Iron and Steel Mills and Ferroalloy Market, By Type (Crude Steel, Pig Iron, and Ferroalloys), By Application (Iron & Steel Mills and Ferroalloy Companies), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Iron and Steel Mills and Ferroalloy Market was valued at US$ 1142.0 billion in 2024 and is projected to grow at a CAGR of 5.2% to reach US$ 1809.2 billion by 2034.

The iron and steel mills and ferroalloy market describes the manufacturing, production, and distribution of many types of iron and steel products as well as ferroalloys, which are iron alloys that have a high proportion of other elements. Iron mills, commonly known as ironworks, are commercial establishments used exclusively for the processing of iron. While they can work at several phases of the iron and steel manufacturing process, their main objective is usually to turn iron ore into goods that can be used. A steel mill, often called a steelworks, is an industrial facility used to produce steel. It could be a combined steel works that completes the whole steelmaking process, from smelting iron ore to rolling goods, or it could be a plant that produces steel semi-finished casting products from scrap or molten pig iron.

An iron alloy that has a sizable amount of silicon, manganese, chromium, aluminium, or titanium added to it is referred to as a ferroalloy. Ferroalloys are primarily used in the steelmaking process. To enhance steel's ductility, fatigue resistance, strength, and resistance to corrosion, they are added. Ferroalloys can also be used for a variety of other purposes, including the modification, deoxidation, refinement, and control of nonmetallic inclusions and precipitates.

The growth of the target market can be ascribed to various factors, including heightened construction activity, amplified demand from the automotive sector, robust economic growth in developing economies, the increasing utilization of recycled steel, the expansion of the steel industry, and escalating steel demand in the end-user sectors. Nonetheless, the region's rigorous ecological regulations and fluctuating raw material rates are the main barriers for the target market. Over the course of the projection period, these issues could hinder market growth.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Iron and Steel Mills and Ferroalloy Market Key Drivers:

An increase in demand from the construction sector

• The growing need for iron and steel goods from the construction industry is one of the main factors propelling the target market. This is the world's biggest steel consumer. Steel is used for roofing sheets, beams, rebar, structural framework, and other building components. An increase in the number of residential and commercial development projects means that there will be a greater need for steel.

The market is growing due to the surge in demand for metals from the aerospace industry

• Throughout the projected period, the aerospace industry is anticipated to consume more metal, which would propel the market for iron and steel mills as well as ferroalloy manufacture. This is mostly because there is a greater need for commercial airplanes as a result of the increase in air travel.

Iron and Steel Mills and Ferroalloy Market Restrains:

Variable ingredient expenses combined with high environmental standards

• The target market can experience some difficulties that may prevent it from expanding throughout the anticipated period. For instance, iron ore, coal used in coking, and other raw materials used in the making of steel are subject to price changes. For steel factories, this volatility may put pressure on profit margins. Additionally, stricter laws are being prompted by environmental concerns related to steel production, specifically air and water pollution. For steel companies, the cost of adhering to these rules may be prohibitive.

Iron and Steel Mills and Ferroalloy Market Opportunities:

• The production of steel accounts for a substantial portion of greenhouse gas emissions, coming in second only to cement production. The world over, manufacturers, merchants, consumers, advocacy groups, and governments are currently pushing for a reduction in greenhouse gas emissions. Creating steel production procedures that reduce the amount of carbon released into the atmosphere to net zero is one of the major prospects for the iron and steel business today. This is known as net-zero steel. Although it's a lofty objective, it is one that can be met with the correct funding and technology.
• For instance, in April 2023, according to a report published by the International Energy Agency, when the G7 agreed to quicken the decarbonization of heavy industries in May 2022, they did so with the understanding that "main industrial sectors must be decarbonized to keep a limit of 1.5°C temperature rise within reach." Global cooperation will be needed to accomplish this goal as part of a shift toward a people-centered approach. The G7 is ideally positioned to initiate the net zero transition for the steel industry due to its economic clout and its ability to mobilize international collaboration. As a starting point for more debate and refinement by G7 countries and other stakeholders, this paper offers net zero principles for emissions assessment methodologies for the steel industry.

Iron and Steel Mills and Ferroalloy Market is segmented based on type, application, and region.

Type Insights

• Crude Steel: Crude steel type refers to the first solid steel product that is produced when liquid steel solidifies. The two most common methods used to transform raw steel into finished steel are rolling and forging.
• Pig Iron: Pig iron is the result of smelting iron ore, also known as ilmenite, with a reductant and high-carbon fuel, like coke, and typically with a flux of limestone. Additionally, anthracite and charcoal are employed as reductants and fuels. Iron ore is melted in blast furnaces, or ilmenite is melted in electric furnaces, to generate pig iron.
• Ferroalloys: Ferroalloy, an alloy consisting of iron and one or more additional metals, is crucial for providing different metallic elements needed to make alloy steels. By adding certain alloying elements in desired quantities in the most practical technological and financial manner, ferroalloys have been produced to enhance the qualities of steels and alloys. In order to introduce chemical ingredients into molten metal, ferroalloys are essentially alloys of one or more alloying elements with iron.

Application Insights

• Iron & Steel Mills: Iron and steel mills application type are businesses that specialize in the smelting of steel waste and iron ore to create pig iron, which is then solidified or melted, and the carbon removal process that takes place in furnaces to turn the pig iron into steel.
• Ferroalloy Companies: This category involves ferroalloy production which is the main focus of these businesses. Ferroalloys are iron alloys that have a significant amount of other elements, such as silicon, manganese, chromium, etc.

