Metal And Mineral Manufacturing

Global Iron And Steel Mills And Ferroalloy Market Growth Forecast – Includes Iron And Steel Mills And Ferroalloy Market Size

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The iron and steel mills and ferroalloy market is expected to grow from $915.11 billion in 2021 to $987.77 billion in 2022 at a compound annual growth rate (CAGR) of 7.9%. The market is expected to grow to $1,203.57 billion in 2026 at a CAGR of 5.1%.

 

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Iron And Steel Mills And Ferroalloy Market Driver

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.

 

Iron And Steel Mills And Ferroalloy Market Trends

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.

 

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Iron And Steel Mills And Ferroalloy Market Segmentation By The Business Research Company

1) By Type: Ferroalloys, Pig Iron, Crude Steel

2) By End User: Automotive, Machinery, Oil and Gas, Construction, Other End Users

Subsegments Covered: Ferromanganese, Ferrochrome, Ferrosilicon, Other Alloys, Non Alloy, Alloy

 

Major Players And Regions Of The Iron And Steel Mills And Ferroalloy Market

Major players in the iron and steel mills and ferroalloy market are 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.

 

Asia Pacific was the largest region in the iron and steel mills and ferroalloy market in 2021.

 

The Iron And Steel Mills And Ferroalloy Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the iron and steel mills and ferroalloy market.

 

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