Iron and Steel Market Size Report, Industry Share, Analysis, Growth, Forecasts, 2030

Iron and Steel Industry Prospective:

The global iron and steel market size was evaluated at $1,677 million in 2022 and is slated to hit $2,250 million by the end of 2030 with a CAGR of nearly 3.7% between 2023 and 2030.

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Iron and Steel Market: Overview

Iron is found in the oxide form in the ores and is involved in iron production. Escalating demand for iron in the construction sector along with the massive use of iron & steel in vehicle production is predicted to embellish the use of iron & steel in a plethora of end-use sectors. In addition to this, iron & steel items possess a high strength-to-weight ratio. Moreover, they can resist tension and compression and bear heavy loads, thereby making them fit & strong for supporting tall buildings. Reportedly, iron & steel products are rust-resistant and durable. Hence, they need infrequent repair and maintenance and are cost-efficient.

Key Insights

• As per the analysis shared by our research analyst, the global iron and steel market is projected to expand annually at the annual growth rate of around 3.9% over the forecast timespan (2023-2030)
• In terms of revenue, the global iron and steel market size was evaluated at nearly $5.7 million in 2022 and is expected to reach $8.9 million by 2030.
• The iron and steel market is anticipated to grow rapidly over the forecast timeline owing to A surge in the infrastructural investments by various governments across the globe for manufacturing iron & steel products in huge quantities.
• In terms of products, the flat products segment is slated to register the highest CAGR over the forecast period.
• Based on application, the building & construction segment is predicted to lead the segmental growth in the forecast period.
• Region-wise, the European Iron and Steel industry is projected to register the fastest CAGR over the assessment timeline.

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Iron and Steel Market: Growth Factors

An increase in the capital investments by the government for iron & steel production to expand the global market size

A surge in the infrastructural investments by various governments across the globe for manufacturing iron & steel products in huge quantities is likely to boost the growth of the iron and steel market across the globe. Massive demand for iron & steel in construction activities as well as the automotive sector will embellish the expansion of the market globally. A prominent increase in the development of smart cities across the globe can benefit the expansion of the market space globally. Launching of new technologies along with lower costs of iron & steel will chart a profitable growth trajectory for the global market.  

Iron and Steel Market: Restraints

Changes in the costs of products to impede the growth of the global industry by 2030

Oscillation in product costs and non-availability of raw materials can put brakes on the growth of the global iron and steel industry in the upcoming years.  

Iron and Steel Market: Opportunities

Growing demand for reducing GHG emissions & focus on green production to open a slew of growth avenues for the global market

The escalating popularity of iron & steel in developing countries along with the use of new technologies in these countries will generate new growth opportunities for the global iron and steel market. Growing renewable energy trends are likely to contribute sizably to the growth of the global iron and steel market. New product developments will further shape the growth of the market globally in the years to come.

Iron and Steel Market: Challenges

A surge in carbon emissions due to use of conventional methods of producing iron & steel to challenge the growth of the global industry

Rise in the carbon emissions during the production of iron & steel from furnaces manufacturing these products has led governments to enforce strict legislations & prohibitions on such manufacturing processes and compel them to focus on the use of green production methods. However, such moves have proved expensive for small firms as well as firms in emerging economies as green production processes require high initial investments. Hence, all the aforementioned factors are likely to pose a huge challenge for the global iron and steel industry surge.  

Iron and Steel Market: Segmentation

The global iron and steel market is sectored into product, application, and region.                                               

In terms of products, the iron and steel market across the globe is segregated into flat products, tubular products, long products, and semi-finish products segments. Furthermore, the flat products segment, which acquired nearly 59% of the global market share in 2022, is projected to register the highest rate of annual growth in the forecasting timeline. Moreover, the segmental expansion over the coming eight years can be due to a rise in the manufacture of flat iron & steel products through rolling as well as shaping of molten steel into flat sheets. Furthermore, the large-scale use of flat steel products in the construction of buildings and manufacturing of vehicles will boost the segmental surge.  

Based on the application, the iron and steel industry globally is sectored into heavy industry, building & construction, consumer goods, and automotive & transport segments. Additionally, the building & construction segment, which garnered a key share in the global industry revenue in 2022, is predicted to dominate the segmental growth in the upcoming years. The growth of the segment over the period from 2023 to 2030 can be due to a rise in the allocation of funds for construction activities along with demand for iron & steel in construction as well as renovation of buildings. 

Iron and Steel Market: Report Scope

Iron and Steel Market: Regional Insights

Asia-Pacific is predicted to set a strong position in the global iron and steel market in the coming decade

Asia-Pacific, which accounted for nearly 33.7.5% of the global iron and steel market earnings in 2022, will be the dominating region in the next eight years. Moreover, the market progression in Asia-Pacific over the forecast timespan can be owing to escalating demand for iron & steel products across countries such as China and India. In addition to this, the constantly rising population in the countries of APAC resulting in the humongous demand for new constructions has paved the way for the regional market demand.  

The European iron and steel industry is set to record the highest CAGR in the forecast timeline. The growth of the industry in the continent over the forecast timeline can be owing to the presence of established markets in the continent. Moreover, the presence of key players in the continent will prompt an industry surge in Europe in the upcoming years.  

Key Developments

• In the last quarter of 2022, The China Baowu Steel Group Corporation, a key iron & steel firm based in China, signed an agreement with the Government of Guinea to invest in infrastructure such as ports and railways of Guinea.
• In May 2022, Kobe Steel Limited, a key steel manufacturer based in Japan, launched kobenable steel, low carbon dioxide blast furnace steel. The move has boosted the demand for steel products making use of manufacturing methods that are eco-friendly and emit low carbons in the atmosphere.

Iron and Steel Market: Competitive Space

The global iron and steel market profiles key players such as:

• Shougang Group
• Arcelor Mittal S.A.
• Techint Group
• China BaoWu Steel Group Corporation Limited
• JSW
• Nippon Steel Corporation
• NLMK
• HBIS Group
• Jiangsu Shagang Group
• SAIL
• POSCO HOLDINGS INC.
• Tata Steel
• JFE Steel Corporation
• Nucor Corporation
• the U.S. Steel Corporation.

The global iron and steel market is segmented as follows:

By Product

• Flat Products
• Tubular Products
• Long Products
• Semi-Finish Products

By Application

• Heavy Industry
• Building & Construction
• Consumer Goods
• Automotive & Transport

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa