Iron And Steel Market Size, Share, Trends, Industry Analysis Report By Product (Iron Ore, Steel), By End Use (Building & Construction, Automotive & Transportation), By Region

Description

List of Tables

The iron & steel market size is expected to reach USD 2,693.18 billion by 2034, according to a new study by Polaris Market Research. The report "Iron & Steel Market Size, Share, Trends, Industry Analysis Report By Product (Iron Ore, Steel), By End Use (Building & Construction, Automotive & Transportation), By Region- Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

Iron and steel are strong, durable metals widely used in the construction, transportation, and manufacturing industries. Iron is a natural element extracted from ore, whereas alloy steel is made by combining iron with a small amount of carbon to improve strength and flexibility.

Steel is widely used in the energy industry, including for oil pipelines, drilling rigs, and power generation equipment. Wind turbines and solar panel structures further require large amounts of steel. The need for steel in this sector continues as energy demand increases globally, especially in renewable energy project. Both traditional and renewable energy systems rely on durable materials, making steel a crucial component of their supply chains. The steady expansion of the global energy infrastructure directly contributes to the demand for iron and steel products, thereby driving the growth.

New methods in steel manufacturing have made the process more efficient and less wasteful. Techniques such as electric arc furnaces and better recycling systems help reduce production costs. These improvements allow producers to supply steel more reliably and at lower prices. In some cases, advanced technology further allows manufacturers to make steel that is lighter and stronger, which is useful in sectors such as construction and transportation. Overall, these changes support steady production and help the industry meet growing demand without large cost increases.

Iron & Steel Market Report Highlights

In 2024, the steel segment dominated with a larger share due to its wide usage in the construction, infrastructure, and transportation industries.

The automotive & transportation segment is expected to experience significant growth during the forecast period due to rising vehicle production in emerging regions and the shift toward electric vehicles in developed economies.

The iron & steel market in Asia Pacific dominated with the largest share in 2024, driven by rapid urbanization, strong infrastructure development, and industrial growth across countries such as China and India, and Southeast Asia.

The market in North America is projected to witness substantial growth during the forecast period, driven by increased construction activities, industrial production, and a recovering automotive sector.

A few global key market players are Arcelor Mittal S.A., China BaoWu Steel Group Corporation Limited, HBIS Group, JFE Steel Corporation, Jiangsu Shagang Group, Nippon Steel Corporation, POSCO HOLDINGS INC., Shougang Group, and Tata Steel Limited.

Polaris Market Research has segmented the iron & steel market report on the basis of product, end use, and region:

By Product (Volume, Million Kilotons, Revenue - USD Billion, 2020-2034)

Iron Ore

Steel

By End Use (Volume, Million Kilotons, Revenue - USD Billion, 2020-2034)

Building & Construction

Automotive & Transportation

Heavy Industry

Consumer Goods

Other

By Regional Outlook (Volume, Million Kilotons, Revenue - USD Billion, 2020-2034)

North America

U.S.

Canada

Mexico

Europe

Germany

France

Italy

Spain

Russia

Netherlands

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Australia

Rest of Asia Pacific

Latin America

Argentina

Brazil

Rest of Latin America

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa

Rest of Middle East & Africa

Product Code: PM6075

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Iron And Steel Market Insights

4.1. Iron And Steel Market - Market Snapshot
4.2. Iron And Steel Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Expansion of Automotive Industry
  - 4.2.1.2. Rising Urbanization
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. High Initial Investment
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Iron And Steel Market End Use Trends
4.6. Value Chain Analysis

5. Global Iron And Steel Market, by Product

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
5.3. Iron Ore
- 5.3.1. Global Iron And Steel Market, by Iron Ore, by Region, 2020-2034 (Million tons, USD Billion)
5.4. Steel
- 5.4.1. Global Iron And Steel Market, by Steel, by Region, 2020-2034 (Million tons, USD Billion)

6. Global Iron And Steel Market, by End Use

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
6.3. Building & Construction
- 6.3.1. Global Iron And Steel Market, by Building & Construction, by Region, 2020-2034 (Million tons, USD Billion)
6.4. Automotive & Transportation
- 6.4.1. Global Iron And Steel Market, by Automotive & Transportation, by Region, 2020-2034 (Million tons, USD Billion)
6.5. Heavy Industry
- 6.5.1. Global Iron And Steel Market, by Heavy Industry, by Region, 2020-2034 (Million tons, USD Billion)
6.6. Consumer Goods
- 6.6.1. Global Iron And Steel Market, by Consumer Goods, by Region, 2020-2034 (Million tons, USD Billion)
6.7. Other
- 6.7.1. Global Iron And Steel Market, by Other, by Region, 2020-2034 (Million tons, USD Billion)

