Global iron & steel market is expected to witness rapid growth owing to strong demand from construction and transportation sector over the forecast period. Rapid industrialization and urbanization, particularly in the emerging regions such as Asia Pacific and Central & South America are expected to drive the overall iron & steel market.
Steel production is the largest iron ore application. It is basically an iron alloy along with carbon, and other additive metals such as boron, manganese, nickel, titanium, chromium, molybdenum, and vanadium. These additive metals impart different characteristics to steel in order to make it suitable for multiple applications.
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Major ores include hematite, limonite, magnetite, goethite and siderite. Among these different ores, hematite and magnetite are rich in iron and contain more than 60% iron. Based on carbon content, there exists pig iron, wrought iron and cast iron. Pig iron has dominated the market in the past, and it is expected to continue to dominate the market over the forecast period
Growing demand from the building and construction industry owing to rapid infrastructure initiatives undertaken by governments especially in the emerging regions is projected to aid in industry growth. Building & construction industry is the dominant end-use industry for this market followed by automotive & transportation.
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Emerging economies such as Brazil, China, Russia, and India have witnessed rapid automotive demand owing to factors such as rising disposable income, rapid urbanization, and increase in population. This trend is presumed to continue over the forecast period, and thus, assist the regional market in the near future.
Economic scenario in the developed regions such as North America has witnessed a revival in the recent years after the global economic meltdown. European economy is projected to witness a similar revival owing to strong steps taken by the concerned governments. Initiatives such as these are projected to complement the regional markets.
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