The global manganese market is projected to enjoy stupendous growth in the next few years of 2024, and its demand is predicted to be driven by the rapidly expanding economy and the increasing demand for steel. Demand from industries like automotive, electrical, and construction will play a significant role in propelling the manganese market, and a variety of market trends are expected to influence it.
First, rising energy costs are anticipated to be a major factor, as manganese is a key component in steel production. Therefore, higher energy costs are likely to hike the cost of production as well as the cost of the major base metal.
Second, tightening regulations, particularly in Europe, are expected to cause disruption across the manganese supply chain. Rules and standards imposed by the European Commission concerning the reduction of pollutants produced during the production of steel will likely cause a setback for the manganese market.
Third, increasing attention to renewable sources of energy will have an impact on the manganese market. Renewable sources such as solar, wind, and biomass are expected to reduce the demand for manganese associated with traditional energy production.
Fourth, population growth and rapid urbanization across emerging markets will add to the demand for manganese. Higher population densities, particularly in developing countries, will spur investment in construction projects and will hence indirectly boost the manganese market.
Moreover, the proliferation of electric vehicles, and the predicted shift towards more sustainable transportation, is expected to trigger demand for manganese in the auto sector. The use of manganese in the manufacturing of batteries used in electric vehicles and for other electric-related products will likely contribute to market growth.
Finally, the rise of consumption of vegan diets is expected to provide a boost to the manganese market, as the nutrient is essential for an optimal vegan diet. Therefore, increased consumption of vegan diets, due to growing health and environmental awareness, is expected to be an influential market trend.
Overall, the manganese market is predicted to grow significantly by 2024, and the top trends discussed above will have a crucial role in shaping the future of the market.
