Iron And Steel Global Market Report 2026

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.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs on imported iron and steel have significantly influenced global supply chains, raising costs for construction, automotive, and heavy industry segments. Regions such as North America and Europe, which rely on imported steel, are most affected. However, tariffs have also encouraged local production, investment in domestic steel manufacturing, and adoption of energy-efficient and specialty steel products, providing some positive momentum for the market.

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 $1784.11 billion in 2025 to $1876.71 billion in 2026 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to growing construction and infrastructure projects, demand from automotive and transportation sectors, expansion of heavy industry manufacturing, urbanization and industrialization trends, increasing consumer goods production requiring steel components.

The iron and steel market size is expected to see strong growth in the next few years. It will grow to $2334.77 billion in 2030 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to rising focus on sustainable and recycled steel production, expansion of electric vehicle manufacturing, adoption of advanced production technologies such as electric arc furnace, growing demand for high-performance specialty steels, government incentives for green steel initiatives. Major trends in the forecast period include adoption of high-strength steel and alloy innovations, integration of smart manufacturing for steel production, increased use of recycled iron and steel materials, advancements in energy-efficient production technologies, development of corrosion-resistant and specialty steels.

Rising investments in construction are expected to drive the growth of the iron and steel market. Construction involves the process of creating, modifying, repairing, remodeling, and enhancing infrastructure facilities. Iron and steel are extensively used in the construction sector to develop large, modern structures such as stadiums, skyscrapers, bridges, and airports due to their strength and long-lasting durability. Therefore, the increasing investment in construction leads to higher demand for iron and steel. For example, in April 2023, reports from the United States Census Bureau (USCB), a US-based government agency, indicated that construction investment in February 2023 amounted to $1.84 billion. The first two months of the year recorded a $260.8 billion rise in construction investment, representing a 5.9% increase compared to $246.1 billion for the same period in 2022. Additionally, public construction investments reached $388.0 billion, while private construction investments totaled $1.45 billion in 2022. Thus, growing investments in construction are contributing to the expansion of the iron and steel market.

Major companies operating in the iron and steel market are emphasizing sustainable energy adoption, such as green hydrogen implementation, to secure a competitive edge. Green hydrogen implementation involves using hydrogen as a clean energy source in steel production processes, including blast furnace operations, to partially or entirely substitute fossil fuels, substantially cut carbon emissions, and enhance energy efficiency. For example, in July 2023, Tata Steel Limited, an India-based steel company, introduced the Sprint to Zero 2023 Challenge. The program supports innovative low-carbon hydrogen projects, offering winners up to £80,000 each, priority access to Tata Steel's integrated steel plants, and opportunities to collaborate with research institutions and start-ups to promote decarbonisation and sustainable steel manufacturing practices.

In December 2024, Volkswagen AG, a Germany-based automotive manufacturer, partnered with Vulcan Green Steel to ensure a supply of low-carbon steel and advance decarbonisation across its industrial supply chains. Through this collaboration, Volkswagen and Vulcan Green Steel aim to promote carbon-neutral vehicle production, lower greenhouse gas emissions, and provide sustainable steel solutions that support environmentally responsible manufacturing. Vulcan Green Steel AB is a Sweden-based steel producer that creates green steel using renewable energy and hydrogen-based production methods, offering low-carbon steel products for automotive and industrial applications.

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, 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 2025. The regions covered in the iron and steel market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the iron and steel market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, 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.

Iron And Steel Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses 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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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, including technological disruption, regulatory shifts, and changing consumer preferences? 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, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered:1) By Type: Iron; Steel
• 2) By Production Technology: Basic Oxygen Furnace; Electric Arc Furnace; Other Production Technologies
• 3) By End User: Building And Construction; Automotive And Transportation; Heavy Industry; Consumer Goods
• Subsegments:
• 1) By Iron: Pig Iron; Cast Iron; Wrought Iron; Ductile Iron
• 2) By Steel: Carbon Steel; Alloy Steel; Stainless Steel; Tool Steel
• Companies Mentioned: 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; 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
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
• Regions: Asia-Pacific; South East Asia; 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.
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