Iron & Steel Market by Product, Form, End-Use Industry

List of Tables

[187 Pages Report] The Iron & Steel Market size was estimated at USD 1.70 trillion in 2023 and expected to reach USD 1.77 trillion in 2024, at a CAGR 4.31% to reach USD 2.29 trillion by 2030.

The iron & steel market encompasses producing, distributing, and consuming metallic raw materials derived from iron ore and recycled scrap metal. These materials are fabricated into various end products across various industries, such as automotive, construction, aerospace, energy, packaging, and heavy machinery. The global iron and steel industry is highly competitive, with a diversified product portfolio of ferrous alloys, including carbon steel, alloy steel, stainless steel, cast iron, pig iron, wrought iron, and other specialty metals. Rapid global urbanization has increased demand for residential and commercial buildings, roads, bridges, and transportation infrastructure, which require significant steel products. Furthermore, the increasing steel consumption in the automotive and energy & power industries is leading to market growth. However, environmental concerns due to greenhouse gas emissions and price volatility affecting profitability across the value chain are impacting the iron & steel market. Increasing investment by the market players and government support for iron & steel in emerging economies. Moreover, adopting sustainability-focused initiatives such as hydrogen-based green steel production techniques and recycling-based circular economy models that reduce energy consumption and carbon emissions is an lucrative opportunity for the market.

KEY MARKET STATISTICS
Base Year [2023]	USD 1.70 trillion
Estimated Year [2024]	USD 1.77 trillion
Forecast Year [2030]	USD 2.29 trillion
CAGR (%)	4.31%

Regional Insights

In the Americas, the US iron & steel industry has seen substantial growth following recent investments to modernize facilities and enhance production processes and Canada also contributes significantly to this region's steel output. Both countries share similar consumer needs and purchasing behaviors primarily driven by infrastructure development and automobile manufacturing sectors. In the EMEA region, Germany leads European crude steel production, followed by Italy, France, and Spain. The Middle East has experienced increasing demand for iron & steel due to rapid urbanization and growth in critical sectors such as construction, oil & gas, and transportation. In Africa, South Africa stands out as a major producer due to its well-developed mining sector that supplies raw materials for local production. In the Asia Pacific region, China dominates the iron & steel industry globally, with its massive population driving domestic demand for construction materials, automobiles, machinery, and appliances. Japan is known for its advanced technology employed in manufacturing high-quality steel. At the same time, India's increasing urbanization has led to significant investments in infrastructure projects that drive up demand for iron & steel products.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Iron & Steel Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Rising investment in residential construction worldwide
- Increasing consumption of steel in automotive and energy & power industries
- Availability of iron ore and other minerals for steel production

Market Restraints
- Volatile prices of raw materials of iron & steel

Market Opportunities
- Ongoing transition towards net zero steel
- Increasing investment and government support for iron & steel in emerging economies

Market Challenges
- Environmental challenges and problems associated with the excess capacity of iron & steel

Market Segmentation Analysis
- Product Type: Increasing use of iron ore owing to their high strength and durability
- Form: Rising utilization of Sheets/Plates in energy sector for manufacturing solar panels
- End-Users Industry: Increasing use of iron and steel in construction industry as it have high strength and and toughness

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Iron & Steel Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Iron & Steel Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Tata Steel's 7 Subsidiary Companies to Be Merged with Parent Company in Current Financial Year

Tata Steel Ltd. merged seven subsidiaries into its parent company to maximize synergies, increase efficiency, and reduce costs. By bringing together these entities under the umbrella of Tata Steel Ltd., the company seeks to leverage their collective strengths and capabilities to drive sustainable growth and deliver greater value to stakeholders. [Published On: 2023-09-27]

Vale International to Supply Iron Ore to Essar's Steel Project in Saudi Arabia

Vale International has entered into an agreement with Essar Group to supply 4 million tonnes of iron ore agglomerates annually for their green steel project in Saudi Arabia. This agreement ensures a 100% raw material supply for Essar's steel plant. The agreement signifies a long-term commitment to meeting the growing global demand for raw materials from the steel industry, particularly in the Middle East. [Published On: 2023-09-07]

Aramco, Baosteel and PIF Sign Agreement to Establish First Integrated Steel Plate Manufacturing Complex in Saudi Arabia

Aramco, Baosteel, and the Public Investment Fund of Saudi Arabia have signed an agreement to manufacture advanced steel plate manufacturing plant in the Kingdom of Saudi Arabia. The primary objectives of the collaboration is to contribute to economic growth and create export opportunities, and localize the production of heavy steel plates. [Published On: 2023-05-01]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Iron & Steel Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Iron & Steel Market, highlighting leading vendors and their innovative profiles. These include ArcelorMittal S.A., Baoshan Iron & Steel Co., Ltd., China Ansteel Group Corporation Limited, China Baowu Steel Group Corp., Ltd., Cleveland-Cliffs Inc., Gerdau S/A, Hesteel Group Company Limited, Hyundai Steel Company, Industrias CH, JFE Steel Corporation, Jindal Steel and Power Limited, JSW Steel Limited, Kobe Steel, Ltd., Mitsui & Co., Ltd., Nippon Steel Corporation, Nucor Corporation, Outokumpu, POSCO, Sabre Steel Inc, Salzgitter AG, Shandong Iron and Steel Group Co., Ltd., SSAB AB, Tata Steel Limited, ThyssenKrupp AG, and United States Steel Corporation.

Market Segmentation & Coverage

This research report categorizes the Iron & Steel Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
- Iron Ore
- Steel

Form
- Pipes/Tubes
- Rods/Bars
- Sheets/Plates

End-Use Industry
- Aerospace
- Automotive
- Construction
- Energy
- Machinery & Equipment
- Packaging

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-777F3B3231FD

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising investment in residential construction worldwide
  - 5.1.1.2. Increasing consumption of steel in automotive and energy & power industries
  - 5.1.1.3. Availability of iron ore and other minerals for steel production
- 5.1.2. Restraints
  - 5.1.2.1. Volatile prices of raw materials of iron & steel
- 5.1.3. Opportunities
  - 5.1.3.1. Ongoing transition towards net zero steel
  - 5.1.3.2. Increasing investment and government support for iron & steel in emerging economies
- 5.1.4. Challenges
  - 5.1.4.1. Environmental challenges and problems associated with the excess capacity of iron & steel
5.2. Market Segmentation Analysis
- 5.2.1. Product Type: Increasing use of iron ore owing to their high strength and durability
- 5.2.2. Form: Rising utilization of Sheets/Plates in energy sector for manufacturing solar panels
- 5.2.3. End-Users Industry: Increasing use of iron and steel in construction industry as it have high strength and and toughness
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Iron & Steel Market, by Product

6.1. Introduction
6.2. Iron Ore
6.3. Steel

7. Iron & Steel Market, by Form

7.1. Introduction
7.2. Pipes/Tubes
7.3. Rods/Bars
7.4. Sheets/Plates

8. Iron & Steel Market, by End-Use Industry

8.1. Introduction
8.2. Aerospace
8.3. Automotive
8.4. Construction
8.5. Energy
8.6. Machinery & Equipment
8.7. Packaging

9. Americas Iron & Steel Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Iron & Steel Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Iron & Steel Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Tata Steel's 7 Subsidiary Companies to Be Merged with Parent Company in Current Financial Year
- 12.3.2. Vale International to Supply Iron Ore to Essar's Steel Project in Saudi Arabia
- 12.3.3. Aramco, Baosteel and PIF Sign Agreement to Establish First Integrated Steel Plate Manufacturing Complex in Saudi Arabia
12.4. Strategy Analysis & Recommendation

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio