- The worldwide iron and steel market is likely to experience significant growth. It owes to huge demand for iron and steel in transportation and construction sectors. Swift modernization in the developing regions of Central and South America, and Asia Pacific will also steer the overall market.
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Biggest application of iron ore is steel production. The key ores are limonite, hematite, magnetite, siderite, and goethite. On the basis of carbon content; cast iron, pig iron, and wrought iron exist. Pig iron has led the market previously and is estimated to lead over the forecast phase.
The end-users of the iron and steel market include construction, transportation, and automotives. Chased by the segments of transportation and automotives, construction is the leading end-user. Rising demand from the construction sector in emergent regions will also propel market demand.
Regulatory policies on steel production (to minimize mining operations) are the only factor that prevents market growth. Research and developments to come up with eco-friendly mining procedures provide abundant opportunities to players. Developing quality steel that caters to client standards is also estimated to offer opportunities.
The European and North American markets are recovering post recession. This is because of sturdy measures taken by their governments. These regions will have an optimistic attitude towards the iron and steel market in the future. The leading iron and steel producing countries are Ukraine, China, Japan, Australia, India, Germany, and South Korea.
Asia Pacific will observe swiftest expansion in the forecast phase. The region is projected to dominate the market in the same period. Rising population and disposable income, and fast industrialization are positively impacting the automotives sector in emergent economies. Russia, Brazil, India, and China will witness momentous growth.
The iron and steel market has been observing dynamic demand from China over the past few years. This demand has supported market players to raise their manufacturing capacities leading to chronic overloading. Anything happening in China affects the worldwide market. China is the biggest manufacturer and consumer of steel.
The key players are ArcelorMittal S.A., Tree Island Industries Ltd., Bridon International Ltd., Rio Tinto, Kobe Steel Ltd., and Leggett & Platt Incorporated.
Information Source: Grand View Research
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