PUBLISHER: The Business Research Company | PRODUCT CODE: 1927972
PUBLISHER: The Business Research Company | PRODUCT CODE: 1927972
Iron and steel mills, along with ferroalloys, pertain to a category of products involving the smelting of steel scrap and iron ore to produce pig iron, either in molten or solid form. The process continues by converting pig iron into steel, accomplished by removing carbon from the iron through combustion in furnaces. This process includes activities such as reducing iron ore and transforming pig iron into steel.
The primary types within the domain of iron and steel mills and ferroalloys include ferroalloys, pig iron, and crude steel. Crude steel refers to the steel produced through the solidification of liquid steel. Various end-users of these products include automotive, machinery, oil and gas, construction, and other industries.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs on imported ferroalloys, pig iron, and crude steel have disrupted global supply chains, leading to higher production costs and delays in steel mills, particularly affecting regions like North America and Europe. Key segments such as automotive, construction, and machinery are most impacted. Positively, tariffs have incentivized local production, promoted investment in energy-efficient technologies, and encouraged the adoption of sustainable and high-quality steel products.
The iron and steel mills and ferroalloy market research report is one of a series of new reports from The Business Research Company that provides iron and steel mills and ferroalloy market statistics, including iron and steel mills and ferroalloy industry global market size, regional shares, competitors with a iron and steel mills and ferroalloy market share, detailed iron and steel mills and ferroalloy market segments, market trends and opportunities, and any further data you may need to thrive in the iron and steel mills and ferroalloy industry. This iron and steel mills and ferroalloy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The iron and steel mills and ferroalloy market size has grown steadily in recent years. It will grow from $1047.44 billion in 2025 to $1086.39 billion in 2026 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to growing demand from automotive industry, expansion of construction and infrastructure projects, rise in heavy machinery production, increasing steel consumption in oil and gas, growth of manufacturing sector.
The iron and steel mills and ferroalloy market size is expected to see steady growth in the next few years. It will grow to $1302.44 billion in 2030 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to adoption of sustainable steelmaking practices, rising demand for alloy and stainless steel, expansion in automotive and machinery sectors, development of advanced ferroalloys, increasing use of digital and automated steel production technologies. Major trends in the forecast period include adoption of electric arc furnace technology, integration of automation in steel mills, use of high-performance ferroalloys, energy-efficient and eco-friendly steel production, expansion of crude steel and pig iron production capacities.
Growth in air travel is anticipated to drive the expansion of the iron and steel mills and ferroalloy market in the coming years. Air travel involves the transport of passengers and cargo via commercial and private aircraft on domestic and international routes. The increase in air travel is being fueled by rising global passenger demand as economic activity and mobility rebound post-pandemic. The iron and steel mills and ferroalloy market supports this growth by providing high-strength metals and ferroalloys used in aircraft components, including structures, engines, landing gear, and airport infrastructure. For example, in January 2025, the International Air Transport Association (IATA), a Canada-based global airline industry association, reported that global air passenger traffic increased by 10.4% in 2024 compared to 2023, surpassing pre-pandemic levels and reflecting strong year-over-year growth in air travel demand. Consequently, the growth in air travel is expected to propel the expansion of the iron and steel mills and ferroalloy market.
Major companies operating in the iron and steel mills and ferroalloy market are focusing on developing advanced technologies such as blast furnaces to serve larger customer bases, boost sales, and enhance revenue. A blast furnace is a type of metallurgical furnace used for smelting to produce industrial metals, primarily pig iron, but also metals like lead or copper. For example, in September 2023, Ulanhot Steel, a China-based steel manufacturer, commissioned a new blast furnace at a manufacturing plant in Northern China. This furnace features the capability to produce 1.13 million tons of iron annually with a capacity of 1.2 thousand cubic meters. Additionally, a unit for utilizing gases in pig iron production was installed at the plant along with the new blast furnace.
In June 2025, Nippon Steel Corporation, a Japan-based producer of integrated steel products with capabilities spanning crude steel, high-grade steel, and specialty steel solutions, acquired United States Steel Corporation for an undisclosed amount. Through this acquisition, Nippon Steel substantially increased its global presence and production capacity, establishing itself as one of the world's largest integrated steelmakers while improving access to the North American market and downstream steel-making capabilities. United States Steel Corporation is a US-based integrated steel producer supplying flat-rolled and tubular steel products to the automotive, construction, appliance, and other industrial sectors.
Major companies operating in the iron and steel mills and ferroalloy market report are 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, Baoshan Iron & Steel Co. Ltd, Kobe Steel Limited, China Baowu Steel Group, Novolipetsk Steel (NLMK), Evraz, Magnitogorsk Iron and Steel Works, Severstal, Metalloinvest, Mechel, United States Steel Corporation, Cleveland-Cliffs, Algoma Steel Inc., Ternium S.A., Aperam, Companhia Siderurgica Nacional
Asia-Pacific was the largest region in the steel mills and ferroalloy market in 2025. Western Europe was the second-largest region in the iron and steel mills and ferroalloy market. The regions covered in the iron and steel mills and ferroalloy market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the iron and steel mills and ferroalloy market are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The iron and steel mills and ferroalloy market consists of sales of steel scrap, carbon steel, and sinter steel. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Iron And Steel Mills And Ferroalloy Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses iron and steel mills and ferroalloy market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for iron and steel mills and ferroalloy ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The iron and steel mills and ferroalloy market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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