The iron and steel mills and ferroalloy manufacturing industry includes companies carrying out activities such as reduction of iron ore, transforming pig iron into steel, and producing molten or solid pig iron, steel, steel and forming pipe and tube, electrometallurgical ferroalloys, and steel and manufacturing shapes such as bar, plate, rod, sheet, strip, and wire.
The top five companies covered are ArcelorMittal S.A., POSCO, China BaoWu Steel Group Corporation Limited, Nippon Steel & Sumitomo Metal Corp and JFE Engineering Corporation. AcelorMittal was the largest company in the iron and steel mills and ferroalloy manufacturing market in 2017.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
Iron and Steel Mills and Ferroalloy Manufacturing Market Size
The global iron and steel mills and ferroalloy manufacturing market was valued at around $2266 billion in 2017. Asia Pacific was the largest region in the iron and steel mills and ferroalloy manufacturing market in 2017, accounting for above 67% market share. China was the largest country in the market in 2017, accounting for above 36% of the market.
Iron and Steel Mills and Ferroalloy Manufacturing Market Trend
Global steelmakers are gradually shifting from blast furnace to EAF to manufacture steel. EAF requires much lower investment and offers higher efficiency compared to a blast furnace. The use of EAF enables steelmakers to produce steel from 100% scrap metal feedstock, reducing the overall energy consumed to produce steel as compared to steel made from ores. To capitalize on this, steel manufacturers are replacing blast furnaces with EAFs in their steel plants.
Iron and Steel Mills and Ferroalloy Manufacturing Market Segmentation
The iron and steel mills and ferroalloy manufacturing market is segmented into Crude Steel, Pig Iron and Ferroalloys.
Crude Steel segment includes establishments making steel, manufacturing shapes and forming pipe and tube.
Pig Iron is an intermediate good obtained in the manufacturing of iron. Molten or solid form of pig iron is used to manufacture iron into steel.
Ferroalloys segment includes high percentage nonferrous alloying elements such as electrometallurgical, manganese metal, molybdenum silicon, silicomanganese, and spiegeleisen ferroalloys. These are used in the production of wires, switches, automotive radiators, water heaters, refrigerators, metal casting, and various other chemical processing equipment.