Press release
Iron and Steel Mills and Ferroalloy Market: Steady Growth Expected with a Jump from $1219.81 billion in 2025 to $1438.1 billion by 2029
Iron And Steel Mills And Ferroalloy Market Size
What Is The Projected Market Size Of The Global Iron And Steel Mills And Ferroalloy Market And Its Growth Rate?
The iron and steel mills and ferroalloy market is anticipated to witness robust growth, attributed to rise in construction activity, strong economic growth in emerging markets and increasing use of recycled steel.
•Historic growth rate: The market size has grown from $1150.23 billion in 2024 to $1219.81 billion in 2025 at a compound annual growth rate (CAGR) of 6.0%.
•Forecasted growth rate: The market size is estimated to reach $1438.1 billion by 2029 at a CAGR of 4.2%.
What Is Driving The Growth In The Iron And Steel Mills And Ferroalloy Market?
Growth in the iron and steel mills and ferroalloy market is primarily propelled by the rise in metal consumption by the aerospace sector. Increase in air travel is resulting in heightened demand for commercial airplanes, leading to significant metal requirements, consequently driving the market. Assets provided by renowned bodies like the International Air Transport Association (IATA) and Boeing forecast a significant rise in air travel and the need for new jets respectively, further substantiating the market push.
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Who Are the Key Players Driving Iron And Steel Mills And Ferroalloy Market Growth?
•POSCO
•ArcelorMittal S.A.
•Nippon Steel & Sumitomo Metal Corporation
•TATA Steel Group
•Nucor Corp
•JFE Holdings, Inc.
•GERDAU S.A
•Hyundai Steel Company
•Maanshan Iron and Steel Company Limited
•Thyssenkrupp AG
•Baoshan Iron & Steel Co. Ltd
•Kobe Steel Limited
•Baowu steel
•Ningbo BST Metal Products Co. Ltd., and many others.
What Are The Key Trends In The Iron And Steel Mills And Ferroalloy Market?
Key trends shaping the market 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
•Adoption of robotics in iron ore mining
What Are The Segments Of The Global Iron And Steel Mills And Ferroalloy Market?
•By Type: Ferroalloys, Pig Iron, Crude Steel
•By End-User Industry: Automotive, Machinery, Oil And Gas, Construction, Other End-Users
Which Region Leads The Iron And Steel Mills And Ferroalloy Market?
Asia-Pacific dominated the iron and steel mills and ferroalloy market in 2024, followed by Western Europe. The market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Iron And Steel Mills And Ferroalloy Market Global Market Report?
- Market Size Analysis: Analyze the Iron And Steel Mills And Ferroalloy Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Iron And Steel Mills And Ferroalloy Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Iron And Steel Mills And Ferroalloy Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Iron And Steel Mills And Ferroalloy Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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