Overview and Scope
Iron is a metal element that naturally occurs on earth, and steel is an artificial alloy created by combining iron and carbon. Iron and steel are strong metals used in various manufacturing and construction industries for making finished products.
Sizing and Forecast
The iron and steel market size has grown strongly in recent years. It will grow from $1654.16 billion in 2023 to $1750.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to urbanization and infrastructure development, global economic growth, automotive industry expansion, construction and real estate boom, global trade and export demand.
The iron and steel market size is expected to see strong growth in the next few years. It will grow to $2128.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to renewable energy infrastructure development, circular economy initiatives, urban redevelopment and smart cities, focus on sustainable and high-performance steel, geopolitical factors and trade policies. Major trends in the forecast period include digitalization and industry 40, technological advancements in manufacturing, advanced data analytics for process optimization, energy efficiency measures, robotics and automation.
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Segmentation & Regional Insights
The iron and steel market covered in this report is segmented –
1) By Type: Iron, Steel
2) By Production Technology: Basic Oxygen Furnace, Electric Arc Furnace, Open Hearth, Other Production Technologies
3) By End User: Building And Construction, Automotive And Transportation, Heavy Industry, Consumer Goods
Asia-Pacific was the largest region in the iron and steel market in 2023. The regions covered in the iron and steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Rising investments in construction are expected to propel the growth of the iron and steel market. Construction refers to the process of creating, modifying, repairing, remodelling, and enhancing infrastructure facility. Iron and steel are primarily used in the construction industry to build large, modern structures such as stadiums, skyscrapers, bridges, and airports as they have strong and long durability. Hence, the rising investment in construction will results in increase in demand for iron and steel. For instance, in April 2023, according to the reports shared by the United States Census Bureau (USCB), a US-based government agency, the investment on construction in February 2023 was $1.84 billion. The first two months of this year saw a $260.8 billion increase in construction investment, a 5.9% gain over the $246.1 billion for the same period in 2022. Further, public construction had made an investment of $388.0 billion, while private construction had made a $1.45 billion investment in 2022. Therefore, rising investments in construction are driving the growth of the iron and steel market.
Key Industry Players
Major companies operating in the iron and steel market report are ArcelorMittal S.A., Nippon Steel Corporation, China BaoWu Steel Group Corporation Limited, HBIS Group, Pohang Iron and Steel Company, Tata Steel Limited, Steel Authority of India Limited, Nucor Corporation, JFE Steel Corporation, Steelmor Industries, Ezz Steel, GKN Powder Metallurgy, Beshay Steel Group, Scaw Metals Group, Libyan Iron and Steel Company, POSCO Holdings Inc., Ansteel Group Corporation, JSW Steel Limited, Hebei Iron and Steel Group, Wuhan Iron and Steel Group, Baoshan Iron & Steel Co. Ltd., Shagang Group, Shandong Iron and Steel Group, Evraz PLC, Gerdau S.A., ThyssenKrupp AG, United States Steel Corporation, Hyundai Steel Company, Maanshan Iron & Steel Company Limited, Valin Group
The iron and steel market report table of contents includes:
1. Executive Summary
2. Iron And Steel Market Characteristics
3. Iron And Steel Market Trends And Strategies
4. Iron And Steel Market – Macro Economic Scenario
5. Global Iron And Steel Market Size and Growth
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31. Global Iron And Steel Market Competitive Benchmarking
32. Global Iron And Steel Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Iron And Steel Market
34. Iron And Steel Market Future Outlook and Potential Analysis
35. Appendix
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