Iron and Steel Global Market Report 2024

The iron and steel market 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 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 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 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 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.


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