Iron & Steel Market - Forecast(2024 - 2030)

Iron and Steel Market - Overview

Iron and Steel Market is analyzed to be $2.3 trillion in 2023 and is projected to reach $2.9 trillion in 2030. The market is estimated to grow with a CAGR of 4.0% during 2024-2030. Iron makes up 5% of Earth’s crust and is also found in the core of all the planets in the solar system. It oxidises/ rusts when it comes in contact with oxygen, so it is rarely used in its pure form. It is also very hard and brittle, and therefore is generally used in numerous industries. Iron is a very essential substance in range of products and is also a vital component in alloy like steel, carbon steel, stainless steel, cast iron, etc. Steel is a combination of iron and carbon, which is highly used in construction, weapons and transportation. According to Aperam S.A., global player in stainless and specialty steel market, stainless steel is created by adding at least 10.5% of chromium, thus making it highly resistant to corrosion. Molybdenum is also used in steel alloys to increase strength and hardness. Iron is used to make many alloys to obtain different properties for wider use. When it is mixed with vanadium, it is used to make weapons and tools like sword; with manganese, it is used to make clear glass; with chromium, it is used for electroplating and so on. Tariffs imposed on steel imports have affected the competitiveness of domestic producers and influenced global trade patterns. Additionally, sustainability concerns and environmental regulations have influenced market dynamics. Increasing awareness of carbon emissions and the environmental footprint of steel production has led to a growing demand for greener steel products. This has prompted investments in cleaner production technologies such as electric arc furnaces and the development of recycled steel. Moreover, technological advancements and innovations in steel manufacturing processes have enhanced efficiency and product quality. As a result, the Iron and Steel Market is poised for sustained growth as global economic recovery accelerates, with innovations in technology and sustainability shaping future trends.

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Iron and Steel Market Report Coverage

The report: “Steel Industry – Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Iron and Steel Market Report. 

By Type: Carbon Steel, (Low Carbon Steel, Medium Carbon Steel, High Carbon Steel), Stainless Steel (Austenitic Stainless Steels, Ferritic Stainless Steels, Martensitic Stainless Steels, Precipitation Hardening Grade Stainless Steels, Duplex Stainless Steels), Alloy Steel (Chromium Molybdenum Steel, Nickel-Chromium-Molybdenum Steel, Chromium Vanadium Steel, HSLA -Nickel-Chromium-Molybdenum Steel), Tool Steel (Water-hardening tool steels, Shock-resisting tool steels, Cold-work tool steels, Hot-work steels, High-speed tool steels, Others), Iron (Cast Iron, Wrought Iron, Pig Iron), Others

By Form: Bar, Rod, Tube, Pipe, Plate, Sheet, Structural, Others

By Application: Transportation (Road, Bridges, Barriers, Rail, Tracks, Rail Cars), Construction (Cool Metal (infrared reflecting) Roofing, Purlins, Beams, Pipe, Recyclable steel framing (studs), Desks/Furniture), Packaging (Canes, Bottles, Others), Water Projects (Levees/Dams/Locks), Energy (Renewable, Nuclear, Bio-fuels, Fossil, Electric Grid), Others

By Industry: Construction (Steel Skeletons, Concrete Walls, Pillars, Nails, Bolts, Screws, Others), Machinery (Bulldozers, Backhoe Leaders, Pipelayers, Others), Automotive and Transportation (Exhaust, Trim/Decorative, Engine, Chassis, Fasteners, Tubing For Fuel Lines), Kitchenware and Domestic Appliances (Small Household Appliances, Black Home Appliances, White Home Appliances), Electrical and Electronics (Motor Mount Brackets, Adapter Plates, Electronic Frames and Chassis, Brackets, Others), Healthcare (Orthopaedic Implants, Artificial Heart Valves, Bone Fixation, Catheters, Others), Energy (Scrubbers, Heat Exchangers, Others)

By Region: North America, South America, Europe, Asia-Pacific and Rest of the World

Key Takeaways

• The Asia-Pacific region, particularly China, has been a dominant force in the global Iron and Steel Market with a share of 63% in 2023, owing to China's rapid industrialization and urbanization have driven substantial demand for steel in the construction, infrastructure, and manufacturing sectors.

• Government infrastructure spending, particularly in major economies, plays a significant role in driving steel demand. Large-scale infrastructure projects, such as bridges, railways, and urban development initiatives, can create substantial demand for steel products.

• The automotive sector is a significant consumer of steel, particularly in the production of vehicles. Changes in consumer demand for automobiles, as well as shifts towards electric vehicles which may use different materials, can impact steel demand in this sector.

Iron and Steel Market Segment Analysis – By Type 

In terms of type, the Iron and Steel Market is segmented into carbon steel, stainless steel, alloy steel, tool steel and others. In 2023, the Stainless-steel segment generated the greatest revenue of $361.94 billion and is projected to reach a revenue of $482.28 billion by 2030. Owing to the various benefits posed by stainless steel such as corrosion resistance, high and low temperature resistance, the ease of fabrication, strength, aesthetic appeal is one of the key factors for its adoption among various end-use industries, which in turn is boosting its market growth. The stainless-steel segment can be further classified as Austenitic stainless steels, Ferritic stainless steels, Martensitic stainless steels, Precipitation hardening grade stainless steel and Duplex stainless steels. 

