Iron & Steel Industry Size

The report "Iron & Steel Market by Type (Iron and Steel), Iron Production Technology, Steel Production Technology, End-use Industry (Construction & Building, Automotive & Transportation, Mechanical Equipment, Metal Products), and Region - Global Forecast to 2030", iron & steel market was valued at USD 1,453.4 billion in 2024, and it is projected to reach USD 1,707.1 billion by 2030, at a CAGR of 3.1%.

Browse 653 market data Tables and 55 Figures spread through 394 Pages and in-depth TOC on "Iron & Steel Market by Type (Iron and Steel), Iron Production Technology, Steel Production Technology, End-use Industry (Construction & Building, Automotive & Transportation, Mechanical Equipment, Metal Products), and Region - Global Forecast to 2030"

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Iron and steel are two of the most important industrial materials that are used around the world in construction, transportation, manufacturing, and infrastructure. Iron occurs naturally as a metallic element that can be extracted from iron ore. Steel is an alloy mostly made of iron and carbon with additional elements added to increase metal strength and durability. Iron and steel offer versatility, strength, durability, and amenity for a wide range of building projects, and are both recyclable. The extensive use of iron and steel as vital materials makes the iron and steel industry infinitely important to economic growth and industrial development globally.

Based on type, the steel segment accounted for the largest market share in 2024

In 2024, steel accounted for the largest share of the market in the iron and steel market due to its functionality in a broad range of construction, automotive, machinery, transportation, and energy sectors. Steel is an alloy of iron and controlled carbon along with other elements, such as manganese, chromium or nickel and has high strength, durability and versatility, and is the preferred material for multiple industrial and structural applications. Steel and iron-based products will be chiefly consumed through the construction sector where steel is commonly used in reinforced concrete, structural frames, bridges, and buildings. The appearance of steel, as well as its mechanical properties, such as ductility and crashworthiness makes steel one of the most widely used materials on earth and drives a multitude of steel components in vehicles such as trailers, and body panels. Urbanization, government finance pressures to build public infrastructure, investment in energy efficient buildings and structures, such as earthquake-resistant buildings have all contributed to rising global consumption of steel. Steel is the most recyclable material on the planet; the development of cleaner steel technologies, such as the electric arc furnace (EAF) while promoting sustainable development and addressing climate change now has led steel on the cusp of transformational change. Because of its diversity and performance, it meets evolving industrial demand, and increasing operational use, and will continue to outperform iron and steel industry products and there is every reason to believe it will continue to do so for the foreseeable future.

Based on iron production technology, the DRI process segment is expected to grow at the highest CAGR during forecast period

The Direct Reduced Iron (DRI) process is anticipated to grow at the highest CAGR in the iron and steel market during the forecast period as it is being increasingly adopted as a cleaner, more energy-efficient alternative to the traditional blast furnace route. DRI is a process that corresponds to the reduction of iron ore using natural gas or syngas (no need for coke) and results in the ability to make steel having significantly lower carbon emissions. With increasing global environmental regulations and the steel industry focusing on decarbonization, DRI is increasing in prominence because it is compatible with low carbon and hydrogen-based technologies.

The rise in DRI usage as feedstock for electric arc furnaces (EAFs) adds to the DRI process's lure, especially in markets that are investing in sustainable steel production. Dynamic economies in the Middle East, India, and Latin America are expected to invest in DRI facilities, given their access to inexpensive natural gas and recent policy directions designed to support low-emission iron and steel. The DRI process also allows for raw material flexibility and requires less capital than integrated steel plants. These factors make it a major driver of future demand, forecasting the DRI technology with a central role in the future of iron making.

Asia Pacific accounted for the largest share of the market in 2024

In 2024, the Asia Pacific region held the largest market share of the global iron and steel market. This is attributed to the extensive industrialization in economies, turnover in infrastructure development, and consumption in major end-use segments, which include construction, automotive, and manufacturing. Economies, such as China, India, Japan, and South Korea will account for the region's growth, with large public expenditure in developing infrastructure, continuing urbanization, and high levels domestic consumption.

As the largest producer and consumer of iron and steel globally, China will lead growth in this region as it already has a large production capacity, as well as ongoing infrastructure 'megaprojects'. India is witnessing increased levels of demand for steel, buoyed by government initiatives to promote steel consumption (for example, "Make in India") and significant developments in housing, roads, and railways. The abundance of raw materials, skilled labor, and concentration of manufacturing in the region has also made it competitive on the global stage. Moreover, increased foreign investments and government policies designed to increase domestic industrial production are also accelerating development in various Southeast Asian countries. The region will continue to be a dominant component of the iron and steel sector globally as companies increase consumer applications and investments into steel-intensive departments continue uninterrupted.

The iron & steel market comprises major players, such as ArcelorMittal (Luxembourg), China Baowu Steel group Corporation Limited (China ), TATA Steel (India), JSW (India), Nucor Corporation (US) , NIPPON STEEL CORPORATION (Japan), Ansteel Group Corporation Limited (China), POSCO (UK), HBIS Group (China), SAIL (India), and others are covered in the iron & steel market. Expansions, acquisitions, joint ventures, and product developments are some of the major strategies adopted by these key players to enhance their positions in the iron & steel market.

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