Global steelmakers are gradually shifting from blast furnace to Electric Arc Furnace (EAF) to manufacture steel. EAF requires much lower investment, uses lower chemical reaction 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.
THE BUSINESS RESEARCH COMPANY VALUED THE FERROALLOYS GLOBAL MARKET AT $44 BILLION IN 2017.
Asia Pacific was the largest geographic region in the market, accounting for two-third of the global market. China was the largest country accounting for one-third of the global ferroalloys market.
According to The Business Research Company’s Consultant, Nitin Gianchandani, heavy operational costs in terms of mineral resources, raw materials, energy, machinery, transportation costs, and labor costs characterize the global ferroalloy market. Continuous monitoring of the production process is required to maintain the product quality. Also, several regional governments and regulatory bodies have mandated various mining regulations and industry standards due to the environmental and social impact of the iron & steel production industries. For example, EPA circulated the Iron and Steel Effluent Guidelines and Standards in regulation 40 CFR Part 420 in 1974, which was later amended multiple times till 2005. These factors may pose hindrances in the overall ferroalloy market growth in the coming years.
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Arcelor Mittal was the biggest player in the ferroalloys global market, with revenues exceeding $56 billion in 2016. Arcelor Mittal’s growth strategy aims at manufacturing lighter steel to keep pace with the increasing demand for lighter vehicles from automobile manufacturers.
Ferroalloys include high percentage nonferrous alloying elements such as electrometallurgical, manganese metal, molybdenum silicon, silicomanganese, and spiegeleisen ferroalloys. These are used in the production of wires, switches, automotive radiators, water heaters, refrigerators, metal casting, and various other chemical processing equipment.
Ferroalloys 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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