The Iron And Steel Mills And Ferroalloy by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Iron And Steel Mills And Ferroalloy, The iron and steel mills and ferroalloy market size has grown strongly in recent years. It will grow from $1072.87 billion in 2023 to $1141.5 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to rise in construction activity, growth in demand from the automotive industry, strong economic growth in emerging markets, increasing use of recycled steel, expansion of the steel sector and rising demand for steel in end user industries.
The iron and steel mills and ferroalloy market size is expected to see strong growth in the next few years. It will grow to $1395.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to rapid advances in technology, faster economic growth, metal consumption by the aerospace sector, a rise in urban populations, increasing electric vehicle production and investment in infrastructure. Major trends in the forecast period include shift from conventional blast furnaces to modern eafs (electric-arc furnaces), focus on ahss (advanced high-strength steel), use of artificial intelligence, focus on hybrit (hydrogen breakthrough ironmaking technology), focus on mergers and acquisitions, focus on new product development and adoption of robotics in iron ore mining..
Metal consumption by the aerospace sector is expected to increase during the forecast period, thus driving the iron and steel mills and ferroalloy manufacturing market. This is mainly due to the rise in air travel is leading to increased demand for commercial airplanes. According to the International Air Transport Association (IATA), there were around 3.8 billion air travellers number is expected to rise to 7.2 billion by 2035. Similarly, according to Boeing, approximately 42,730 new jets, valued at $6.3 trillion, will be required over the next 20 years, to meet rising passenger traffic and upcoming airplane retirements. This will require significant metal consumption, especially aluminium, this will drive the iron and steel mills and ferroalloy manufacturing market in the forecast period.
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The iron and steel mills and ferroalloy market covered in this report is segmented –
1) By Type: Ferroalloys, Pig Iron, Crude Steel
2) By End-User Industry: Automotive, Machinery, Oil And Gas, Construction, Other End-Users
Sub segments: Ferromanganese, Ferrochrome, Ferrosilicon, Other Alloys, Non Alloy, Alloy
Major companies operating in the iron and steel mills and ferroalloy market are developing new technologies such as high-efficiency electric arc furnaces to meet larger customer bases, more sales, and increase revenue. A high-efficiency electric arc furnace (EAF) is a type of furnace that uses an electric arc to heat metals, which is more efficient than traditional blast furnaces. For instance, in April 2021, Steel Plantech, a Japan-based steel plant engineering manufacturer, launched ECOARC-FIT. This product’s unique characteristic is that it has a horizontal preheater. The flexible and integrated thermal recovery system, or FIT, refers to a furnace that saves energy while being more adaptable to deal with different constraints. In comparison to typical electric furnaces with horizontal preheaters, ECOARC-FIT is anticipated to lower unit power consumption of 30 to 80 kWh per ton of steel output.
The iron and steel mills and ferroalloy market report table of contents includes:
1. Executive Summary
- Iron And Steel Mills And Ferroalloy Market Characteristics
- Iron And Steel Mills And Ferroalloy Market Trends And Strategies
- Iron And Steel Mills And Ferroalloy Market – Macro Economic Scenario
- Global Iron And Steel Mills And Ferroalloy Market Size and Growth
…..
- Global Iron And Steel Mills And Ferroalloy Market Competitive Benchmarking
- Global Iron And Steel Mills And Ferroalloy Market Competitive Dashboard
- Key Mergers And Acquisitions In The Iron And Steel Mills And Ferroalloy Market
- Iron And Steel Mills And Ferroalloy Market Future Outlook and Potential Analysis
- Appendix
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