Iron And Steel Global Market Report 2024

Description

“Iron And Steel Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on iron and steel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
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Where is the largest and fastest growing market for iron and steel? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The iron and steel market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Type: Iron; Steel
2) By Production Technology: Basic Oxygen Furnace; Electric Arc Furnace; Open Hearth; Other Production Technologies
3) By End User: Building And Construction; Automotive And Transportation; Heavy Industry; Consumer Goods
Companies Mentioned: ArcelorMittal S.A.; Nippon Steel Corporation; China BaoWu Steel Group Corporation Limited; HBIS Group; Pohang Iron and Steel Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Iron is a metallic element found naturally on Earth, while steel is a man-made alloy formed by the combination of iron and carbon. These robust metals, iron and steel, find applications in a variety of manufacturing and construction sectors for the production of finalized goods.

The primary categories of iron and steel encompass the chemical element iron itself. Iron, denoting a frequently encountered grayish-colored metal, plays a role in diverse production methods such as basic oxygen furnace, electric arc furnace, open hearth, among others. It serves purposes in building and construction, automotive and transportation, heavy industry, as well as consumer goods.

The iron and steel market research report is one of a series of new reports from The Business Research Company that provides iron and steel market statistics, including iron and steel industry global market size, regional shares, competitors with a iron and steel market share, detailed iron and steel market segments, market trends and opportunities, and any further data you may need to thrive in the iron and steel industry. This iron and steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The iron and steel market size has grown strongly in recent years. It will grow from $1654.16 billion in 2023 to $1750.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The expansion witnessed during the historical period can be credited to factors such as urbanization and infrastructure development, the global growth of the economy, the expansion of the automotive industry, a surge in construction and real estate activities, as well as increased global trade and demand for exports.

The iron and steel market size is expected to see strong growth in the next few years. It will grow to $2128.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The anticipated growth in the forecast period can be ascribed to the development of renewable energy infrastructure, initiatives promoting a circular economy, urban redevelopment and the establishment of smart cities, an emphasis on sustainable and high-performance steel, as well as geopolitical factors and trade policies. Significant trends expected in the forecast period encompass digitalization and Industry 4.0, technological progress in manufacturing, advanced data analytics for process optimization, measures for energy efficiency, and the integration of robotics and automation.

The growth of the iron and steel market is anticipated to be propelled by increased investments in construction. Construction involves the creation, modification, repair, remodeling, and enhancement of infrastructure facilities. Iron and steel are crucial in constructing large, modern structures such as stadiums, skyscrapers, bridges, and airports due to their robustness and long durability. The surge in construction investments is expected to lead to a higher demand for iron and steel. For example, in April 2023, the United States Census Bureau (USCB) reported a construction investment of $1.84 billion in February 2023. The first two months of the year witnessed a 5.9% increase, reaching $260.8 billion, compared to $246.1 billion during the same period in 2022. Public construction invested $388.0 billion, while private construction made a $1.45 billion investment in 2022. Therefore, the increased investments in construction are fueling the growth of the iron and steel market.

The iron and steel market is expected to experience growth due to the rising development of infrastructure. Infrastructure development involves the planning, construction, and improvement of essential physical and organizational structures and facilities, supporting economic growth and community well-being. Iron and steel are fundamental materials for constructing roads, bridges, railways, and buildings in infrastructure projects. In April 2023, the World Bank reported a sustained recovery in infrastructure investments in low- and middle-income countries in 2022, with private participation in infrastructure (PPI) investments reaching $91.7 billion across 263 projects, reflecting a 23% increase compared to 2021. Therefore, the growth of the iron and steel market is driven by the increasing focus on infrastructure development.

Technological advancement is a prominent trend in the iron and steel markets, with major companies striving to develop advanced solutions to strengthen their market position. In October 2022, Finland-based engineering services company Metso Outotec launched a direct reduced iron (DRI) Smelting Furnace, contributing to the decarbonization of the iron and steel industry. This technology, substituting blast furnaces in hot metal production, offers benefits such as flexibility for any DRI feed, high productivity with a capacity above 1.2 million TPA, the ability to handle large slag volumes, and continuous production of hot metal with high availability and a long campaign life.

Strategic partnerships are a key approach adopted by major companies in the iron and steel market to offer sustainable and low-emission production. In December 2022, U.S.-based steel and steel products company Nucor Corporation partnered with Boulder-based startup Electra, focusing on using renewable energy to decarbonize steelmaking. This collaboration introduces Electra's low-temperature iron solution, a sustainable production method with zero carbon dioxide emissions. The strategic partnership not only propels the advancement of environmentally friendly iron and steel production but also fosters growth for Electra through Nucor's equity investment and the strategic involvement of its executive vice president in Electra's market advisory board.

