Iron Steel Market Size

Iron Steel Market size was valued at USD 1816.87 Billion in 2023 and is poised to grow from USD 1909.53 Billion in 2024 to USD 2842.82 Billion by 2032, growing at a CAGR of 5.10% during the forecast period (2025-2032).

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.