Global Iron & Steel Mills and Ferroalloy Market Experiences Robust Growth, Anticipated to Reach $1403.27 Billion by 2027
Iron And Steel Mills And Ferroalloy Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s Iron And Steel Mills And Ferroalloy Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, December 7, 2023 /EINPresswire.com/ -- The global iron and steel mills and ferroalloy market has exhibited significant expansion, surging from $1006.12 billion in 2022 to $1083.97 billion in 2023, showcasing an impressive Compound Annual Growth Rate (CAGR) of 7.7%. Projections indicate continued upward momentum, with the iron and steel mills and ferroalloy market poised to attain $1403.27 billion by 2027, reflecting a CAGR of 6.7%.
Aerospace Sector Drives Metal Consumption, Fueling Market Growth
The iron and steel mills and ferroalloy manufacturing market is witnessing a surge in demand, primarily propelled by increased metal consumption in the aerospace sector. Forecasts suggest a notable uptick in metal utilization during the forecast period, driven by the escalating demand for commercial airplanes. The surge in air travel, as indicated by the International Air Transport Association (IATA), projects a rise from 3.8 billion air travelers to an estimated 7.2 billion by 2035. Boeing estimates a necessity for approximately 42,730 new jets, valued at $6.3 trillion, over the next two decades. This burgeoning demand, especially for aluminum, is expected to underpin the iron and steel mills and ferroalloy manufacturing market in the forecast period.
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Industry Leaders and Sustainable Practices
Major players in the iron and steel mills and ferroalloy market, including 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, play pivotal roles in steering industry dynamics.
Recycled Steel Revolutionizing the Industry
Companies within the iron and steel industry are embracing sustainability by incorporating recycled steel as a primary raw material. This strategic shift enhances scrap management and contributes to energy savings. Recycling steel is not only economically favorable but also aligns with eco-friendly practices, reducing energy consumption, curbing mining needs, minimizing CO2 emissions, and mitigating metal wastage. ArcelorMittal, with an average recycling rate of 85%, exemplifies commitment to scrap recycling operations, optimizing steel production efficiency.
Market Segmentation:
•Type: Ferroalloys, Pig Iron, Crude Steel
•End User: Automotive, Machinery, Oil and Gas, Construction, Other End Users
•Subsegments Covered: Ferromanganese, Ferrochrome, Ferrosilicon, Other Alloys, Non Alloy, Alloy
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Iron And Steel Mills And Ferroalloy Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Iron And Steel Mills And Ferroalloy Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on iron and steel mills and ferroalloy market size, iron and steel mills and ferroalloy market drivers and trends, iron and steel mills and ferroalloy market major players, iron and steel mills and ferroalloy market competitors' revenues, iron and steel mills and ferroalloy market positioning, and iron and steel mills and ferroalloy market growth across geographies. The iron and steel mills and ferroalloy market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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