The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Rising construction investment is likely to stimulate innovation in iron and steel manufacturing, propelling the market during the forecast period.

The global iron and steel market is expected to grow from $1,558.34 billion in 2022 to $1,654.16 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The global iron and steel market size is expected to reach $2,014.90 billion in 2027 at a CAGR of 5%.

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Global Iron And Steel Market Segments Include:

• By Type: Iron, Steel
• By Production Technology: Basic Oxygen Furnace, Electric Arc Furnace, Open Hearth, Other Production Technologies
• By End User: Building And Construction, Automotive And Transportation, Heavy Industry, Consumer Goods
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global iron and steel market in 2021.

Major Market Players in the iron and steel market include ArcelorMittal S.A., Nippon Steel Corporation, China BaoWu Steel Group Corporation Limited, HBIS Group, Pohang Iron and Steel Company, Tata Steel Limited, Steel Authority of India Limited (SAIL).

Technological progress is a prevalent trend in the iron and steel sectors. Major players in the iron and steel sectors are focusing on providing technologically improved solutions to strengthen their market position. For example, Metso Outotec, a Finland-based engineering services company, launched the direct reduced iron (DRI) Smelting Furnace in October 2022 to support the iron and steel industry’s decarbonization in order to achieve CO2 emission reduction goals and prevent global warming, and it will replace blast furnaces in the production of hot metal. DRI Smelting Furnace technology provides significant advantages such as flexibility for any DRI feed, high productivity with capacity exceeding 1.2 million TPA, the ability to manage massive slag volumes, and continuous production of hot metal with good quality.

The Iron And Steel Global Market Report 2023  provides a iron and steel market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The iron and steel market forecast analyzes iron and steel market size, iron and steel market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Iron is a naturally occurring metal element, and steel is a manufactured alloy made by mixing iron and carbon. Iron and steel are both strong metals that are utilised in the manufacturing and construction industries to create final items.

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