Iron And Steel Mills And Ferroalloy Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
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.

Sizing and Forecast
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..

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Segmentation & Regional Insights
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

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

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the iron and steel mills and ferroalloy market report are 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.

The iron and steel mills and ferroalloy market report table of contents includes:
1. Executive Summary

2. Iron And Steel Mills And Ferroalloy Market Characteristics

3. Iron And Steel Mills And Ferroalloy Product/Service Analysis -Product/Service Examples

4. Iron And Steel Mills And Ferroalloy Market Trends And Strategies

5. Iron And Steel Mills And Ferroalloy Market - Macro Economic Scenario

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68. Global Iron And Steel Mills And Ferroalloy Market Competitive Benchmarking
69. Global Iron And Steel Mills And Ferroalloy Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Iron And Steel Mills And Ferroalloy Market
71. Iron And Steel Mills And Ferroalloy Market Future Outlook and Potential Analysis
72. Appendix