The iron and steel market size has grown strongly in recent years. It escalated from $1726.03 billion in 2024 to an expected $1812.83 billion in 2025, growing at a compound annual growth rate (CAGR) of 5.0%. The strong growth during the historic period can be attributed to urbanization, infrastructure development, global economic growth, automotive industry expansion, construction and real estate boom, and the increase in global trade and export demand.
The iron and steel market size is forecasted to experience further growth in the coming years, expected to reach $2275.26 billion in 2029 at a CAGR of 5.8%. Factors contributing to the forecasted growth include renewable energy infrastructure development, circular economy initiatives, urban redevelopment and smart cities, focus on sustainable and high-performance steel, and geopolitical factors and trade policies. Major trends in the forecast period include digitalization and industry 4.0, technological advancements in manufacturing, advanced data analytics for process optimization, energy efficiency measures, and increased use of robotics and automation.
Acquire Your Free Sample of The Global Iron And Steel Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=10205&type=smp
What Are The Key Drivers For The Iron And Steel Market?
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, remodeling, and enhancing infrastructure facilities. Iron and steel are primarily used in the construction industry to build large, modern structures such as stadiums, skyscrapers, bridges, and airports due to their strong and long durability. Consequently, increases in construction investment will result in increased demand for iron and steel. For instance, in April 2023, the United States Census Bureau reported that construction investment in February 2023 was $1.84 billion, marking a 5.9% increase over the same period in 2022. Therefore, rising investments in construction are driving the growth of the iron and steel market.
What Are The Major Segments Within The Iron And Steel Market
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
Order your report now for swift delivery:
https://www.thebusinessresearchcompany.com/report/iron-and-steel-global-market-report
Which Key Companies Are Playing A Major Role In The Iron And Steel Market?
Major companies operating in the iron and steel market include 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.
What Are The Emerging Trends In The Iron And Steel Market?
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 market position. 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. The DRI Smelting Furnace technology offers distinctive benefits including flexibility for any DRI feed, high productivity, and continuous production of hot metal with high availability and long campaign life.
Which Region Is The Largest In The Iron And Steel Market?
Asia-Pacific was the largest region in the iron and steel market in 2024. The regions covered in the iron and steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Iron And Steel Market Report 2025 Offer?
Iron is a naturally occurring metal element, 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. The Iron And Steel Market research report from The Business Research Company provides valuable information on global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Purchase the exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=10205
About The Business Research Company
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead. Our flagship product, the Global Market Model, delivers comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model