PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1787263
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1787263
The market for iron & steel was valued at USD 1,453.4 billion in 2024 and is projected to reach USD 1,707.1 billion by 2030, at a CAGR of 3.1%. The iron and steel sector is experiencing strong growth in demand due to several factors, including urbanization, industrialization, and infrastructure development across developed and emerging markets. Significant demand from major end-use sectors like construction, automotive, energy, and machinery, continues to drive demand for iron and steel products.
Scope of the Report | |
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Years Considered for the Study | 2021-2030 |
Base Year | 2024 |
Forecast Period | 2025-2030 |
Units Considered | Value (USD Billion) Volume (Million Ton) |
Segments | Type, Iron Production Technology, Steel Production Technology, End-use Industry, and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, South America |
While there are numerous applications of iron and steel products, the national and local deployment of significant public infrastructure projects, continued structural development of new residential, commercial, and government entities, and investments in transportation and logistics networks, continue to drive overall growth. Additionally, government incentives to promote domestic manufacturing and stimulate industrial growth in emerging countries, such as China, India, and Brazil is emerging as a new industry driver for iron and steel initiatives. Market momentum is supplemented by technology advances in production methods and processes, providing enhancements in efficiency, while continuing to meet changing regulatory expectations regarding recycling and sustainability, which should further enhance demand for iron and steel throughout the world over the long-term.
Based on iron production technology, the blast furnace process segment is projected to account for the largest market share during the forecast period
The blast furnace process segment is expected to account for the largest share of the iron and steel market during the forecast period. This is attributed to the fact that it has historically accounted for the majority of large-scale iron production for decades. The blast furnace process encompasses reducing iron ore either with coke and limestone (at high temperatures) to produce molten iron (pig iron) which is used directly to make steel in a basic oxygen process or cast into blocks and used in foundries. The blast furnace route for pulverized ore in the iron and steel industry also continues to be the main process used in larger steel-producing countries as it allows high volume production with a constant quality of output.
Additionally, the blast furnace process is comparatively efficient at classifying the raw materials, and the cost structure has traditionally been researched and shared that enables and supports much larger capacity integrated steel plants and steel production, especially in countries such as China, India, and Russia, where consumption of iron and steel is fueling domestic and export requirements. Although there is an upward shift in alternative technologies based on decarbonization and lower carbon costs (such as using electric arc furnaces), the blast furnace process provides the rebar, steel frame, fencing, steel roofing, etc. For example, the blast furnace processes all the raw materials and provides economies of scale and lowers costs, enabling the production of a higher-grade iron, and this trend will prevail for the foreseeable future.
Based on steel production technology, the Electric Arc Furnace (EAF) segment is expected to grow at the highest CAGR during the forecast period
The Electric Arc Furnace (EAF) segment is projected to grow at the highest compound annual growth rate (CAGR) in the iron and steel market over the forecast period, as major progress has been made worldwide in the transition to sustainable, relatively energy-efficient steelmaking. Unlike traditional blast furnaces, which are heavily reliant on iron ore and coke, EAFs use recycled scrap metal as their main raw material, resulting in a significant reduction in carbon emissions and energy consumption.
EAF production has a number of advantages: the technology is flexible, is less capital-intensive, and has shorter startup times than blast furnaces. With stricter environmental regulations, and a stronger emphasis on recycling and circular economies, EAF production is increasingly attractive for producers that operate in regions that maintain recycling and metal trading infrastructures. As many nations have increasingly expressed interest in decarbonization goals, they are following practice trends and ultimately encouraging mills to make this transition and reduce the environmental impact of steel production.
In developed regions like North America and Europe, steel producers are shifting toward EAF-based production. While in emerging regions, there is gradual investment in EAF facilities, as new investments are helping update the steel sector. In particular, technological advancements which allowed for DRI (direct reduced iron) to be used in EAFs, have improved steel production efficiency, reduced energy consumption, and improved product quality. As a result, EAF based steel production is expected to grow rapidly and play a crucial role in the future developments in sustainable steelmaking.
Middle East & Africa region is expected to grow at highest CAGR during forecast period
The Middle East & Africa (MEA) region is expected to grow at the highest compound annual growth rate (CAGR) in the iron and steel market during the forecast period due to the increased use of iron and steel for infrastructure development, industrial growth, and population growth. A number of countries in the MEA (Saudi Arabia, UAE, Egypt. and South Africa) have been investing in larger-scale construction projects, transportation networks, and projects associated with energy, which create demand for iron and steel. Governmental initiatives are supporting this growth, with programs such as Vision 2030 in Saudi Arabia and the UAE's commitment to diversify its economy and expand industrialization programs to facilitate domestic manufactured steel. At the same time, growing investments from the oil & gas, mining, and renewable energy industries are also increasing steel use in the MEA region. The MEA region is being strategic about developing the competitiveness of the region against large global producers of iron and steel, taking advantage of accessible raw materials and foreign direct investments in the metals sector. With ongoing urbanization, demand for housing, and a need to diversify their economies, MEA is in a position for growth. Each of these drivers, together, will see MEA as one of the most dynamic and high-growth regions for the iron and steel industry over the coming years.
ArcelorMittal (Luxembourg), China Baowu Steel group Corporation Limited (China ), TATA Steel (India), JSW (India), Nucor Corporation (US), NIPPON STEEL CORPORATION (Japan), Ansteel Group Corporation Limited (China), POSCO (UK), HBIS Group (China), and SAIL (India) are some key players in iron & steel market.
Research Coverage
The market study covers the iron & steel market across various segments. It aims to estimate the market size and the growth potential of this market across different segments based on type, iron production technology, steel production technology, end-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their positions in the iron & steel market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall iron & steel market and its segments and subsegments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the positions of their businesses and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the iron & steel market