The Business Research Company’s Iron And Steel Mills And Ferroalloy Global Market Report 2021: COVID-19 Impact And Recovery To 2030
LONDON, GREATER LONDON, UK, August 27, 2021 /EINPresswire.com/ — 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 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 favorable and recyclable. Manufacture of metal products from recycled steel is an eco-friendly process as it consumes less energy, minimizes need for mining, reduces CO2 emissions and decreases metal wastage. In 2017, according to 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 since 2015 with an average recycling rate of 85% of the steel produced.
The global iron and steel mills and ferroalloy market size are expected to grow from $8.22 trillion in 2020 to $8.71 trillion in 2021 at a compound annual growth rate (CAGR) of 5.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $11.44 trillion in 2025 at a CAGR of 7%. 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.
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Major players covered in the global iron and steel mills and ferroalloy industry are Arcelor Mittal SA, POSCO, China Baowu Steel Group Corporation Limited, Nippon Steel & Sumitomo Metal Corp, JFE Engineering Corporation.
The iron and steel mills and ferroalloy market consist of sales of iron and steel mills and ferroalloys by entities (organizations, sole traders and partnerships) carrying out activities such as reducing iron ore, transforming pig iron into steel, and producing molten or solid pig iron, steel, steel and forming pipe and tube, electrometallurgical ferroalloys, and steel and manufacturing shapes such as bar, plate, rod, sheet, strip, and wire.
TBRC’s global iron and steel mills and ferroalloy market report is segmented by type into ferroalloys, pig iron, crude steel. Subsegments covered are ferromanganese, ferrochrome, ferrosilicon, other alloys, non-alloy, alloy.
Iron And Steel Mills And Ferroalloy Global Market Report 2021 – By Type (Ferroalloys, Pig Iron, Crude Steel), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides iron and steel mills and ferroalloy market overview, forecast iron and steel mills and ferroalloy 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, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire