The iron & steel mills and ferroalloy manufacturing includes companies processing activities associated to reduction of iron ore, transforming pig iron into steel, and producing of molten or the solid pig iron, steel, steel and forming pipe & tube, electro metallurgical ferroalloys. Ferroalloys include pure elements and iron-rich alloys primarily added while manufacturing steel for improving or altering characteristics of metal. Some of the key elements for instance silicon and manganese for carbon steel and chromium, vanadium, tungsten, titanium, and molybdenum for low- and high-alloy metals are added while processing in iron & steel mills.
According to study, “Iron And Steel Mills And Ferroalloy Manufacturing Global Market Report 2019” the key companies operating in the global iron and steel mills and ferroalloy manufacturing market are Arcelor Mittal SA, JFE Engineering Corporation, China BaoWu Steel Group Corporation Limited, POSCO, Nippon Steel & Sumitomo Metal Corp, Ferro Alloys Corporation Limited, Nikopol Ferroalloy Plant, Eurasian Natural Resources Corporation PLC, S.C. Feral S.R.L., Georgian American Alloys, Inc., Jindal Group, China Minmetals Corporation, Shanghai Shenjia Ferroalloys Co. Ltd., Tata Steel Limited – Ferro Alloys & Minerals Division. The iron and steel mills and ferroalloy manufacturing companies carry out activities associated to reduction of iron ore transforming of pig iron into steel and producing molten or solid pig iron steel forming pipe and tube electro metallurgical ferroalloys and steel and manufacturing shapes such as bar, plate, rod, sheet, strip and wire.
There have been a gradual shift of global steelmakers from blast furnace to electric arc furnace (EAF)for manufacturing steel. EAF process requires less investment and offers higher efficiency as compared to blast furnace. The use of EAF enables steelmakers for producing steel by using 100% scrap metal feedstock, and thereby decreasing overall energy consumed for producing steel as compared to steel made from ores. To capitalize, steel manufacturers are now replacing blast furnaces with EAFs in steel plants.
Based on type, market is segmented into pig iron, crude steel and ferroalloys. Ferroalloys are further sub-segmented into ferrochrome, ferromanganese, ferrosilicon and other alloys. In addition, based on application, market is segmented into iron & steel mills, ferroalloy companies and others.
The market is driven by increase in new vehicle sales, followed by growth in population and rise in disposable income. However, rise in workforce issues and increase in interest rate may impact the market. Moreover, Proliferation of Large, Medium and Small Scale Industries is a key opportunity for market.
Based on geography, Iron & Steel Mills and ferroalloy manufacturing market includes North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these Asia-Pacific market accounts the largest share owing to presence of a large number of manufacturing companies in the region. Whereas, the North-American and European regions are estimated to exhibit considerable growth rate due to high demand from the construction industry over the forecast period. Moreover, with rise in economic outlook, and improved earning capacity, substantial demand from emerging markets adding to significant market scope and potential for global iron & steel mills and ferroalloy manufacturing market expected to significantly rise the market demand expected to increase substantially over the forecast period.
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Ankur Gupta, Head Marketing & Communications