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

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.