Global Iron Steel Market

Iron Steel Market Size, Share, Growth Analysis, By Application(Building and Construction, and Automotive), By Type(Automotive, and Machinery), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15O2007 | Region: Global | Published Date: April, 2024
Pages: 184 |Tables: 61 |Figures: 75

Iron Steel Market Insights

Global Iron Steel Market was valued at USD 1728.71 billion in 2022, and is poised to grow from USD 1816.87 billion in 2023 to USD 2704.87 billion by 2031, at a CAGR of 5.10% during the forecast period (2024-2031).

Iron is commonly found in its ores in the form of oxide, and a majority of it is used in the production of iron steel. The main drivers of global steel market growth are the development of efficient and advanced technologies, an increase in demand from emerging construction industries, a thriving automotive industry, and profitable steel and structures. Rising investments in the residential construction sector are expected to promote market growth. The global development of smart city projects is expected to remain a key factor in driving the aforementioned trend. Rising automobile production, construction investment, and infrastructure development are expected to drive market growth during the forecast period. According to the Federal Reserve, auto and parts production in the United States increased to 7.8% in March 2022 from 4.6% in February 2022. Total light truck and car assembly reached around 9.5 million vehicles in March 2022, up from 8.3 million in February 2022. Large-scale investments in water treatment facilities are expected to boost iron and steel demand in developed states over the forecast period.

US Iron Steel Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 1728.71 billion

Largest Segment

Building and Construction

Fastest Growth

Building and Construction

Growth Rate

5.10% CAGR

Global Iron Steel Market, 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)

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Iron Steel Market Segmental Analysis

Iron Steel Market is segmented on the basis of application, type, and region. On the basis of application Iron Steel Market  is segmented into building and construction, automotive. Based on Type, the Iron Steel Market is bifurcated into automotive and machinery. By region, the Iron Steel Market is segmented into Asia Pacific, Latin America, Europe, North America, and the MEA.

Iron Steel Market Analysis by Application

By application, the market is divided into building and construction, automotive. The building and construction segment generated the most revenue and emerged dominant. The current trend is expected to continue throughout the forecast period. Rising construction investments are expected to boost steel demand over the forecast period. Iron and steel are used to make a variety of automotive components such as door panels, chassis, frames, and support beams. Although aluminium is replacing steel due to its lighter weight, it is still preferred in the manufacturing of automotive parts due to its durability, strength, and ability to be continuously recycled.

Global Iron Steel Market By Type, 2022 (%), 2023 (%)

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Iron Steel Market Regional Insights

On the basis of region, it is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa(MEA). Asia Pacific emerged dominant In 2022, and is projected to continue so during the forecast period. Asia Pacific had the highest revenue share of more than 55.0% in 2022. Over the forecast period, rising investment in infrastructure development projects is expected to boost demand for iron and steel in the region. China began construction of a 237.78 km railway line from Liuzhou to Wuzhou, Guangxi, China, in October 2021.

Europe is projected to emerge as the fastest growing region during the forecast period. According to the European Steel Association, apparent steel consumption in the European Union increased by 40.5% in the second quarter of 2022, following a 10.6% decrease in the previous quarter. Furthermore, steel consumption is expected to rise 4.7% by the end of 2030. The region's demand for iron and steel is expected to be driven by various government investments in infrastructure development projects. Europe is attempting to improve rail connectivity and reverse the industry's decline.

Global Iron Steel Market By Geography, 2022-2030, 2024-2031
  • Largest
  • Fastest

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Iron Steel Market Dynamics

Iron Steel Market Driver

Increase in Construction Activities to Propel Growth

  • The increase in demand from the construction industries as a result of governments' rapid infrastructure efforts, particularly in developing areas, is expected to contribute to the industry's growth. The construction industry is the largest steel consumer, followed by transportation.
  • Mining regulations have been enacted in response to environmental concerns. Steel consumption is increasing in emerging economies. They must comply with government regulations such as allowing steel companies to reduce production in order to reduce mining. This type of regulatory framework is expected to have a significant impact on regional and global steel markets.

Iron Steel Market Restraint

High Prices of Raw Materials to Hamper Market

  • Due to the lockdown, Covid-19 has ceased production of many products in the iron steel market. This has stifled market growth. Covid-19 had an impact on the sales of iron steel products, which had a negative impact on market growth.
  • Iron steel companies rely heavily on raw materials, components, and materials sourced from all over the world. With so many governments restricting exports, manufacturers were forced to halt production due to a lack of raw materials or high prices of the same.

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Iron Steel Market Competitive Landscape

The market is competitive in nature, with numerous players present worldwide. Steel producers face stiff competition not only from other steel producers, but also from companies that manufacture substitutes such as aluminium, glass, concrete, wood, and plastic. Over the forecast period, the increasing use of aluminium in the automotive industry is expected to reduce the companies' market share.

