Major companies in the iron and steel mills ferroalloy market include POSCO, Baoshan Iron & Steel Co. Ltd., ArcelorMittal S.A, Nippon Steel & Sumitomo Metal Corporation, JFE Holdings Inc., Hyundai Steel Company, TATA Steel Group, Nucor Corp, Thyssenkrupp AG, and Maanshan Iron and Steel Company Limited.
The global iron and steel mills and ferroalloy market grew from $1006.12 billion in 2022 to $1083.97 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The iron and steel mills and ferroalloy market is expected to grow to $1403.27 billion in 2027 at a CAGR of 6.7%.
The iron and steel mills and ferroalloy market consists of sales of steel scrap, carbon steel, and sinter steel.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
The Asia-Pacific was the largest region in the steel mills and ferroalloy market in 2022.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 report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of iron and steel mills and ferroalloy are ferroalloys, pig-iron, and crude steel.Crude steel refers to the steel that is produced by the solidification of liquid steel.
The various end-users are automotive, machinery, oil and gas, construction, and other end users.
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.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the iron and steel mills and ferroalloy manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, the Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Manufacturers depend heavily on the supply of raw materials from domestic and international suppliers.
As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to a lack of raw materials.The outbreak hurt businesses throughout 2020 and into 2021.
However, it is expected that the iron and steel mills and ferroalloy manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Companies in the iron and steel industry are increasingly using recycled steel as a raw material to manufacture new steel products for enhancing scrap management and energy savings.Steel recycling involves the collection of metal scrap, melting in furnaces at high temperatures to produce blocks, ingots, and sheets, and supplying them to manufacturers for production.
The metallurgical properties of steel allow it to be economically favorable and recyclable.Manufacture of metal products from recycled steel is an eco-friendly process as it consumes less energy, minimizes the need for mining, reduces Co2 emissions, and decreases metal wastage.
According to the Bureau of International Recycling (BIR), 35.5% of recycled steel (or steel scrap) is used in crude steel production globally, where 17.8% was used in China, 55.5% in Europe, 72.1% in the USA, 34.2% in Japan, 43% in the Republic of Korea, 80.8% in Turkey and 39.9% in Russia. ArcelorMittal is optimizing its scrap recycling operations with an average recycling rate of 85% of the steel produced.
The countries covered in the iron and steel mills ferroalloy market include Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, Ukraine, USA, Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The iron and steel mills and ferroalloy market research report is one of a series of new reports that provides iron and steel mills and ferroalloy market statistics, including iron and steel mills and ferroalloy industry global market size, regional shares, competitors with iron and steel mills and ferroalloy market share, detailed iron and steel mills and ferroalloy market segments, market trends and opportunities, and any further data you may need to thrive in the iron and steel mills and ferroalloy industry. This iron and steel mills and ferroalloy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.