What is the global market size of the Iron Steel Market?

Global Iron Steel Market size was valued at USD 1538.72 billion in 2021 and is poised to grow from USD 1728.71 billion in 2022 to USD 2405.29 billion by 2030, growing at a CAGR of 5.1% in the forecast period (2023-2030).

Iron Steel Companies

Iron Steel Market Competitive Landscape

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

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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

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

Iron Steel Market Competitive Landscape

Iron Steel Market Report Snapshots

Want to customize this report?

FAQs

Request Free Customization

Feedback From Our Clients

$5,300

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

Iron Steel Market Competitive Landscape

Iron Steel Market Report Snapshots

Want to customize this report?

FAQs

What is the market size of Iron Steel Market?

Who are the key vendors in the Iron Steel Market?

What is the key driver of Iron Steel Market?

What is the key market trend for Iron Steel Market?

Which region accounted for the largest share in Iron Steel Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300