Iron Steel Market Top Player's Company Profiles

  • ArcelorMittal S.A.
  • China Baowu Steel Group Corp., Ltd.
  • Nippon Steel Corporation
  • Hesteel Group Co., Ltd.
  • POSCO
  • JFE Holdings, Inc.
  • Tata Steel Limited
  • Steel Authority of India Limited (SAIL)
  • ThyssenKrupp AG
  • Nucor Corporation
  • Hyundai Steel Co.
  • China Steel Corporation
  • JSW Steel Limited
  • Gerdau S.A.
  • United States Steel Corporation
  • Severstal
  • Outokumpu Oyj
  • Essar Steel India Limited
  • Riva Group
  • Voestalpine AG

Iron Steel Market Recent Developments

  • The Simandou Infrastructure Project Term Sheet was signed in December 2022 by the Guinean government and SMB-Winning Consortium (Guniea) by The China Baowu Steel Group Corporation. The development of infrastructure, such as ports and railroads, is the primary goal of this joint venture since it contributes to the overall growth of the Simandou project.

  • An agreement was reached in August 2022 between the Punjab government and The Tata Steel Limited to establish a 0.75 MnTPA long products steel plant with an electric arc furnace (EAF) based on scrap.

  • The World Steel Association named Tata Steel Limited and Tata Steel Europe 2022 Steel Sustainability Champions in April 2022. This esteemed award recognizes Tata Steel's efforts to uphold its position as a premier steel manufacturer who is totally dedicated to the sustainability ideals.

Iron Steel Key Market Trends

  • By far the largest consumer of steel and iron has been the construction industry, which consumes more of the materials than even wood and cement. Steel and iron producers, on the other hand, are now forced to compete with new construction materials such as ceramics and polymers. This has enabled the manufacture of lightweight steel and iron products with high tensile strength.
  • The engineering plastics industry has eroded significant revenue from the iron steel market. Other materials, such as carbon fibre and high-strength composites, have successfully replaced steel and iron in automobiles, buildings, machinery, and other applications. The lighter weight of these next-generation materials has significantly increased their adoption. All of these factors combine to pose a real threat to iron and steel demand.

Iron Steel Market SkyQuest Analysis

SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, The iron steel industry is a critical component of many other industries that comprise global trade and economy. Historically, churns and disruptions in the global iron steel market have had far-reaching effects on a variety of ancillary industries such as construction, automotive, chemicals, energy, and heavy engineering. Iron Steel is extensively employed in many heavy industries, including shipbuilding, the production of defence goods, and oil and gas. Over the course of the projected period, rising investments in these sectors are anticipated to drive market expansion.

What's Included

NA

Report Metric Details
Market size value in 2023 USD 1728.71 billion
Market size value in 2031 USD 2704.87 billion
Growth Rate 5.10%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Application
    • Building and Construction, and Automotive
  • Type
    • Automotive, and Machinery
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ArcelorMittal S.A.
  • China Baowu Steel Group Corp., Ltd.
  • Nippon Steel Corporation
  • Hesteel Group Co., Ltd.
  • POSCO
  • JFE Holdings, Inc.
  • Tata Steel Limited
  • Steel Authority of India Limited (SAIL)
  • ThyssenKrupp AG
  • Nucor Corporation
  • Hyundai Steel Co.
  • China Steel Corporation
  • JSW Steel Limited
  • Gerdau S.A.
  • United States Steel Corporation
  • Severstal
  • Outokumpu Oyj
  • Essar Steel India Limited
  • Riva Group
  • Voestalpine AG
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Iron Steel Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Iron Steel Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Iron Steel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Iron Steel Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Iron Steel Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Iron Steel Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Iron Steel Market was valued at USD 1728.71 billion in 2022, and is poised to grow from USD 1816.87 billion in 2023 to USD 2704.87 billion by 2031, at a CAGR of 5.10% during the forecast period (2024-2031).

The market is competitive in nature, with numerous players present worldwide. Steel producers face stiff competition not only from other steel producers, but also from companies that manufacture substitutes such as aluminium, glass, concrete, wood, and plastic. Over the forecast period, the increasing use of aluminium in the automotive industry is expected to reduce the companies' market share. 'ArcelorMittal S.A.', 'China Baowu Steel Group Corp., Ltd.', 'Nippon Steel Corporation', 'Hesteel Group Co., Ltd.', 'POSCO', 'JFE Holdings, Inc.', 'Tata Steel Limited', 'Steel Authority of India Limited (SAIL)', 'ThyssenKrupp AG', 'Nucor Corporation', 'Hyundai Steel Co.', 'China Steel Corporation', 'JSW Steel Limited', 'Gerdau S.A.', 'United States Steel Corporation', 'Severstal', 'Outokumpu Oyj', 'Essar Steel India Limited', 'Riva Group', 'Voestalpine AG'

The increase in demand from the construction industries as a result of governments' rapid infrastructure efforts, particularly in developing areas, is expected to contribute to the industry's growth. The construction industry is the largest steel consumer, followed by transportation.

By far the largest consumer of steel and iron has been the construction industry, which consumes more of the materials than even wood and cement. Steel and iron producers, on the other hand, are now forced to compete with new construction materials such as ceramics and polymers. This has enabled the manufacture of lightweight steel and iron products with high tensile strength.

On the basis of region, it is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa(MEA). Asia Pacific emerged dominant In 2022, and is projected to continue so during the forecast period. Asia Pacific had the highest revenue share of more than 55.0% in 2022. Over the forecast period, rising investment in infrastructure development projects is expected to boost demand for iron and steel in the region. China began construction of a 237.78 km railway line from Liuzhou to Wuzhou, Guangxi, China, in October 2021.

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Global Iron Steel Market

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