Iron And Steel Mills And Ferroalloy Market to Reach $1242.48 Billion by 2029 with 4.4% CAGR

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The Business Research Company's Iron And Steel Mills And Ferroalloy Global Market Report 2025 – Market Size, Trends, And Global Forecast 2025-2034

LONDON, GREATER LONDON, UNITED KINGDOM, November 5, 2025 /EINPresswire.com/ -- What Is The Iron And Steel Mills And Ferroalloy Market Size And Growth?
The dimension of the iron, steel mills, and ferroalloy market has consistently seen an expansion over the past few years. It is projected to escalate from $1008.84 billion in 2024 to a substantial $1047.44 billion in 2025, registering a compound annual growth rate (CAGR) of 3.8%. Factors contributing to this progress in the historic timeline can be associated with an escalation in construction ventures, amplified demand from the automobile industry, robust economic development in emerging markets, increased usage of recycled steel, growth of the steel sector, and the surging need for steel in various end-user sectors.

The market size for iron, steel mills and ferroalloys is predicted to steadily increase in the subsequent years, escalating to a valuation of $1242.48 billion by 2029 with a compound annual growth rate (CAGR) of 4.4%. This projected growth within the forecast period can be linked to various factors such as rapid technological advancements, accelerated economic development, the aircraft industry's metal consumption, urban population surge, the production increase of electric vehicles, and infrastructure investment. Key trends during the forecast period include transitioning from traditional blast furnaces to contemporary EAFs (electric-arc furnaces), emphasis on ahss (advanced high-strength steel), the application of artificial intelligence, concentration on hybrit (hydrogen breakthrough ironmaking technology), a focus on mergers and acquisitions, new product development, and the integration of robotics in iron ore mining.

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What Are The Current Leading Growth Drivers For Iron And Steel Mills And Ferroalloy Market?
Anticipated growth in metal usage by the aerospace industry is predicted to fuel the iron and steel mills and ferroalloy manufacturing market during the forecast period. This is primarily attributable to the surge in air travel, resulting in a heightened demand for commercial aircraft. As per the International Air Transport Association (IATA), the figure of approximately 3.8 billion air passengers is estimated to climb to 7.2 billion by 2035. In the same vein, Boeing anticipates a requirement for about 42,730 new jets, collectively worth $6.3 trillion, over the forthcoming two decades to cater to the escalating passenger traffic and forthcoming air plane retirements. This will necessitate considerable metal usage, primarily aluminum, thereby stimulating the iron and steel mills and ferroalloy manufacturing market in the projected period.

Which Companies Are Currently Leading In The Iron And Steel Mills And Ferroalloy Market?
Major players in the Iron And Steel Mills And Ferroalloy include:

• POSCO
• ArcelorMittal S.A.
• Nippon Steel & Sumitomo Metal Corporation
• TATA Steel Group
• Nucor Corp
• JFE Holdings, Inc.
• GERDAU S.A
• Hyundai Steel Company
• Maanshan Iron and Steel Company Limited
• Thyssenkrupp AG.

What Are The Main Trends, Positively Impacting The Growth Of Iron And Steel Mills And Ferroalloy Market?
Firms in the steel and iron sector are increasingly turning to recycled steel as a raw material for the production of new steel goods, aiming to improve scrap handling and conserve energy. Steel recycling entails gathering scrap metal, melting it down in high-temperature furnaces to create blocks, ingots, and sheets, and then distributing these to manufacturers for use in production. The metallurgical characteristics of steel render it economically beneficial and recyclable. Creating metal items from recycled steel is an environmentally-friendly method, because it uses less energy, need for mining is lessened, CO2 emissions are cut, and metal waste is reduced. For example, a report by the United States Geological Survey, a government agency based in the US, predicted in January 2022 that domestic exports and purchases of steel and iron scrap would add up to $27 billion (ferrous scrap procured by all domestic users via brokers, dealers and other external sources) in 2021. According to predictions, the major end user of iron and steel scrap, U.S. apparent steel consumption, rose by 18% to 98 million tons in 2021. ArcelorMittal is enhancing its scrap recycling processes, with an average recycling rate of 85% of the steel created.

How Is The Iron And Steel Mills And Ferroalloy Market Segmented?
The iron and steel mills and ferroalloy market covered in this report is segmented –

1) By Type: Ferroalloys, Pig Iron, Crude Steel

2) By End-User Industry: Automotive, Machinery, Oil And Gas, Construction, Other End-Users

Subsegments:

1) By Ferroalloys: Ferrochrome, Ferromanganese, Ferrosilicon, Ferrotungsten, Ferrovanadium

2) By Pig Iron: Basic Pig Iron, Foundry Pig Iron

3) By Crude Steel: Carbon Steel, Alloy Steel, Stainless Steel

View the full iron and steel mills and ferroalloy market report:
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Which Is The Dominating Region For The Iron And Steel Mills And Ferroalloy Market?
In 2024, the iron and steel mills and ferroalloy market was dominated by Asia-Pacific, with Western Europe following as the second-largest region. The market report includes regions like Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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