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Global Iron & Steel Market size is predicted to reach $2.9 trillion by 2030, growing at a CAGR of 4.0% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC, finds IndustryARC, titled, “Iron & Steel Market – By Type (Carbon Steel, (Low Carbon Steel, Medium Carbon Steel, High Carbon Steel), Stainless Steel (Austenitic Stainless Steels, Ferritic Stainless Steels, Martensitic Stainless Steels, Precipitation Hardening Grade Stainless Steels, Duplex Stainless Steels), Alloy Steel (Chromium Molybdenum Steel, Nickel-Chromium-Molybdenum Steel, Chromium Vanadium Steel, HSLA -Nickel-Chromium-Molybdenum Steel), Tool Steel (Water-hardening tool steels, Shock-resisting tool steels, Cold-work tool steels, Hot-work steels, High-speed tool steels, Others), Iron (Cast Iron, Wrought Iron, Pig Iron), Others), By Form (Bar, Rod, Tube, Pipe, Plate, Sheet, Structural, Others), By Application (Transportation (Road, Bridges, Barriers, Rail, Tracks, Rail Cars), Construction (Cool Metal (infrared reflecting) Roofing, Purlins, Beams, Pipe, Recyclable steel framing (studs), Desks/Furniture), Packaging (Canes, Bottles, Others), Water Projects (Levees/Dams/Locks), Energy (Renewable, Nuclear, Bio-fuels, Fossil, Electric Grid), Others), By Industry (Construction (Steel Skeletons, Concrete Walls, Pillars, Nails, Bolts, Screws, Others), Machinery (Bulldozers, Backhoe Leaders, Pipelayers, Others), Automotive and Transportation (Exhaust, Trim/Decorative, Engine, Chassis, Fasteners, Tubing For Fuel Lines), Kitchenware and Domestic Appliances (Small Household Appliances, Black Home Appliances, White Home Appliances), Electrical and Electronics (Motor Mount Brackets, Adapter Plates, Electronic Frames and Chassis, Brackets, Others), Healthcare (Orthopaedic Implants, Artificial Heart Valves, Bone Fixation, Catheters, Others), Energy (Scrubbers, Heat Exchangers, Others)), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”.
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Asia Pacific Segment to Register Highest Growth:
In 2023, Asia Pacific held the third-largest market share for Iron and Steel market, with 63% and is expected to grow during the forecast period 2024-2030, owing to the rapidly expanding defense, machinery, automotive, and shipbuilding industries in the countries such as India, China, South Korea, and Japan. China produces the most steel in the world every year, producing more than half of the world’s steel. China has gradually increased the production of Iron & Steel and within a span of 15 years. In China, the industries are concentrated in Anshan, Wuhan and Paotow triangle. According to China’s Steel Industry bulletin, China can satisfy most of its own steel requirements, but in recent years, around 2.5% of steel is imported which have higher quality and are technology-intensive flat products. Although China has attempted to cut steel production to decrease pollution, some plants are elevating their capacity, and China’s steel output is on the rise and is expected to boost sales which in turn will drive the growth of the stainless-steel segment in the Iron and Steel Market.
Iron and Steel 2023-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
4.0% |
|
Market Size in 2030 |
$2.9 Trillion |
|
Segments Covered |
By Type, By Form, By Application, By Industry and By Region |
|
Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, Malaysia, Indonesia and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
|
Key Market Players |
1. ArcelorMittal S.A. 2. Nippon Steel Corporation 3. POSCO 4. Tata Steel Limited 5. Hyundai Steel Co., Ltd 6. JFE Steel 7. China Baowu Steel Group Corp. Ltd. 8. Hesteel Group Company Limited 9. Anshan Iron & Steel Group Corporation 10. Hunan Valin Iron & Steel Group Co.,Ltd |
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Iron and Steel Report – Key Takeaways:
Growing Demand for Iron and Steel in the Automotive Industry is a major market driver propelling the Iron and Steel market forward. As the global automotive industry continues to expand, driven by factors such as increasing urbanization, rising disposable incomes, and advancements in technology, the need for steel as a key component in vehicle manufacturing has also grown. Steel’s properties, including its strength, durability, and recyclability, make it an ideal material for various automotive applications, such as body panels, frames, and engine components. The increasing production of electric vehicles and hybrid cars is also contributing to the demand for steel, as these vehicles often require specialized steel alloys with higher tensile strength and lighter weight. Additionally, the trend towards vehicle customization and personalization is driving the demand for a wider variety of steel grades and finishes, further driving the demand of the Iron and Steel market.
The Iron and Steel Market is segmented into carbon steel, stainless steel, alloy steel, tool steel and others. In 2023, the Stainless-steel segment generated the greatest revenue of $361.94 billion and is projected to reach a revenue of $482.28 billion by 2030. Stainless steel’s superior corrosion resistance, durability, and aesthetic appeal make it a preferred material in many applications. The advancements in stainless steel production technology, including electric arc furnaces and vacuum degassing, have improved the quality and efficiency of stainless-steel production, leading to increased market penetration. Additionally, the growing awareness of sustainability and the need for environmentally friendly materials is driving demand for stainless steel, which is often recyclable and can be produced using renewable energy sources Furthermore, the expanding global economy, particularly in developing regions, is creating new opportunities for stainless steel applications in infrastructure projects, industrial facilities, and consumer products has created a favorable environment for the growth of the stainless steel segment in the overall market.
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Key Opportunity Analysis:
Specialty Steel Production
The development of specialty steel products presents a significant market opportunity for the Iron and Steel market. Advancements in steelmaking technology have enabled the production of specialty steels with tailored properties, such as high-strength, corrosion resistance, and heat resistance, these advancements have opened up new applications in industries like aerospace, automotive, energy, and construction. Additionally, as consumers become more aware of the benefits of advanced materials, the demand for products made from specialty steels is also rising. This trend is particularly evident in areas such as consumer electronics, where products with improved durability and performance are sought after, contribute to the increasing market growth for specialty steel production which drives the growth of the Iron and Steel market.
Expanding into Emerging Markets
Expanding into Emerging Markets presents a major market driver in the Iron and Steel market throughout the forecast period 2024-2030. As emerging economies industrialize and modernize, their demand for steel products rises, creating a profitable market for steel producers. Additionally, these markets often have lower labor costs and abundant natural resources, making them attractive for steel production, the increasing disposable income of consumers in these regions also fuels the demand for steel-intensive products, such as automobiles, construction materials, and appliances. Furthermore, government initiatives and policies aimed at promoting industrial development and infrastructure investment further stimulates the growth of the iron and steel market in emerging economies.
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The report also covers the following areas:
Iron and Steel 2023-2030: Key Highlights
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List of Key Market Players in the Iron and Steel:
The Global Iron and Steel is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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