Iron & Steel Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast, 2013 - 2019
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...