Historically, the global iron and steel mills and ferroalloy manufacturing market, one of the segments of the metal manufacturing industry, declined at a compound annual growth rate (CAGR) of -3.70%. This was due to high operational cost and stringent regulations regarding ferroalloys, steel and iron manufacturing.

The global iron and steel mills and ferroalloy manufacturing market size is expected to reach $2200 billion by 2021 at a CAGR of -0.90%. Going forward, the market is expected to decelerate at a slower pace than the historic growth rate. This is mainly due to continued weakness and oversupply in the steal market, undermining pricing. In addition, increasing construction activity in countries such as Brazil, Russia, India, China, and South Africa (BRICS) will stimulate the development of the iron and steel mills and ferroalloy manufacturing market.

Find TBRC’s report on the iron and steel mills and ferroalloy manufacturing market: https://www.thebusinessresearchcompany.com/report/iron-and-steel-mills-and-ferroalloy-manufacturing-global-market-report-2018

The demand for advanced high strength steel is growing in the automotive industry. This is primarily due to affordability, performance, manufacturability, and recyclability offered by AHSS. AHSS has higher durability compared to conventional steel, allowing automobile manufacturers to produce high quality and safe vehicles. According to market research company Lucintel, an automobile chassis made using AHSS is about 15% lighter compared to one made using conventional steel. As a result, most automobile manufacturers have started to invest heavily in AHSS. For instance, automobile manufacturer Chevrolet cut 300 pounds of weight from its 2015 Chevrolet Malibu car by using AHSS for its 2016 model. Similarly, automobile manufacturers such as Hyundai, Kia and Nissan are also using AHSS to manufacture their vehicles.

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