Iron And Steel Market Analysis: Major Players, Lucrative Segments And Top Geographies
27 Jun, 2023
The global iron and steel market size is expected to grow from $1,558.34 billion in 2022 to $1,654.16 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global iron and steel market size is expected to reach $2,014.90 billion in 2027 at a CAGR of 5%.
Global Iron And Steel Market Key Driver
Rising building investments are likely to drive the iron and steel market forward. The process of developing, changing, repairing, remodelling, and enhancing infrastructure facilities is referred to as construction. Because of their strength and durability, iron and steel are predominantly employed in the construction industry to construct massive, modern constructions such as stadiums, skyscrapers, bridges, and airports. As a result, growing construction investment will raise demand for iron and steel.
Get a sample of the global iron and steel market reportGlobal Iron And Steel Market Segments
The global iron and steel market 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
4) By Geography: 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. Among these regions, Asia-Pacific accounts for the largest share in the global iron and steel market.
Major Iron And Steel Industry Players
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 (SAIL), Nucor Corporation, JFE Steel Corporation, Steelmor Industries, Ezz Steel, GKN Powder Metallurgy, Beshay Steel Group, Scaw Metals Group, Libyan Iron and Steel Compan
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Iron And Steel Market Overview
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 metal used in various manufacturing and construction industries for making finished products.
Iron And Steel Global Market Report 2023 provides data on the global iron and steel market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The iron and steel market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.