Global Iron Steel Market Size, Share, Growth Analysis, By Application (Building and Construction, and Automotive), By Type (Automotive, and Machinery) - Industry Forecast 2024-2031

Global Iron Steel Market was valued at USD 1728.71 billion in 2022, and is expected to rise from USD 1816.87 billion in 2023 to reach a value of USD 2704.87 billion by 2031, at a CAGR of 5.10% during the forecast period 2024-2031.

Most iron is utilized in the manufacturing of iron steel, and it is frequently found in ores in the oxide form. The development of effective and sophisticated technologies, a rise in demand from developing building sectors, a booming automobile industry, and profitable steel and constructions are the primary factors behind the expansion of the global steel market. It is anticipated that growing investments in the residential construction industry will boost market expansion. The aforementioned trend is anticipated to continue to be mostly driven by the global expansion of smart city projects. During the projected period, increasing auto production, building investment, and infrastructure development are anticipated to propel market expansion. The Federal Reserve reports that U.S. auto and parts output rose from 4.6% in February 2022 to 7.8% in March 2022. From 8.3 million in February 2022 to around 9.5 million in March 2022, the total number of light truck and car assemblies increased. Over the course of the projection period, large-scale expenditures in water treatment facilities are anticipated to increase the demand for iron and steel in developed states.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Iron Steel Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Iron Steel Market Segmental Analysis

Iron Steel Market is segmented on the basis of application, type, and region. On the basis of application Iron Steel Market is segmented into building and construction, automotive. Based on Type, the Iron Steel Market is bifurcated into automotive and machinery. By region, the Iron Steel Market is segmented into Asia Pacific, Latin America, Europe, North America, and the MEA.

Drivers of the Global Iron Steel Market

The government's quick infrastructure efforts, especially in developing areas, are likely to generate demand from the construction sectors, which is expected to fuel the industry's expansion. The major consumer of steel is the building industry, followed by the transportation sector.

Restraints in the Global Iron Steel Market

Covid-19 has stopped producing a number of goods in the iron steel market as a result of the lockout. Market growth has been hindered by this. Iron steel product sales were impacted by COVID-19, which hindered the expansion of the market.

Market Trends of the Global Iron Steel Market

The construction sector has been the biggest user of steel and iron, consuming significantly more of the resources than even cement and wood combined. On the other hand, manufacturers of steel and iron are now up against new building materials like polymers and ceramics. This has made it possible to produce lightweight, highly tensile-strengthened steel and iron goods.

The iron steel market's revenue has been significantly reduced by the engineering plastics business. Steel and iron have been effectively replaced by alternative materials, such as carbon fiber and high-strength composites, in machinery, buildings, cars, and other applications. The adoption of these next-generation materials has expanded dramatically due to their reduced weight. The demand for iron and steel is seriously threatened by the combination of all these causes.