Chicago, March 26, 2023 (GLOBE NEWSWIRE) -- The global Iron & Steel Market size is projected to grow from USD 1,599.4 billion in 2022 to USD 1,928.6 billion by 2027, at a CAGR of 3.8%. as per the recent study by MarketsandMarkets™. The global iron & steel market is an ever-growing and dynamic industry, with demand increasing in various regions throughout the world. Due to the variety of factors that contribute to its success, such as the amount of raw materials available, access to capital, innovation, and infrastructure, different regions tend to be more prosperous than others. The iron & steel market behaves in proportion to the overall automotive & construction industry; the latter is cyclical in nature and subjected to sharp fluctuations in demand. When construction activities pick up, the demand for iron & steel increases as it is an integral element in construction and building.
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Browse In-Depth TOC On “Iron & Steel Market”
247 - Market Data Tables
53 - Figures
265 - Pages
List of Key Players in Iron & Steel Market:
- ArcelorMittal (Luxembourg)
- Nippon Steel Corporation (Japan),
- Nucor Corporation (US)
- China Baowu Steel Group Corporation (China)
- HBIS Group (China)
- POSCO (South Korea),
- Ansteel Group Corporation (China)
- Tata Steel Limited (India)
- JSW Steel (India)
- SAIL(India)
Drivers, Restraints, Opportunities and Challenges in Steel Rebar Market:
- Drivers: Abundance of iron ore & other minerals for steel.
- Restraints: Volatile prices of raw materials
- Opportunity: Transitions towards Net-zero steel.
- Challenges: Environmental Challenge
Key Findings of the Study:
- By Type, steel accounted for the largest share in 2021
- By Production Technology, basic oxygen furnace accounted for the largest share in 2021
- By End-use Industry, the heavy industry segment accounted for the third largest share in 2021
- Asia Pacific accounted for the largest share of the Iron & steel market in 2021
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Iron segment accounted for the second largest share during forecast period
Iron is a key raw material used in the production of steel, which is one of the most important materials in the world economy. Iron is a chemical element with the symbol Fe and atomic number 26. It is a metal that belongs to the first transition series and group 8 of the periodic table. It is, by mass, the most common element on Earth, forming much of Earth's outer and inner core. It is the fourth most common element in the Earth's crust. Iron is also incredibly strong and malleable, two qualities that make it one of the most important elements in engineering and construction. As a result, the iron and steel market is a large and important part of the global economy, with iron accounting for a significant share of the raw materials used in steel production.
Electric Arc Furnace (EAF) production technology is expected to grow at a highest CAGR during forecast period
the electric arc furnace (EAF) production technology was expected to grow at a highest CAGR in the iron & steel market due to its energy efficiency and flexibility in using a variety of steel scrap materials. The EAF technology is widely used for producing steel from recycled scrap steel, and it has several advantages over traditional blast furnace technology. EAF can produce high-quality steel with lower emissions of greenhouse gases, and it is more flexible in terms of the types of steel scrap materials that can be used in the process. With the increasing demand for sustainable and eco-friendly manufacturing processes, the EAF technology is expected to gain more popularity in the steel industry in the coming years, leading to higher growth rates.
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Building & construction end-use industry segment accounted for the largest share of the market during forecast period
The iron & steel industry has been a major contributor to the development of civilization. This is due to the fact that it provides essential resources for the construction, automotive, shipbuilding, manufacturing, and energy industries. The building & construction industry is an important source of the demand for iron and steel. Iron and steel are essential materials used in the construction of buildings, bridges, roads, and other infrastructure. In recent years, the global building & construction industry has been booming due to the increasing demand for housing, transportation, and other types of infrastructure. The demand for iron & steel from the building and construction sector has been increasing due to its versatile use in the construction industry. Steel products such as steel rebars, beams, pipes, and sheets are used in the construction of buildings, bridges, roads, and other infrastructure.
North America region accounted for the third largest share of the iron & steel market
North America is the third largest market for iron & steel due to factors such as rising investments in construction and infrastructure development projects. Various infrastructure development projects announced in North American countries, focused on boosting economic growth, are projected to augment the demand for iron & steel in the region. Additionally, the automotive and locomotive industry in North America has seen a major shift in recent years with the development and implementation of electric vehicles and battery-powered trains. As electric cars become increasingly popular, the demand for steel is set to increase further, creating opportunities for the North American automotive industry.
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