Companies In The Iron And Steel Mills And Ferroalloy Market Are Using Recycled Steel To Manufacture New Products As Per The Business Research Company's Iron And Steel Mills And Ferroalloy Global Market Report 2022
TBRC’s market research report covers iron and steel mills and ferroalloy market size, iron and steel mills and ferroalloy market forecasts, major iron and steel mills and ferroalloy companies and their market share, key strategies to undertake, and more.
LONDON, Oct. 05, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the iron and steel mills and ferroalloy market, 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 favourable 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.
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The global iron and steel mills and ferroalloy market is expected to grow from $0.91 trillion in 2021 to $0.99 trillion in 2022 at a compound annual growth rate (CAGR) of 8.9%. As per the iron and steel mills and ferroalloy market growth analysis the market is expected to grow to $1.34 trillion in 2026 at a CAGR of 7.8%.
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 aeroplanes. According to the International Air Transport Association (IATA), there was 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 aeroplane retirements. This will require significant metal consumption, especially aluminium, this will drive the iron and steel mills and ferroalloy market in the forecast period.
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 segmentation is categorized by type into ferroalloys, pig iron, crude steel; by end-user into automotive, machinery, oil and gas, construction, others.
Asia Pacific was the largest region in the steel mills and ferroalloy market in 2021. Western Europe was the second-largest region in the iron and steel mills and ferroalloys market. The regions covered in the iron and steel mills and ferroalloy industry overview are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Iron And Steel Mills And Ferroalloy Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide iron and steel mills and ferroalloy market overviews, iron and steel mills and ferroalloy market analyze and forecast market size and growth for the whole market, iron and steel mills and ferroalloy market segments and geographies, iron and steel mills and ferroalloy market trends, iron and steel mills and ferroalloy market drivers, iron and steel mills and ferroalloy market restraints, iron and steel mills and ferroalloy market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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