The manganese market has seen a surge of activity over the past few years as prices and demand increase. Global demand for the metal is forecast to expand steadily over the next five years, reaching 1.74 million metric tons in 2024. The manganese industry is expected to witness fluctuations in prices of both ore and steel products. In view of this, here are the top trends that are anticipated to shape the manganese market until 2024.
1. Growing demand from the steel sector: The steel industry is one of the major driving forces behind manganese demand. Steel products that constituents of manganese include alloys, stains, high-strength low alloy steel, and stainless steel. The technologically advances of steel products have increased the demand for manganese ore and dioxide globally. Such advancements will further open up avenues for the application of manganese in numerous products.
2. Increasing use of manganese-containing materials in the automotive sector: Manganese-containing materials are increasingly being used in the automotive industry due to their strength and sturdy nature. The increasing demand from the automotive sector is expected to have a positive impact on the manganese market, as it will drive the demand for manganese products in the coming years.
3. Increasing demand from the electronics industry: The increasing demand for electronic products is creating a heightened demand for manganese-containing materials. This is due to the fact that manganese is used to produce various types of magnetic material, such as permanent magnets and galvanic cells. Additionally, manganese is also used to manufacture ferrite magnets, which have a much better magnetic properties than other types of magnets.
4. Expansion in production capacities: In order to meet the growing demand, many countries have expanded their manganese production capacities in the past few years. The mining sector in countries such as Australia, India, China, Zambia and South Africa has been witnessing significant expansion in order to meet the increasing demand for manganese.
The above-mentioned trends are expected to help create a stable outlook for the manganese market in the years to come. Consequently, manufacturers and traders are expected to take advantage of the expected growth in demand for the metal and position themselves to capitalize on the potential opportunities that the manganese market presents.