Global Iron And Steel Market Size 2024, Forecast To 2033
6 Mar, 2024
The iron and steel market size has demonstrated strong growth, escalating from $1654.16 billion in 2023 to $1750.74 billion in 2024, with a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period is credited to urbanization and infrastructure development, global economic growth, expansion in the automotive industry, boom in construction and real estate, and increased global trade and export demand. Forecasts suggest strong growth in the coming years, reaching $2128.83 billion in 2028, with a CAGR of 5.0%. This growth is attributed to renewable energy infrastructure development, circular economy initiatives, urban redevelopment and smart cities, emphasis 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 robotics and automation.
Global Iron And Steel Market Key Driver
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. The market size of the iron and steel market in 2023 was [insert 2023 market size], and it is projected to reach [insert 2024 market size] by 2024 and [insert 2028 market size] by 2028.
Get A Free Sample Of The Global Iron And Steel Market ReportGlobal Iron And Steel Market Segments
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
By Geography:The regions covered in the iron and steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
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
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, 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
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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 metals 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.