7. Global Iron And Steel Market, by Geography

7.1. Key Findings
7.2. Introduction
- 7.2.1. Iron And Steel Market Assessment, By Geography, 2020-2034 (Million tons, USD Billion)
7.3. Iron And Steel Market - North America
- 7.3.1. North America: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
- 7.3.2. North America: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.3.3. Iron And Steel Market - U.S.
  - 7.3.3.1. U.S.: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.3.3.2. U.S.: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.3.4. Iron And Steel Market - Canada
  - 7.3.4.1. Canada: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.3.4.2. Canada: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.3.5. Iron And Steel Market - Mexico
  - 7.3.5.1. Mexico: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.3.5.2. Mexico: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.4. Iron And Steel Market - Europe
- 7.4.1. Europe: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
- 7.4.2. Europe: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.4.3. Iron And Steel Market - UK
  - 7.4.3.1. UK: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.4.3.2. UK: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.4.4. Iron And Steel Market - France
  - 7.4.4.1. France: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.4.4.2. France: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.4.5. Iron And Steel Market - Germany
  - 7.4.5.1. Germany: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.4.5.2. Germany: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.4.6. Iron And Steel Market - Italy
  - 7.4.6.1. Italy: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.4.6.2. Italy: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.4.7. Iron And Steel Market - Spain
  - 7.4.7.1. Spain: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.4.7.2. Spain: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.4.8. Iron And Steel Market - Netherlands
  - 7.4.8.1. Netherlands: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.4.8.2. Netherlands: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.4.9. Iron And Steel Market - Russia
  - 7.4.9.1. Russia: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.4.9.2. Russia: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.4.10. Iron And Steel Market - Rest of Europe
  - 7.4.10.1. Rest of Europe: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.4.10.2. Rest of Europe: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.5. Iron And Steel Market - Asia Pacific
- 7.5.1. Asia Pacific: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
- 7.5.2. Asia Pacific: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.5.3. Iron And Steel Market - China
  - 7.5.3.1. China: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.5.3.2. China: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.5.4. Iron And Steel Market - India
  - 7.5.4.1. India: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.5.4.2. India: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.5.5. Iron And Steel Market - Malaysia
  - 7.5.5.1. Malaysia: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.5.5.2. Malaysia: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.5.6. Iron And Steel Market - Japan
  - 7.5.6.1. Japan: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.5.6.2. Japan: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.5.7. Iron And Steel Market - Indonesia
  - 7.5.7.1. Indonesia: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.5.7.2. Indonesia: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.5.8. Iron And Steel Market - South Korea
  - 7.5.8.1. South Korea: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.5.8.2. South Korea: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.5.9. Iron And Steel Market - Australia
  - 7.5.9.1. Australia: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.5.9.2. Australia: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.5.10. Iron And Steel Market - Rest of Asia Pacific
  - 7.5.10.1. Rest of Asia Pacific: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.5.10.2. Rest of Asia Pacific: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.6. Iron And Steel Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
- 7.6.2. Middle East & Africa: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.6.3. Iron And Steel Market - Saudi Arabia
  - 7.6.3.1. Saudi Arabia: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.6.3.2. Saudi Arabia: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.6.4. Iron And Steel Market - UAE
  - 7.6.4.1. UAE: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.6.4.2. UAE: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.6.5. Iron And Steel Market - Israel
  - 7.6.5.1. Israel: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.6.5.2. Israel: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.6.6. Iron And Steel Market - South Africa
  - 7.6.6.1. South Africa: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.6.6.2. South Africa: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.6.7. Iron And Steel Market - Rest of Middle East & Africa
  - 7.6.7.1. Rest of Middle East & Africa: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.6.7.2. Rest of Middle East & Africa: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.7. Iron And Steel Market - Latin America
- 7.7.1. Latin America: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
- 7.7.2. Latin America: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.7.3. Iron And Steel Market - Brazil
  - 7.7.3.1. Brazil: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.7.3.2. Brazil: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.7.4. Iron And Steel Market - Argentina
  - 7.7.4.1. Argentina: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.7.4.2. Argentina: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
- 7.7.5. Iron And Steel Market - Rest of Latin America
  - 7.7.5.1. Rest of Latin America: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
  - 7.7.5.2. Rest of Latin America: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)

8. Competitive Landscape

8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
8.2. Partnerships/Collaborations/Agreements/Exhibitions

9. Company Profiles

9.1. Arcelor Mittal S.A.
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
9.2. China BaoWu Steel Group Corporation Limited
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
9.3. HBIS Group
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
9.4. JFE Steel Corporation
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
9.5. Jiangsu Shagang Group
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
9.6. Nippon Steel Corporation
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
9.7. POSCO HOLDINGS INC.
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
9.8. Shougang Group
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
9.9. Tata Steel Limited
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development