Global Iron & Steel Smelting Market: Overview
Iron is considered a common element on Earth. Iron is extensively in construction industry. It is also considered to be one of the oldest metals that was used long time ago. The process of applying heat to the ore in order to extract base metal is known as smelting. It is a major form of extractive metallurgy. Smelting uses heat and reducing agents such as coal to eliminate other elements from the metal. Steel and iron are closely related. Iron is produced by melting of iron ore in a blast furnace. Steel is harder than iron and has one percent of carbon content.
Global Iron & Steel Smelting Market: Key Segments
The iron & steel smelting market can be segmented based on type of smelting, process, application, and region. In terms of type of smelting, the iron & steel smelting market can be classified into wrought iron, steel, and cast iron. Wrought iron is a tough iron with carbon content of less than 0.08%. Steel is an alloy of cast iron with carbon content is up to 2.1%.
Cast iron is a group of iron-carbon alloys with carbon content of more than 2%. Based on process, the iron & steel smelting market can be divided into roasting, reduction, and fluxes. In terms of application, the iron & steel smelting market can be segmented into automotive, construction, manufacturing sectors, oil & gas, and others.
Global Iron & Steel Smelting Market: Drivers & Restraints
In terms of geography, the global iron & steel smelting market can be segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The iron & steel smelting market in countries such as China, India, Japan, and Singapore in Asia Pacific is expanding at a considerable pace due to rapid urbanization and industrialization. Demand for iron & steel smelting is rising steadily in North America due refurbishment and redevelopment of existing infrastructure in the region.
Demand for iron & steel smelting is high in countries such as Germany, the U.K., Russia, Italy, and France in Europe due to rapid industrial growth. The iron & steel smelting market is expected to develop in countries in Latin America after its recovery from the economic slowdown. Countries in the Middle East, especially those in Gulf Cooperation Council (GCC), which include Kuwait, Saudi Arabia, Oman, Qatar, Bahrain, and UAE have considerably increased the use of iron & steel to improve infrastructure and reduce pollution. This, in turn, is projected to drive the iron & steel smelting market in the region.
Key market players operating in the global iron & steel smelting market include Arcelor Mittal, Hebei Iron and Steel Group, Nippon Steel & Sumitomo Metal Corporation, Tata Steel Group, Jiangsu, Tianjin, Jindal SAW, and Summit Iron & Steel Smelting Corporation.