[183 Pages Report] The Iron & Steel Market size was estimated at USD 1.70 trillion in 2023 and expected to reach USD 1.77 trillion in 2024, at a CAGR 4.31% to reach USD 2.29 trillion by 2030.
The iron & steel market encompasses producing, distributing, and consuming metallic raw materials derived from iron ore and recycled scrap metal. These materials are fabricated into various end products across various industries, such as automotive, construction, aerospace, energy, packaging, and heavy machinery. The global iron and steel industry is highly competitive, with a diversified product portfolio of ferrous alloys, including carbon steel, alloy steel, stainless steel, cast iron, pig iron, wrought iron, and other specialty metals. Rapid global urbanization has increased demand for residential and commercial buildings, roads, bridges, and transportation infrastructure, which require significant steel products. Furthermore, the increasing steel consumption in the automotive and energy & power industries is leading to market growth. However, environmental concerns due to greenhouse gas emissions and price volatility affecting profitability across the value chain are impacting the iron & steel market. Increasing investment by the market players and government support for iron & steel in emerging economies. Moreover, adopting sustainability-focused initiatives such as hydrogen-based green steel production techniques and recycling-based circular economy models that reduce energy consumption and carbon emissions is an lucrative opportunity for the market.
Product Type: Increasing use of iron ore owing to their high strength and durability
Iron ore is an essential raw material in steel production and is vital in determining the growth trajectory of the iron & steel market. The quality of iron ore is paramount, with higher-grade ores offering greater efficiency during steel production by reducing emissions of greenhouse gas and energy consumption. Steel’s significance lies in its ubiquitous use across various sectors due to its remarkable properties of strength, durability, flexibility, and corrosion resistance.
Form: Rising utilization of Sheets/Plates in energy sector for manufacturing solar panels
Sheets and plates are thin, flat iron and steel manufactured through rolling processes. They exhibit exceptional strength, ductility, weldability, and corrosion resistance. Rods or bars of iron or steel are elongated solid pieces with circular cross-sections commonly referred to via their diameter dimension. Pipes and tubes are cylindrical hollow iron and steel sections with varied wall thicknesses, diameters, and lengths. They have exceptional mechanical properties, high tensile strength, and excellent corrosion resistance.
End-Users Industry: Increasing use of iron and steel in construction industry as it have high strength and and toughness
The construction industry is one of the largest consumers of iron and steel. These materials form the backbone of modern infrastructure, providing strength, durability, and versatility to buildings, bridges, and other structures. In the automotive industry, iron and steel play an essential role in vehicle manufacturing due to their strength-to-weight ratio, which is ideal for producing lightweight vehicles with enhanced fuel efficiency without compromising safety or performance. Iron is vital in making machinery utilized across multiple industries, including agriculture, mining operations, and food processing plants. Iron-steel alloys, especially stainless-steel grades, retain significant importance in aerospace applications where weight reduction is crucial for fuel efficiency improvements without compromising structural integrity and performance characteristics. Iron and steel are vital components of the energy sector as they form a significant part of the infrastructure required for power generation, transmission, and distribution. Iron-steel products have an essential role in the packaging industry as well. Steel cans, particularly tin-plated ones, are commonly used for food preservation due to their corrosion resistance properties.
Regional Insights
In the Americas, the US iron & steel industry has seen substantial growth following recent investments to modernize facilities and enhance production processes and Canada also contributes significantly to this region’s steel output. Both countries share similar consumer needs and purchasing behaviors primarily driven by infrastructure development and automobile manufacturing sectors. In the EMEA region, Germany leads European crude steel production, followed by Italy, France, and Spain. The Middle East has experienced increasing demand for iron & steel due to rapid urbanization and growth in critical sectors such as construction, oil & gas, and transportation. In Africa, South Africa stands out as a major producer due to its well-developed mining sector that supplies raw materials for local production. In the Asia Pacific region, China dominates the iron & steel industry globally, with its massive population driving domestic demand for construction materials, automobiles, machinery, and appliances. Japan is known for its advanced technology employed in manufacturing high-quality steel. At the same time, India’s increasing urbanization has led to significant investments in infrastructure projects that drive up demand for iron & steel products.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Iron & Steel Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Iron & Steel Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Iron & Steel Market, highlighting leading vendors and their innovative profiles. These include ArcelorMittal S.A., Baoshan Iron & Steel Co., Ltd., China Ansteel Group Corporation Limited, China Baowu Steel Group Corp., Ltd., Cleveland-Cliffs Inc., Gerdau S/A, Hesteel Group Company Limited, Hyundai Steel Company, Industrias CH, JFE Steel Corporation, Jindal Steel and Power Limited, JSW Steel Limited, Kobe Steel, Ltd., Mitsui & Co., Ltd., Nippon Steel Corporation, Nucor Corporation, Outokumpu, POSCO, Sabre Steel Inc, Salzgitter AG, Shandong Iron and Steel Group Co., Ltd., SSAB AB, Tata Steel Limited, ThyssenKrupp AG, and United States Steel Corporation.
Market Segmentation & Coverage
This research report categorizes the Iron & Steel Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Product
- Iron Ore
- Steel
- Form
- Pipes/Tubes
- Rods/Bars
- Sheets/Plates
- End-Use Industry
- Aerospace
- Automotive
- Construction
- Energy
- Machinery & Equipment
- Packaging
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Iron & Steel Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Iron & Steel Market?
- What are the technology trends and regulatory frameworks in the Iron & Steel Market?
- What is the market share of the leading vendors in the Iron & Steel Market?
- Which modes and strategic moves are suitable for entering the Iron & Steel Market?
US $
Euro €
GBP £