Report Code: A13621 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
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Request Now !Iron is commonly found in the form of oxide in its ores and most of it is involved in the production of iron. Globally, the development of efficient and advanced technologies, rise in demand from emerging construction industries, thriving automotive industry, and profitable steel and structures are the main drivers of global steel market growth. In addition, the increase in acceptance of steel for applications in new industrial sectors, as well as emerging economies such as China, India, and others, will create new opportunities for the global steel market. However, prices, obtainability of raw materials, availability of replacement chemicals, depletion of iron ore mines, and declining ore quality are significant barriers to the global steel market.
Market Scope and Structure Analysis
The iron and steel market is expected to see rapid growth due to hefty demand from the transportation and construction sectors in the upcoming period. Rapid industrial development and urban sprawl, especially in developing regions such as Central & South America and Asia-Pacific are anticipated to drive the market. Steel production is a major metal application. It is a mixture of iron and carbon, and other additives such as manganese, boron, titanium, nickel, molybdenum, chromium, and vanadium. These add-ons offer a variety of metal features to make it proper for many applications. Major Ores include limonite, hematite, goethite, magnetite, and siderite. Among these, different hematite, ores and magnetite are rich in iron and contain more than 60% iron. Depending on the carbon content, there is pig iron, synthetic steel, and synthetic steel. Pig metal has topped the market in the past and is projected to continue to dominate the market during the forecast period.
COVID-19 Impact Analysis
Top Impacting Factors
The increase in demand from the construction industries due to the rapid infrastructure efforts made by governments especially for the developing area is expected to contribute to the growth of the industry. The construction industry is the largest consumer in the steel market followed by transportation. Developing economies such as China, Brazil, India, and Russia have seen rapid demand for automobiles due to factors such as rise in revenue, urbanization, and population growth. This trend is projected to continue in the upcoming period, and thus, is anticipated to boost the market growth. The economic situation in North America has seen a resurgence in recent years following the global economic downturn. The European economy is expected to witness a similar recovery due to the strong measures taken by the governments involved. Such efforts are expected to coincide with regional markets.
At the same time, environmental concerns have led to few regulations for mining. Emerging economies are the emerging consumers of steel. They face government regulations such as authorizing steel companies to reduce production to reduce mining. This type of regulatory framework is expected to disrupt the regional and global steel markets.
Market Trends
Key Benefits of the Report
Questions answered in the Iron and Steel Report
Iron and Steel Market Report Highlights
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Key Market Players | BHP, ArcelorMittal S.A., Bridon International Ltd., Leggett & Platt Incorporated., Kobe Steel Ltd., Vale, Tree Island Industries Ltd., Steel Authority of India Ltd. POSCO, Insteel Industries Inc., Tata Steel Ltd., N.V. Bekaert SA, Rio Tinto |
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