The global steelmakers are gradually shifting from blast furnace to EAF to manufacture steel, which requires 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. For instance, in January 2014, U.S. Steel applied for permits to replace a blast furnace at its Alabama plant with an EAF that is expected to be operational by 2017.
THE BUSINESS RESEARCH COMPANY VALUED THE IRON AND STEEL MILLS AND FERROALLOY MANUFACTURING MARKET AT $2.2 TRILLION IN 2017
Asia Pacific was the largest region in the iron and steel mills and ferroalloy manufacturing market in 2017, accounting for two-third 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.
According to The Business Research Company’s Consultant, Nitin Gianchandani, the demand for AHSS is growing in the automotive industry. This is primarily due to affordability, performance, manufacturability, and recyclability offered by AHSS. AHSS has higher durability compared to conventional steel, allowing automobile manufacturers to produce high quality and safe vehicles. According to market research company Lucintel, an automobile chassis made using AHSS is about 15% lighter compared to one made using conventional steel. As a result, most automobile manufacturers have started to invest heavily in AHSS. For instance, automobile manufacturer Chevrolet cut 300 pounds of weight from its 2015 Chevrolet Malibu car by using AHSS for its 2016 model. Similarly, automobile manufacturers such as Hyundai, Kia and Nissan are also using AHSS to manufacture their vehicles
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Arcelor Mittal Company was the largest player in the iron and steel mills and ferroalloy manufacturing market in 2017, with revenues of $56 billion in 2016. Arcelor Mittal Company’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. Ferroalloys include pure elements and iron-rich alloys that are added while manufacturing steel to improve or alter the characteristics of the metal. Elements added to process iron and steel mills include silicon and manganese for carbon steel and chromium, vanadium, tungsten, titanium, and molybdenum for low- and high-alloy metal.
Iron and Steel Mills and Ferroalloy Manufacturing Industry Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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