Key Trend Reshaping the Iron And Steel Mills And Ferroalloy Market in 2025: Growing Use Of Recycled Steel As The New Raw Material Is Anticipated To Boost The Iron And Steel Mills And Ferroalloy Market

What combination of drivers is leading to accelerated growth in the iron and steel mills and ferroalloy market?
The iron and steel mills along with ferroalloy manufacturing market could witness growth due to the projected increase in metal consumption by the aerospace sector during the forecast period. This is primarily attributed to a surge in air travel leading to greater demand for commercial planes. The International Air Transport Association (IATA) has reported that the number of air travellers, approximately 3.8 billion at present, is estimated to reach 7.2 billion by 2035. In line with this, Boeing suggests that about 42,730 new jets, costing around $6.3 trillion, would be required in the coming two decades to accommodate growing passenger traffic and to replace retiring airplanes. This necessitates substantial metal consumption, primarily of aluminum, further propelling the growth of the iron and steel mills and ferroalloy manufacturing market during the forecast period.

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What is the projected compound annual growth rate (CAGR) of the iron and steel mills and ferroalloy market from 2025 to 2034, and what factors influence it?
In the past few years, the market size of iron and steel mills and ferroalloy has seen impressive growth. It's projected to increase from $1150.23 billion in 2024 to $1219.81 billion in 2025, with a compound annual growth rate (CAGR) of 6.0%. The historical growth in this market is due to several factors including an increase in construction activities, a surge in demand from the automotive sector, robust economic expansion in emerging markets, greater use of recycled steel, growth in the steel industry, and a rising demand for steel in industries that use it as a primary material.

The market size of iron, steel mills, and ferroalloys is set for consistent expansion in the forthcoming years, swelling to $1438.1 billion in 2029 at a CAGR of 4.2%. The projected growth during this period is due to technological advancements, accelerated economic growth, increased metal consumption in the aerospace sector, urbanization rise, increased electric vehicle fabrication, and infrastructural investment growth. Key trends for the forecast period encompass a shift from traditional blast furnaces to advanced EAFs, concentration on advanced high-strength steel, the application of AI, attention to hydrogen breakthrough ironmaking (hybrit), emphasis on mergers and acquisitions, focus on new product innovation, and the integration of robotics into iron ore extraction.

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What new trends are reshaping the iron and steel mills and ferroalloy market and its opportunities?
The iron and steel industry is witnessing a growing trend of companies using recycled steel to make new steel products, a practice that improves cra*p management and conserves energy. The process of steel recycling entails gathering metal cra*ps, melting them in furnaces at high temperature to create blocks, ingots, and sheets, and then distributing these to manufacturers for production. Steel's metallurgical characteristics make it economically attractive and recyclable. The production of metal goods from recycled steel is environmentally beneficial because it requires fewer resources, reduces the need for mining, lowers Co2 emissions and decreases metal waste. According to a January 2022 report from the U.S. Geological Survey, a government agency based in the U.S., domestic Iron and steel cra*p exports and purchases were predicted to reach $27 billion (ferrous cra*p received by all domestic users through brokers, dealers, and other foreign sources) in 2021. Furthermore, the consumption of steel in the U.S., which is the largest consumer of iron and steel cra*p, increased by 18% to 98 million tons in 2021. ArcelorMittal, meanwhile, is maximizing its cra*p recycling processes with an average recycling rate of 85% of the steel it produces.

What are the major segments of the iron and steel mills and ferroalloy market and their role in driving growth?
The iron and steel mills and ferroalloy market covered in this report is segmented -

1) By Type: Ferroalloys, Pig Iron, Crude Steel
2) By End-User Industry: Automotive, Machinery, Oil And Gas, Construction, Other End-Users

Subsegments:
1) By Ferroalloys: Ferrochrome, Ferromanganese, Ferrosilicon, Ferrotungsten, Ferrovanadium
2) By Pig Iron: Basic Pig Iron, Foundry Pig Iron
3) By Crude Steel: Carbon Steel, Alloy Steel, Stainless Steel

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Which regions are key players in the growth of the iron and steel mills and ferroalloy market?
Asia-Pacific was the largest region in the steel mills and ferroalloy market in 2024. Western Europe was the second-largest region in the iron and steel mills and ferroalloy market. The regions covered in the iron and steel mills and ferroalloy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the key firms paving the way for growth in the iron and steel mills and ferroalloy market?
Major companies operating in the iron and steel mills and ferroalloy market include 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., Nanjing Hengjie Industrial Co. Ltd., The Heico Companies, Bekaert SA, Suzuki Garphyttan Ab, Avocet Steel, SWR Group, Ormiston Wire, Novolipetsk Steel (NLMK), Evraz, Magnitogorsk Iron and Steel Works (MMK), Severstal, Metalloinvest, Mechel, TMK (Pipe Metallurgical Co. OJSC), Summit Utility Structures LLC, Sovereign Steel Manufacturing, AK Steel Holding, Algoma Steel Inc., Ternium S.A., United States Steel Corporation, Cleveland Cliffs, Aperam, Companhia Siderúrgica Nacional, Siderca, AL Khaleej Metal Coat LLC., AL Shafar Steel Engineering, Ajmal Steel Tubes & Pipes Industries LLC, Al Jarsh Metal Section Manufacturing, Alam Steel, Bosco Group of Companies, DBMSC Steel FZCO, Denholm YAM, Moolaan Iron & Steel, S A Iron & Steel Institute (SAISI), Pretoria Schmiede Cc, Metatrade Import and Export (Pty) Ltd, Cape Town Iron and Steel Works, JM Enterprises, Melcast Iron and Steel Foundry.

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What Is Covered In The Iron And Steel Mills And Ferroalloy Global Market Report?

• Market Size Forecast: Examine the iron and steel mills and ferroalloy market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the iron and steel mills and ferroalloy market for a structured understanding.
• Key Players Overview: Analyze major players in the iron and steel mills and ferroalloy market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the iron and steel mills and ferroalloy market.
• Segment Contributions: Evaluate how different segments drive overall growth in the iron and steel mills and ferroalloy market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the iron and steel mills and ferroalloy market.
• Industry Challenges: Identify potential risks and obstacles affecting the iron and steel mills and ferroalloy market.
• Competitive Landscape: Review strategic developments in the iron and steel mills and ferroalloy market, including expansions, agreements, and new product launches.

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