Iron is one of the most abundant
elements on the earth and the widely used metal across various applications.
It is commonly found in oxide form in its ores. Some of the ores of iron are
magnetite, hematite, goethite, limonite and siderite. Hematite and magnetite
are the iron rich ores (greater than 60% iron) and are used for extracting
iron commercially. Iron can be classified, based on the carbon content, into
three types, viz., pig iron, wrought iron and cast iron. Pig iron is the most
commonly produced type. It is further converted into other types by further
purification though reduction and other processes. Wrought iron is now
obsolete and has been substituted by steel.
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Globally, majority of the iron
produced goes into steel production. Steel is an iron alloy with carbon (2% of
the weight) and other hardening elements such as boron, chromium, manganese,
molybdenum, nickel, niobium, titanium and vanadium. Steel is harder, less
ductile and has more tensile strength than pure iron. These properties have
allowed the use of steel for structural purposes and applications where
material strength is very important. Steel is a vital product used in almost
all sectors in the modern industrial era.
The market is driven by increasing
demand from the recovering construction activities, particularly in developed
regions of North America and Europe. However, depleting iron ore mines and
degrading ore quality is expected to hinder the market growth. Iron &
steel market can be classified based on its end-user industries into five
segments as building & construction, automotive, transportation, machine
& equipment and others. Building & construction is estimated to be the
largest as well as the fastest growing end-user market for iron & steel
industry. Rapid growth in automotive and transport end-user market is expected
to further aid the iron & steel market growth over the next six
years.
Iron is largely obtained from
mining of its ores. A significant volume in the market is recovered from
scrapping activities. Rising awareness about the harmful effects of excessive
mining activities is increasing adoption of iron recovery from scrap. Rising
prices of metal scrap is also helping this channel of iron supply. Major iron
producing countries include China, Australia, Brazil, India, Japan, Russia,
Ukraine, South Korea and Germany.
In terms of geography, Asia Pacific
is estimated to be the leading market attributed to the fast growing
industrial applications as well as rapidly growing mining activities. The
region is witnessing major growth in China, India and other South East Asian
countries. China is the largest consumer of steel worldwide and is anticipated
to remain so in the near future. Other BRICS countries are also showing
significant growth in consumption of iron & steel in various industries
riding on the above average GDP growth.
Some of the key players in the iron
and steel market include ArcelorMittal S.A., Bridon International Ltd.,
Insteel Industries Inc., Kobe Steel Ltd., Leggett & Platt Incorporated,
N.V. Bekaert SA, POSCO, Steel Authority of India Ltd., Tata Steel Ltd., and
Tree Island Industries Ltd., among others.
This research report analyzes this
market depending on its market segments, major geographies, and current market
trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive
analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for
upcoming years
This report is a complete study of
current trends in the market, industry growth drivers, and restraints. It
provides market projections for the coming years. It includes analysis of
recent developments in technology, Porter’s five force model analysis and
detailed profiles of top industry players. The report also includes a review
of micro and macro factors essential for the existing market players and new
entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point
analysis for changing competitive dynamics
- It provides a forward looking
perspective on different factors driving or restraining market
growth
- It provides a technological
growth map over time to understand the industry growth rate
- It provides a seven-year
forecast assessed on the basis of how the market is predicted to
grow
- It helps in understanding the
key product segments and their future
- It provides pin point analysis
of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed
business decisions by having complete insights of market and by making in-depth
analysis of market segments
- It provides distinctive
graphics and exemplified SWOT analysis of major market segments
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