The report "Iron & Steel Market by Type (Iron and Steel), Production Technology(Basic Oxygen Furnace, Electric Arc Furnace, Open Hearth and Others), End-use Industry (Construction & Building, Automotive & Transportation, Heavy Industry, Consumer Goods), and Region - Global Forecast to 2027", is approximated to be USD 1599.4 billion in 2022, and it is projected to reach USD 1,928.6 billion by 2027, at a CAGR of 3.8%.
Browse 247 market data Tables and 53 Figures spread through 265 Pages and in-depth TOC on "Iron & Steel Market by Type (Iron and Steel), Production Technology(Basic Oxygen Furnace, Electric Arc Furnace, Open Hearth and Others), End-use Industry (Construction & Building, Automotive & Transportation, Heavy Industry, Consumer Goods), and Region - Global Forecast to 2027"
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The major drivers influencing the growth of the iron & steel market are rapid infrastructure development, urbanization and the growing product demand from the non-residential sector such as heavy industry and consumer. However, construction industry vulnerability to crisis and Volatile prices of raw material are the factors expected to restrain the market of iron & steel. The transition towards Net-zero steel and increased investments and support from government in emerging economies presents a significant market opportunity for iron & steel manufacturers. Moreover, environmental concerns due to the emission of harmfull gases during the production of steel and problem of excess capacity are the major challenges for the iron & steel market.
By Type, steel accounted for the largest share in 2021
By type, the iron & steel market is segmented into iron & steel. In the iron and steel industry, iron is the primary raw material used to produce steel. Iron ore is mined from the earth's crust and processed to extract iron metal. The iron is then used to make steel through a process called steelmaking. During steelmaking, iron is combined with other elements such as carbon, manganese, and silicon to produce different types of steel with varying properties. An abundance of iron ore and growing urbanization are major factors that will drive the demand for iron & steel in the foreseeable future. Given that iron ore is an integral part of steel production, any increase in demand for steel is likely to drive up the demand for iron ore.
By Production Technology, basic oxygen furnace accounted for the largest share in 2021
The Basic Oxygen Furnace (BOF) is a critical component of the iron and steel industry, as it is one of the primary methods used for producing steel. BOF steelmaking accounts for the majority of steel production globally, and its use is expected to continue to drive the market for the iron and steel industry in the coming years. The demand for steel is driven by various factors, including global economic growth, construction and infrastructure development, and industrial production. As these sectors continue to expand, the demand for steel is expected to grow, which will in turn drive demand for the BOF process and the raw materials used in steel production, such as iron ore, coal, and limestone.
By End-use Industry, the heavy industry segment accounted for the third largest share in 2021
Iron & steel are essential materials used in a variety of industries, particularly in heavy industry. Iron & steel are commonly used in the construction of heavy machinery for mining, shipbuilding, and heavy machine tools. Iron & steel are strong, durable materials that are resistant to corrosion, making them ideal for use in heavy industrial applications. They are also relatively inexpensive and easy to work with, allowing them to be used in a variety of projects. Steel is extensively used to manufacture modern machinery, which is used for mining activities and in heavy material handling equipment such as haulage trucks with a capacity of up to 200 tons, crane arms, and bulldozers, among others.
Asia Pacific accounted for the largest share of the Iron & steel market in 2021
The Asia Pacific iron and steel market is one of the largest and most important markets in the world. It includes countries such as China, Japan, India, South Korea, among others. China is the largest producer and consumer of steel in the world, accounting for more than half of the global production and consumption. The country's demand for steel is driven by its massive construction and infrastructure development projects. The major drivers for the growth of the construction market are increasing housing demand and rising infrastructure due to the increasing urbanization and growing population. The demand for construction is increasing due to huge economic growth in developing countries and low interest rates in developed countries. Also, factors such as increasing private sector investments in the construction sector, technological development, and rising disposable income are expected to propel the growth of the iron & steel market during the forecast period.
The Iron & steel market comprises major players such as 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)and others are covered in the iron & steel market. Expansions, acquisitions, joint ventures, and new 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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