In March 2022, Indian-based steel manufacturing company Tata Steel Limited acquired Neelachal Ispat Nigam Limited for $112 billion (12,100 crores). This acquisition demonstrates Tata Steel Limited's commitment to the State of Odisha, the communities surrounding its facilities, and its subsidiaries. Neelachal Ispat Nigam Limited, an India-based manufacturing company, specializes in producing basic iron, steel, and ferro-alloys.

Major companies operating in the iron and steel market report are ArcelorMittal S.A., Nippon Steel Corporation, China BaoWu Steel Group Corporation Limited, HBIS Group, Pohang Iron and Steel Company, Tata Steel Limited, Steel Authority of India Limited, Nucor Corporation, JFE Steel Corporation, Steelmor Industries, Ezz Steel, GKN Powder Metallurgy, Beshay Steel Group, Scaw Metals Group, Libyan Iron and Steel Company, POSCO Holdings Inc., Ansteel Group Corporation, JSW Steel Limited, Hebei Iron and Steel Group, Wuhan Iron and Steel Group, Baoshan Iron & Steel Co. Ltd., Shagang Group, Shandong Iron and Steel Group, Evraz plc, Gerdau S.A., ThyssenKrupp AG, United States Steel Corporation, Hyundai Steel Company, Maanshan Iron & Steel Company Limited, Valin Group

Asia-Pacific was the largest region in the iron and steel market in 2023. The regions covered in the iron and steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the iron and steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The iron and steel market consists of sales of white iron, malleable iron, gray iron, compacted graphite iron, and ductile iron and carbon steel, stainless steel, alloy steel and tool steel. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r11845

1. Executive Summary

2. Iron And Steel Market Characteristics

3. Iron And Steel Market Trends And Strategies

4. Iron And Steel Market - Macro Economic Scenario

4.1. Impact Of High Inflation On the Market
4.2. Ukraine-Russia War Impact On the Market
4.3. COVID-19 Impact On the Market

5. Global Iron And Steel Market Size and Growth

5.1. Global Iron And Steel Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Iron And Steel Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Iron And Steel Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Iron And Steel Market Segmentation

6.1. Global Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Iron
Steel
6.2. Global Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Basic Oxygen Furnace
Electric Arc Furnace
Open Hearth
Other Production Technologies
6.3. Global Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Building And Construction
Automotive And Transportation
Heavy Industry
Consumer Goods

7. Iron And Steel Market Regional And Country Analysis

7.1. Global Iron And Steel Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Iron And Steel Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Iron And Steel Market

8.1. Asia-Pacific Iron And Steel Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Iron And Steel Market

9.1. China Iron And Steel Market Overview
9.2. China Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Iron And Steel Market

10.1. India Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Iron And Steel Market

11.1. Japan Iron And Steel Market Overview
11.2. Japan Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Iron And Steel Market

12.1. Australia Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Iron And Steel Market

13.1. Indonesia Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Iron And Steel Market

14.1. South Korea Iron And Steel Market Overview
14.2. South Korea Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Iron And Steel Market

15.1. Western Europe Iron And Steel Market Overview
15.2. Western Europe Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Iron And Steel Market

16.1. UK Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Iron And Steel Market

17.1. Germany Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Iron And Steel Market

18.1. France Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Iron And Steel Market

19.1. Italy Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Iron And Steel Market

20.1. Spain Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Iron And Steel Market

21.1. Eastern Europe Iron And Steel Market Overview
21.2. Eastern Europe Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Iron And Steel Market

22.1. Russia Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Iron And Steel Market

23.1. North America Iron And Steel Market Overview
23.2. North America Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Iron And Steel Market

24.1. USA Iron And Steel Market Overview
24.2. USA Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Iron And Steel Market

25.1. Canada Iron And Steel Market Overview
25.2. Canada Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Iron And Steel Market

26.1. South America Iron And Steel Market Overview
26.2. South America Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Iron And Steel Market

27.1. Brazil Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Iron And Steel Market

28.1. Middle East Iron And Steel Market Overview
28.2. Middle East Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Iron And Steel Market

29.1. Africa Iron And Steel Market Overview
29.2. Africa Iron And Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Iron And Steel Market, Segmentation By Production Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Iron And Steel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Iron And Steel Market Competitive Landscape And Company Profiles

30.1. Iron And Steel Market Competitive Landscape
30.2. Iron And Steel Market Company Profiles
- 30.2.1. ArcelorMittal S.A.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Nippon Steel Corporation
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. China BaoWu Steel Group Corporation Limited
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. HBIS Group
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Pohang Iron and Steel Company
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Iron And Steel Market Competitive Benchmarking

32. Global Iron And Steel Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Iron And Steel Market

34. Iron And Steel Market Future Outlook and Potential Analysis

34.1 Iron And Steel Market In 2028 - Countries Offering Most New Opportunities
34.2 Iron And Steel Market In 2028 - Segments Offering Most New Opportunities
34.3 Iron And Steel Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer