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Iron and Steel Mills & Ferroalloy Market Trends and Insights 2024-2033 | Key Players POSCO, ArcelorMittal S.A., Nippon Steel & Sumitomo Metal Corporation, TATA Steel Group, Nucor Corp.
Iron and Steel Mills & Ferroalloy Market Share
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the iron and steel mills and ferroalloy market are developing new technologies such as high-efficiency electric arc furnaces to meet larger customer bases, more sales, and increase revenue. A high-efficiency electric arc furnace (EAF) is a type of furnace that uses an electric arc to heat metals, which is more efficient than traditional blast furnaces. For instance, in April 2021, Steel Plantech, a Japan-based steel plant engineering manufacturer, launched ECOARC-FIT. This product's unique characteristic is that it has a horizontal preheater. The flexible and integrated thermal recovery system, or FIT, refers to a furnace that saves energy while being more adaptable to deal with different constraints. In comparison to typical electric furnaces with horizontal preheaters, ECOARC-FIT is anticipated to lower unit power consumption of 30 to 80 kWh per ton of steel output.
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Major Key Players of the Market:
Marsh & McLennan Cos Inc, Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, Brown & Brown Inc., Truist Insurance Holdings Inc., Lockton Companies Inc, Acrisure LLC, USI Insurance Services LLC, HUB International Limited, Beacon Insurance Brokers Pvt. Ltd., Urjita Insurance Brokers Pvt. Ltd., Mahindra Insurance Brokers Limited, EFFICIENT Insurance Brokers Pvt. Ltd., VIBHUTI INSURANCE BROKERS PVT. LTD., UNISON Insurance Broking Services Pvt. Ltd., UIB Insurance Brokers Private Limited, MGA Insurance Brokers, Mega Capital, Roderick Insurance Brokers, Unity Insurance Brokers, Insurance Advisernet Australia, Fanhua Inc., Chang'an Insurance Brokers Co., Ltd., Mintaian Insurance Surveyors & Loss Adjusters Group Co., Ltd., Shenzhen Huakang Insurance Agency Co., Ltd., Union Insurance Broker Co., Ltd., JiangTai Insurance Broker Co. Ltd., Air Union Insurance Brokers Co. Ltd., Huatai Insurance Agency & Consultant Service Ltd., Willis Insurance Brokers Co. Ltd., Lloyd's of London Limited (UK), Funk Gruppe GmbH, Ecclesia Holding GmbH, Allianz Global, Crédit Agricole Assurances, CNP Assurance, Société Générale, BNP Paribas Cardif, AXA France Vie, Malakut, Insurance Brokers LLC, MAI Insurance Brokers Poland Sp. z o.o., Meijers Assurantiën B.V., International Insurance Brokers s.r.o., Arthur J. Gallagher, Lockton Inc., Alliant Insurance Services, Inc., NFP Corp., Assured Partners Inc., CBIZ, Inc., Canadian Insurance Brokers Inc., iCare Insurance Brokers, ALIGNED Insurance Inc., Novamar Insurance Mexico, JAH Insurance Brokers Corp, THB MEXICO, Intermediario de Reaseguro, S.A. de C.V., TTMS Argentina S.A., 123Seguro, Insur Insurance Company S.A., SRC Brokers, Lockton Brasil Corretora de Seguros Ltda, Uai Brazil Insurance Broker, ALC Corretora de Seguros, Capital Shield Insurance Brokers L.L.C., Nexus Insurance Brokers LLC, Wehbe Insurance Services LLC, New Shield Insurance Brokers LLC, Unitrust Insurance Broker LLC, Gulf Oasis Insurance Brokers LLC, Earnest Insurance Brokers LLC, Al Noor Insurance Broker, Arab Orient Insurance Brokers, Lusail Insurance Brokers, Glenrand MIB Limited, Howden, Northlink Insurance Brokers, Carrier Insurance Brokers, Glanvills Enthoven, Union Commercial Insurance Broker
Iron And Steel Mills And Ferroalloy Market 2024 Key Insights:
• 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%.
• Soaring Metal Demand Fuels The Growth Of Iron And Steel Mills And Ferroalloy Market
• Development Of Technologies To Drive The Revenues Of The Iron And Steel Mills And Ferroalloy Market
• The Asia-Pacific was the largest region in the steel mills and ferroalloy market in 2023
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