Iron & Steel Market Size to be Worth US$ 1,928.6 billion by 2027 – Exclusive Report by MarketsandMarkets™
The global iron & steel market size is projected to grow from USD1,599.4 billion in 2022 to USD 1,928.6 billion by 2027, at a CAGR of 3.8%. The iron & steel industry is a large and diverse sector that covers the production of a range of products, from raw materials to finished goods. The iron & steel industry is an integral part of the global economy, producing a range of products—from construction materials like steel beams to automotive and manufacturing components. It involves a variety of activities such as mining, ore processing, sintering and pelletizing, steel making, rolling and finishing, and other related activities.
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Globally, the Asia Pacific area consumes the most iron and steel. The Global Steel Association estimates that in 2021, the area accounted for more than 50% of world consumption. Strong expansion in the construction sector and rising demand for vehicles, equipment, and infrastructure are the primary drivers of the region’s iron and steel consumption. The primary nations in the region that make up the majority of the demand for iron and steel are China, India, Japan, South Korea, and Australia. Additionally, it is anticipated that the increase in disposable income, population expansion, and the trend toward urbanization will further fuel the region’s need for iron and steel.
The iron & steel market in the Middle East & Africa is estimated to witness a high CAGR, in terms of value, between 2022 and 2027, an increasing government investment and growing urbanization are significant factors that will drive the demand for iron & steel in the foreseeable future. Additionally, the end-use industries have been a major factor driving the iron & steel market over the past few years.
There are different players that operate in the iron & steel market. The major market players include China Baowu Steel Group Corporation (China), ArcelorMittal (Luxembourg), Nippon Steel Corporation (Japan), POSCO (South Korea), and Nucor Corporation (US), HBIS Group (China), Ansteel Group Corporation(China), Tata Steel Limited(India), JSW Steel(India) and SAIL(India). among others. Various strategies, such as new product launch, expansion, and product development are adopted by several players to gain a competitive edge to increase their global footprint and sustain growth in iron & steel market.
Nucor Corporation manufactures steel and steel products. Steel mills, steel products, and raw materials are its business segments. Carbon and alloy steel in sheets, bars, plates, and others, steel trading operations, rebar distribution businesses, and Nucor’s equity method interests comprise the steel mills segment. Steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, steel grating, tubular products businesses, piling products businesses, and wire and wire mesh are all part of the steel products section. The raw materials sector includes direct reduced iron as well as ferrous and nonferrous metals.
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Nippon Steel Corporation was formed by the merger of the old Nippon Steel Corporation and Sumitomo Metal Industries Ltd. The company has several business segments, such as steelmaking and steel fabrication, engineering, chemicals, and system solutions. The steelmaking and steel fabrication segment produces and distributes steel sheets, plates, bars and wire rods, pipes and tubes, and machinery parts. The engineering and construction segment develops steel plants, heat management facilities, and industrial machinery and equipment. The chemicals segment deals with chemical products, carbon materials, and epoxy resin products. The new materials segment manufactures and trades semiconductors, stainless steel foils, silicon carbide wafers, carbon fibers, and metal substrates for catalytic converters. The system solutions segment includes information technology infrastructure services, industry & energy, automotive, and astronomy & aerospace.
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