Global steelmakers are gradually shifting from blast furnace to
EAF to manufacture steel. EAF requires much lower investment and offers higher
efficiency compared to a blast furnace. The use of EAF enables steelmakers to
produce steel from 100% scrap metal feedstock, reducing the overall energy
consumed to produce steel as compared to steel made from ores. To capitalize on
this, steel manufacturers are replacing blast furnaces with EAFs in their steel
plants.
THE BUSINESS RESEARCH COMPANY EXPECTS THE IRON AND STEEL MILLS AND
FERROALLOY MANUFACTURING MARKET TO GROW TO $3
TRILLION BY 2021
Asia Pacific was the largest region in the iron and
steel mills and ferroalloy manufacturing market in 2017, accounting for more
than 65% of the market share. This was mainly due to high demand from the
construction industry and the presence of a large number of manufacturing
companies in countries such as China and India that had a positive influence on
the region’s metals market.
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The chart below shows the
year-on-year growth of the global iron and steel mills and ferroalloy
manufacturing market during 2017 – 2021
According to The Business
Research Company’s Consultant, Nitin Gianchandani,
the
demand for ferroalloys is rapidly increasing worldwide. This is primarily
driven by the growth in the construction and automotive industries which are
major end-users of ferroalloys. Ferroalloy is used to produce various grades of
steel including carbon and stainless steel, which find use in both construction
and automobile design. While structural strength provided by such steel makes
it an essential component in the construction industry, its tensile strength
and corrosion resistance make it an important material for automobile design
and production.
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Arcelor Mittal S.A. was the largest competitor with
2.5% of the market share, generating revenues of $56.0 billion for the
financial year 2016. Arcelor Mittal’s growth strategy aims at manufacturing
lighter steel to keep pace with the increasing demand for lighter vehicles from
automobile manufacturers.
The iron and steel mills and ferroalloy manufacturing
industry includes companies carrying out activities such as reduction of 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.
Iron And Steel Mills and Ferroalloy Manufacturing Market Global
Briefing 2018 is a detailed report giving a unique
insight into this market. The report is priced at $1000 for an individual user.
To use across your office, the price is $1500 and $2000 if you wish to use
across a multinational company.
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Company:
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