PUBLISHER: The Business Research Company | PRODUCT CODE: 1667848
PUBLISHER: The Business Research Company | PRODUCT CODE: 1667848
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$1726.03 billion in 2024 to $1812.83 billion in 2025 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to urbanization and infrastructure development, global economic growth, automotive industry expansion, construction and real estate boom, global trade and export demand
The iron and steel market size is expected to see strong growth in the next few years. It will grow to $2275.26 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to renewable energy infrastructure development, circular economy initiatives, urban redevelopment and smart cities, focus on sustainable and high-performance steel, geopolitical factors and trade policies. Major trends in the forecast period include digitalization and industry 40, technological advancements in manufacturing, advanced data analytics for process optimization, energy efficiency measures, 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 include 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 2024. 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.
Iron And Steel Global Market Report 2025 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.
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.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.