The Global Iron And Steel Mills And Ferroalloys Market size is projected to grow at a CAGR of 4.5% during the forecast period. The key factors driving this growth are increased steel production in emerging economies such as China, India, Brazil, and Mexico; increase in demand for quality steel from developed markets like Japan, Germany, and the U.S.; replacement of old plants with state-of-the-art facilities; increasing environmental regulations on the use of coal (a raw material used in producing pig iron); a growing number of downstream industries that consume ferroalloys; increase in demand for high purity nickel metal produced through the refining process, and rise in investments by major domestic and global players.
Iron and steel mills are the production facilities that use iron as raw material to manufacture various types of metal products. Ferroalloys, on the other hand, are a combination of metallic elements such as calcium, manganese, or chromium with alloying elements like aluminum or silicon, etc., at high temperatures in presence of a reducing agent. These alloys have much higher melting points compared to their constituent metals- thus resulting into longer life spans for tools/machines used in different industries.
Iron and steel mills process iron ore into partially refined ferrous metal. They combine the metals with other materials to form alloys such as carbon, which can be further used in building infrastructures like railways and bridges. Iron and steel also require additional processing before they are ready for use by end-users; this is done using thermal power or electricity generation through coal or natural gas combustion processes. Ferroalloy companies produce alloying agents that include silicon (silicon), manganese (manganese), and chromium mainly during their initial stage of production when raw material reserves are still abundant at low prices. Later on, these companies move towards producing specialty steels that have higher application value while reducing content in the final product.
On the basis of Type, the global iron and steel mills and ferroalloys market is segmented into crude steel, pig iron, and ferroalloys.
Crude steel is a term used to describe the output of a basic oxygen furnace (BOF) or electric arc furnace (EAF), which is not further processed into semi-finished products. Crude steel contains impurities such as silicon, phosphorus, and sulfur in different proportions depending on the grade of crude steel being produced. The various uses of crude steel are varied, including applications in the construction industry, transportation sector, and also for manufacturing major components.
Pig iron or cast iron is a type of intermediate product, which is used in the production of steel. It has low carbon content and a high amount of impurities compared to other forms of ferroalloys. This is the ground product that has undergone little or no change at all in its compositions. It contains approximately 97% of iron, along with slag minerals and other impurities that are drained through a channel to form liquid runoff during processing.
Ferroalloys are alloys of iron with one or more elements. The most important ferroalloy is hematite, an oxide of iron that is used in the production of metallic iron by reduction with carbon (as coke). Other examples include magnetite and taconite. There are three main types of Ferroalloys: Magnetics (Ferromagnetic), Nonmagnetics (nonferrous) & Intermetallic Alloys; These include Chromium, Nickel, Vanadium, etc. Their traits make them suitable for various industrial applications like manufacturing steel alloys.
On the basis of Application, the global iron and steel mills and ferroalloys market is segmented into Iron & Steel Mills, Ferroalloy Companies, Others.
Iron and steel mills are one of the largest consumers of iron ore. Iron ores are used for smelting purposes in order to produce pig iron, which is further converted into various types of ferroalloys that find application in different industries including construction, automotive, oil & gas refining, etc. Iron and steel mills are major end-users of iron and steel in the world. The applications include hot rolled bands, sheets & plates that form an integral part of automobiles, the shipping industry, power generation equipment including boilers, etc. Iron ore is a key input for these industries since it makes up 98% - 99% of pig iron production globally.
Ferroalloy companies use iron and steel mills to create high-grade ferromanganese, ferrosilicon, and other alloying agents. The primary application of these materials is in producing stainless steel for manufacturing goods that require corrosion resistance or strength properties. Iron and steel mills are used by ferroalloy companies to produce various grades of alloy. The additional quantities from iron and steel mills can be sold back for further processing in other industries such as automobiles, white goods, etc. Thus, they play a vital role in meeting the demands of these sectors.
On the basis of Region, the global iron and steel mills and ferroalloys market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The iron and steel mills market in North America is expected to grow at a CAGR of around 0.95% from 2021 to 2028. Brazil is the largest producer of pig iron in Latin America and ranks fifth globally. Ferroalloy companies play a major role in Brazil’s production of ferronickel, which accounts for about half of its total nickel output. Europe is the biggest market for Iron and steel mills. It held 42% of global iron ore production in 2017, it also holds 56% of the world's total mined chromite ore reserves. Europe has more than 25 major ferroalloy manufacturing plants which produce different metal alloys like Ferronickel (Nickelcopper), Ferrhotin (Iron-Chromium), Nicalomat(Fe-Mn), etc. The Asia Pacific is the largest market for iron and steel mills and ferroalloys. China, Japan, South Korea are some of the major countries in this region that contribute to a significant share in total production volume.
The growth factors for the global iron and steel mills and ferroalloys market are increased demand for metal alloys, particularly nickel-based alloy, in various end-use industries such as transportation equipment (e.g., aircraft), chemical industry (e.g., batteries) & energy sector; growing usage of stainless steels across several applications which has boosted the demand for nickel sulfate; increasing application areas of advanced materials in different fields including automotive engineering, & medical devices, etc.; high production rates from developed regions such as North America and Europe; & the growth in demand environmentally friendly ferroalloys.
Up Market Research published a new report titled “Iron and Steel Mills and Ferroalloy Market research report which is segmented by Types (Crude Steel, Pig Iron, Ferroalloys), By Applications (Iron and Steel Mills, Ferroalloy Companies, Others), By Players/Companies ArcelorMittal, POSCO, China BaoWu Steel, Nippon Steel & Sumitomo Metal, JFE Engineering”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Iron and Steel Mills and Ferroalloy Market Research Report|
|By Type||Crude Steel, Pig Iron, Ferroalloys|
|By Application||Iron and Steel Mills, Ferroalloy Companies, Others|
|By Companies||ArcelorMittal, POSCO, China BaoWu Steel, Nippon Steel & Sumitomo Metal, JFE Engineering|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||208|
|Number of Tables & Figures||146|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Crude Steel, Pig Iron, Ferroalloys and By Application Iron and Steel Mills, Ferroalloy Companies, Others.
Some of the companies that are profiled in this report are:
Iron and Steel Mills and Ferroalloy Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Iron and Steel Mills and Ferroalloy Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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