and long-term is extremely important for stakeholders in the Mn industry.
According to a recent market report issued by Godzillanewz, the Mn-market is expected to respond to various trends during the period between 2020-2024. The top 3 trends they identified are as follows:
1. Expansion of Mn Applications in Technology and Electronics: The increasing use of Mn in semiconductors and wafer manufacture for electronics has been driving the demand for Mn in recent years. Larger Mn allocations for fulfillment of Mn needs in the technology and semiconductor industries is anticipated to be a key factor driving Mn demand during the forecast period.
2. Development of Ferroalloys and Mn Concentrates: The production of ferroalloys and Mn concentrates is an important source of Mn output and demand. The increasing use of Mn-containing alloys in the steelmaking process is expected to continue to drive the global demand for Mn in the 2024 period.
3. Growing Demand from Key End Users: The growing demand from end users such as automakers, construction equipment manufacturers, and other heavy industries is expected to intensify the demand for Mn by 2024. Also, the rising trend of Mn recycling and usage of Mn in batteries is anticipated to have a great impact on Mn market growth during the given forecast period.
The above mentioned trends reflect the growth of the Mn-market and the increasing demand for its products. It is important for stakeholders to identify these trends in order to make informed decisions that will affect their Mn investments in the long run. It is also essential to identify potential risks and to provide agile strategies that can adapt to changing market conditions.