Regional Insights:

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Iron and Steel Mills and Ferroalloy Market Regional Insights

• North America market is estimated to witness tremendous growth because of the growing need for steel in the automotive, building, and other industries. There are also a number of significant players in the area. The steel market in North America can be greatly impacted by trade laws and environmental restrictions.
• Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period, owing to increasing infrastructure expansion and steel production capabilities. Several significant industry participants, like China Baowu Steel Group and HBIS Group, are based in the area. They are investing in technical developments to enhance production processes and satisfy the increasing demand for steel goods.
• Europe market is expanding steadily and is fueled by the need for premium steel products in the building and automobile sectors. It has a robust steel market that emphasizes premium and specialized steel goods. One of the biggest users of steel is the European automobile sector.
• Latin America market is an emerging region and is observing a growing need for steel in the automotive, building, and other industries. It is a growing market which is driven by infrastructure development and economic expansion, with rising steel demand.
• Middle East & Africa market is in its developmental stages having enormous growth potential as a result of plans for infrastructural expansion and urbanization. The upcoming years should see an increase in the consumption of steel.

Report Scope:

Attribute	Details
Market Size 2024	US$ 1142.0 billion
Projected Market Size 2034	US$ 1809.2 billion
CAGR Growth Rate	5.2%
Base year for estimation	2023
Forecast period	2024 – 2034
Market representation	Revenue in USD Billion & CAGR from 2024 to 2034
Market Segmentation	By Type - Crude Steel, Pig Iron, and Ferroalloys By Application - Iron & Steel Mills and Ferroalloy Companies
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Iron and Steel Mills and Ferroalloy Market report based on type, application and region:

Iron and Steel Mills and Ferroalloy Market, By Type:

• Crude Steel
• Pig Iron
• Ferroalloys

Iron and Steel Mills and Ferroalloy Market, By Application:

• Iron & Steel Mills
• Ferroalloy Companies

Iron and Steel Mills and Ferroalloy Market, By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Iron and Steel Mills and Ferroalloy Market includes, Arcelor Mittal SA, POSCO, China BaoWu Steel Group Corporation Limited, Nippon Steel & Sumitomo Metal Corp., JFE Engineering Corporation, TATA Steel Group, Nucor Corp, Hyundai Steel Company, Avocet Steel, and SWR Group. 

Recent Development:

• In February 2024, ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between two of the top steelmakers in the world, ArcelorMittal and Nippon Steel, has detailed immediate steps to quicken and decarbonize India's development in its first Climate Action Report that was released. With a roadmap of measures covering every step of the steel production value chain, it aims to reduce emissions intensity by 20% by 2030. Moreover also boosting renewable energy to supply all of the grid's electrical needs. It also aims to generate operational efficiencies with new technological advancements and more than doubling the amount of scrap steel recycled through improved and new sourcing and processing facilities.
• In December 2022, the Guinean government and the SMB-winning consortium (Guniea) have finalized the Simandou Infrastructure Project Term Sheet with the China Baowu Steel Group Corporation. The primary goal of this joint venture is the expansion of ports and railroads, which further contributes to the Simandou project's overall growth. The large-scale mining and export of iron ore from the Simandou mine will be made possible by this project by constructing the required infrastructure.

• Arcelor Mittal SA*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• POSCO
• China BaoWu Steel Group Corporation Limited
• Nippon Steel & Sumitomo Metal Corp.
• JFE Engineering Corporation
• TATA Steel Group
• Nucor Corp
• Hyundai Steel Company
• Avocet Steel
• SWR Group

“*” marked represents similar segmentation in other categories in the respective section.

Research Objective and Assumption

• Preface
• Research Objectives
• Study Scope
• Years Considered for the study
• Assumptions
• Abbreviations

Research Methodology

• Research data
• Primary Data
  • Primary Interviews
  • Primary Breakdown
  • Key data from Primary Sources
  • Key Thickness Insights
• Secondary Data
  • Major Secondary Sources
  • Secondary Sources
• Market Estimation
• Top-Down Approach
  • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
• Bottom-Up Approach
  • Approach for estimating market share by Bottom-up Analysis (Demand Side)
• Market Breakdown and Data Triangulation
• Research Assumptions

Market Preview

• Executive Summary
• Key Findings—Global Outlook for medical carts Strategies
  • Key Questions this Study will Answer
  • Market Snippet, By Type
  • Market Snippet, By Application
  • Market Snippet, By Region
• Opportunity Map Analysis
• Executive Summary—3 Big Predictions

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restrains
  • Market Opportunities
  • Market Trends
• DR Impact Analysis
• PEST Analysis
• Porter’s Five Forces Analysis
• Opportunity Orbit
• Market Investment Feasibility Index
• Macroeconomic Factor Analysis

Market Segmentation, By Type, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Crude Steel
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Pig Iron
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Ferroalloys
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Application, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Iron & Steel Mills
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Ferroalloy Companies
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Global Market, By Region, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • U.S.
    • Canada
• Europe
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • UK
    • France
    • Germany
    • Russia
    • Italy
    • Rest of Europe
• Asia Pacific
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Latin America
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
• GCC
• Israel
• South Africa
• Rest of Middle East

Competitive Landscape

• Heat Map Analysis
• Market Presence and Specificity Analysis

Company Profiles

• Arcelor Mittal SA
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• POSCO
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• China BaoWu Steel Group Corporation Limited
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Nippon Steel & Sumitomo Metal Corp.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• JFE Engineering Corporation
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• F. Hoffmann-La Roche Ltd.  
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• GlaxoSmithKline plc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

The Last Word

• Future Impact
• About Us
• Contact