(EnergyIndustry.Net, December 12, 2018 ) The global iron and steel mills and ferroalloy manufacturing market, a part of the metal and mineral manufacturing industry, declined at a compound annual growth rate (CAGR) of around -3% during the historic period. The metal and mineral manufacturing industry showed a drastic decline in 2015. The growth is mainly due to high operational cost and stringent regulations regarding ferroalloys, steel and iron manufacturing that contributed to the decline of the market.
In the forecast period, the global iron and steel mills and ferroalloy manufacturing market size is expected to be around $2 trillion by 2021, declining at a CAGR of nearly -1.5%. The market is expected to decelerate at a lower pace than the historic growth rate due to continued weakness and oversupply in the steal market undermining pricing. In addition, increasing construction activity in countries such as Brazil, Russia, India, China, and South Africa (BRICS) will also stimulate the development of the market.
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. Major companies in the iron and steel mills and ferroalloy manufacturing market, offering EAF technology include Arcelor Mittal, POSCO, Nippon Steel & Sumitomo Metal, China Baowu Steel Group, JFE, TATA Steel Group, NUCOR, Hyundai Steel Company, GERDAU S.A, United States Steel Corporation.
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