Iron and Steel Market Segment Analysis – By Industry

The building and construction segment held the largest Iron & Steel Market share, with a share of over 19% in 2023. According to World Steel Association (WSA), around 51% of steel produced annually is used to construct buildings and infrastructure like bridges. Also, according to the World Steel Association (WSA), most of the steel used in construction is found in reinforcing bars (44%), sheet products and ceilings (31%) and structural sections (25%). It is also used in stairs, rails and shelving. It is highly used in the construction of bridges and houses because it is capable of lifting heavy weights as it is strong, hard and a tough metal, therefore, it has high resisting power. Thus, it can resist high load, strain and stress. According to India Brand Equity Foundation (IBEF), In financial year 2022, demand for steel is expected to increase by 17% to 110 million tonnes, due to rising construction activities. Due to remarkable properties of steel like its durability, malleability, cost-effectiveness, versatility, sustainability and non-corrosive, it is widely used in almost every industry including building and construction industry.

Iron and Steel Market Segment Analysis - By Geography/Country 

The report comprises of the region wise study of the global market including North America, South America, Europe, Asia-Pacific and Rest of the World. Above all, Asia-Pacific region held the biggest share in 2023, up to 63% of the whole Iron and Steel Market owing to the rapidly expanding defense, machinery, automotive, and shipbuilding industries in the countries such as India, China, South Korea, and Japan. China produces the most steel in the world every year, producing more than half of the world’s steel. China has gradually increased the production of Iron & Steel and within a span of 15 years. In China, the industries are concentrated in Anshan, Wuhan and Paotow triangle. According to China’s Steel Industry bulletin, China can satisfy most of its own steel requirements, but in recent years, around 2.5% of steel is imported which have higher quality and are technology-intensive flat products. Although China has attempted to cut steel production to decrease pollution, some plants are elevating their capacity, and China’s steel output is on the rise. If the demand in China decreases, China will export surplus steel and lower the international prices. According to China’s Steel Industry bulletin, China is the biggest influencer on global steel with around 45% of global steel production. Thus, the increase in production and consumption of Iron & Steel is boosting the market growth.

Iron and Steel Market - Drivers 

Increased use of Iron and Steel in the Automotive Industry

Iron and Steel are used for ships and shipping containers, trains and rail cars, aeroplanes, road vehicles and many more. In ships and ship containers, we use structural steel plate to fabricate ship hulls. According to World Steel Association, steel ships transport 90% of the world’s cargo. An approximated number of 17 million containers of different types made up the worldwide container fleet and the majority are made of steel. Steel is also used in rails for railway lines. But this steel is hard to crack and high resistance so that it is capable to hold the heat generated by the trains. According to India Brand Equity Foundation (IBEF), In January 2021, the Ministry of Railways rolled out a new iron ore policy governing allocation of rakes and transportation of iron ore and India is projected to account for 40% of the total global share of rail activity by 2050. While heavy metal is used in trains, it is opposite when it comes to aeroplanes. Steel is valued in aircrafts for its durability, hardness, resistance to high temperatures and its light-weight. According to World Steel Association, around 16% of steel produced worldwide is used to meet society’s transportation needs including automotive. Thus, there are different uses of steel in different sectors due to its diverging properties.

Increased demands in Domestic Appliances

To overcome the growing global demand, the steel industry is expanding both production and capacity. Most of the domestic appliances include refrigerators, televisions, ovens, sinks and many more. Steel is mostly used in domestic appliances as it does not scratch easily during accidental collisions, resists rusts and stains in rough use as well. Also, because of its high strength and durability and diversity of moulding itself into any shape, it is widely used in almost every appliance. According to Business Today, India is a low steel-consuming country with a consumption of 69-72kg per capita. India’s steel industry has seen a major growth in the last 10-12 years in domestic appliances. According to the Indian Government, Steel-making capacity is expected to reach 300 million tonnes per annum by 2030–31. According to World Steel Association, global steel demand has grown by 4.5% in 2021 and reached 1845 million. In 2022, and by 2.2% to 1896 million tonnes in 2022. Thus, the demand and use of steel is increasing day-by-day and will continue increasing due to its various uses and properties.

Iron and Steel Market -Challenges

Environmental Regulations and Sustainability

The steel industry is facing mounting pressure to tackle environmental issues by cutting carbon emissions and enhancing sustainability efforts. Meeting stringent environmental regulations demands substantial investments in technology and infrastructure, presenting a formidable challenge for many companies. Despite the financial hurdles, embracing these changes can pave the way for a more sustainable and eco-friendly future for the industry.

Iron and Steel Market - Competitive Landscape

The Iron and Steel market is dominated by top 10 players including:

• ArcelorMittal S.A.

• Nippon Steel Corporation

• POSCO

• Tata Steel Limited

• Hyundai Steel Co., Ltd

• JFE Steel

• China Baowu Steel Group Corp. Ltd.

• Hesteel Group Company Limited

• Anshan Iron & Steel Group Corporation

• Hunan Valin Iron & Steel Group Co.,Ltd

Iron and Steel Market - Recent Developments

 November 2022, Tata Steel launched the fourth edition of MaterialNEXT, focusing on 'Materials to Wonder.' This open innovation event aims to gather ideas on emerging materials and their applications. The program spans five months across Idea Selection, Development, and Evaluation stages, fostering collaboration among scientists, researchers, and startups.

 May 2022, Kobe Steel introduced "Kobenable Steel," Japan's pioneering low CO2 blast furnace steel, aiming to curtail emissions during ironmaking. Utilizing innovative CO2 Reduction Solution technology, it plans to roll out the product this fiscal year, marking a milestone in sustainable steel production.

 In June 2023, Nippon Steel introduces ZEXEED™ Checkered Sheet, a new addition to its high corrosion resistant coated steel series