Iron And Steel Industry Overview
The global iron and steel market size was valued at USD 1,676.24 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.8% from 2023 to 2030. Rising investment in residential construction is expected to augment the market growth over the forecast period. Iron & steel products possess a high strength-to-weight ratio, allowing them to bear heavy loads and resist compression, tension, and bending forces. This characteristic makes it ideal for supporting the weight of tall buildings and transferring the load to the foundation. The products are highly durable and resistant to corrosion, weathering, and pests. This durability ensures the longevity of the building and reduces the need for frequent maintenance and repairs, making it a cost-effective choice for the construction industry.
Gather more insights about the market drivers, restrains and growth of the Iron And Steel Market
The U.S. is one of the largest consumers of iron & steel in North America owing to rising demand from the various end-use industries such as construction & infrastructure, automotive & transportation, heavy machinery, and consumer goods. According to the U.S. Census Bureau, the total construction spending in the country for the first 5 months of 2023, amounted to USD 740.8 billion, which was approximately 2.9% higher than the same period of 2022.
Also, various initiatives by the government are expected to drive the demand for products in the country. For instance, in April 2022, the U.S. government introduced a mandate requiring that iron and steel used in government-funded infrastructure projects, under Job’s Act, must be manufactured in the country. This means that all the stages involved in making iron and steel, such as melting and coating, must occur within the country.
Furthermore, rising demand for heavy machinery is projected to augment the consumption of products across the forecast period. For instance, the new order of manufactured durable goods in May 2023, increased by 1.7%, and transportation equipment increased by 3.9% compared to April 2023.
The ongoing conflict between Russia and Ukraine has indeed had a detrimental effect on the iron & steel industry, leading to a significant rise in prices for these commodities. The United Nations Conference on Trade and Development reported that global energy prices experienced a substantial increase due to a reduction in the supply of oil, gas, and coking coal from Russia. Consequently, this has resulted in a decline in the consumption of various products across different end uses.
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
- The global steel market size was estimated at USD 1,469.04 billion in 2023 and is projected to grow at a CAGR of 5.3% from 2024 to 2030.
- The global electric vehicle market size was estimated at USD 1,070.77 billion in 2023 and is anticipated to grow at a CAGR of 33.6% from 2024 to 2030.
Iron And Steel Market Segmentation
Grand View Research has segmented the iron and steel market report on the basis of product, iron ore application, steel end-use, and region.
Iron & Steel Product Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
- Iron Ore
- Steel
Iron Ore Application Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
- Steel
- Other
Steel End-Use Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
- Building & Construction
- Automotive & Transportation
- Heavy Industry
- Consumer Goods
- Other
Iron & Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Russia
- Turkey
- Asia Pacific
- China
- Japan
- India
- South Korea
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- Iran
Key Companies profiled:
- Arcelor Mittal S.A.
- China BaoWu Steel Group Corporation Limited
- Nippon Steel Corporation
- HBIS Group
- Jiangsu Shagang Group
- POSCO HOLDINGS INC.
- Tata Steel Limited
- JFE Steel Corporation
- Shougang Group
Key Iron And Steel Company Insights
The market consists of many companies, both small and large, operating in different parts of the world. These companies aim to expand their global presence through acquisitions and increasing their production capacity. For instance, in January 2022, Steel Dynamics acquired a 45% share of New Process Steel. According to Steel Dynamics, the minority equity interest in New Process Steel is expected to help the company to expand its exposure to value-added manufacturing opportunities.
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