The Iron And Steel Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Iron And Steel Global Market Report 2024, 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
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.
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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
Technological advancement is a key trend gaining popularity in the iron and steel markets. Major companies operating in the iron and steel markets are focused on developing technologically advanced solutions to strengthen their position in the market. For instance, in October 2022, Metso Outotec, a Finland-based engineering services company, launched direct reduced iron (DRI) Smelting Furnace to support decarbonization of the iron and steel industry in order to achieve their CO2 emission reduction goals and prevent global warming and it will substitute blast furnaces in the production of hot metal. DRI Smelting Furnace technology offers distinctive benefits such flexibility for any DRI feed, high productivity with capacity above 1.2 million TPA, ability to handle enormous slag volumes, and continuous production of hot metal with high availability and long campaign life.
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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26. South America Iron And Steel Market
27. Brazil Iron And Steel Market
28. Middle East Iron And Steel Market
29. Africa Iron And Steel Market
30. Iron And Steel Market Competitive Landscape And Company Profiles
Top Major Players:
- ArcelorMittal S.A
- Nippon Steel Corporation
- China BaoWu Steel Group Corporation Limited
- HBIS Group
- Pohang Iron and Steel Company
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