Global Iron And Steel Mills And Ferroalloy Market Size 2024, Forecast To 2033

11 Mar, 2024

The iron and steel mills and ferroalloy market have experienced robust growth, expanding from $1072.87 billion in 2023 to $1141.5 billion in 2024, with a compound annual growth rate (CAGR) of 6.4%. This growth in the historical period is credited to the upswing in construction activity, heightened demand from the automotive industry, strong economic growth in emerging markets, increased use of recycled steel, expansion of the steel sector, and a rising demand for steel in end-user industries. Looking ahead to 2028, the market is poised for continued strong growth, projecting a size of $1395.34 billion with a CAGR of 5.1%. The anticipated 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 investments in infrastructure. Key trends during this period include the shift from conventional blast furnaces to modern electric-arc furnaces (EAFs), a focus on advanced high-strength steel (AHSS), the utilization of artificial intelligence, emphasis on hybrit (hydrogen breakthrough ironmaking technology), a focus on mergers and acquisitions, a focus on new product development, and the adoption of robotics in iron ore mining.

Global Iron And Steel Mills And Ferroalloy Market Key Driver

Metal consumption by the aerospace sector is anticipated to increase during the forecast period, driving the iron and steel mills and ferroalloy manufacturing market. This upsurge is primarily attributed to the growing air travel, leading to heightened demand for commercial airplanes. According to the International Air Transport Association (IATA), the number of air travelers, which was approximately 3.8 billion, is expected to rise to 7.2 billion by 2035. Concurrently, Boeing projects a demand for around 42,730 new jets valued at $6.3 trillion over the next 20 years, aiming to meet the escalating passenger traffic and impending airplane retirements. The consequent requirement for substantial metal consumption, particularly aluminum, is poised to propel the iron and steel mills and ferroalloy manufacturing market, reflecting the 2023, 2024, and 2028 market sizes.

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Global Iron And Steel Mills And Ferroalloy Market Segments

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
By Geography:The regions covered in the iron and steel mills and ferroalloy market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa The Asia-Pacific was the largest region in the steel mills and ferroalloy market in 2023. Western Europe was the second-largest region in the iron and steel mills and ferroalloy market. The regions covered in the iron and steel mills and ferroalloy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Major Iron And Steel Mills And Ferroalloy Industry Players

POSCO, ArcelorMittal S.A., Nippon Steel & Sumitomo Metal Corporation, TATA Steel Group, Nucor Corp, JFE Holdings, Inc., GERDAU S.A, Hyundai Steel Company, Maanshan Iron and Steel Company Limited, Thyssenkrupp AG, Baoshan Iron & Steel Co. Ltd, Kobe Steel Limited, Baowu steel, Ningbo BST Metal Products Co. Ltd., Nanjing Hengjie Industrial Co. Ltd., The Heico Companies, Bekaert SA, Suzuki Garphyttan Ab, Avocet Steel, SWR Group, Ormiston Wire, Novolipetsk Steel (NLMK), Evraz, Magnitogorsk Iron and Steel Works (MMK), Severstal, Metalloinvest, Mechel, TMK (Pipe Metallurgical Co. OJSC), Summit Utility Structures LLC, Sovereign Steel Manufacturing, AK Steel Holding, Algoma Steel Inc., Ternium S.A., United States Steel Corporation, Cleveland Cliffs, Aperam, Companhia Siderúrgica Nacional, Siderca, AL Khaleej Metal Coat LLC., AL Shafar Steel Engineering, Ajmal Steel Tubes & Pipes Industries LLC, Al Jarsh Metal Section Manufacturing, Alam Steel, Bosco Group of Companies, DBMSC Steel FZCO, Denholm YAM, Moolaan Iron & Steel, S A Iron & Steel Institute (SAISI), Pretoria Schmiede Cc, Metatrade Import and Export (Pty) Ltd, Cape Town Iron and Steel Works, JM Enterprises, Melcast Iron and Steel Foundry.

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Iron And Steel Mills And Ferroalloy Market Overview

Iron and steel mills and ferroalloy refer to a type of product that involves smelting steel scrap and iron ore to create pig iron, either in molten or solid form, and turning pig iron into steel by removing the carbon in the iron by combustion in furnaces that carry out activities such as reducing iron ore and transforming pig iron into steel.

Iron And Steel Mills And Ferroalloy Global Market Report 2023 provides data on the global iron and steel mills and ferroalloy market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The iron and steel mills and ferroalloy market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.