Iron and Steel Industry Challenges and Opportunities Post-COVID-19: Forecast to 2030

Projection of Revenue Growth:

The Global Iron and Steel Market size was valued at USD 1689.64 Bn. in 2023 and the total Iron And Steel revenue is expected to grow by 4.1 % from 2024 to 2030, reaching nearly USD 2238.47Bn.

Iron and Steel Market Overview

The report on Iron and Steel Market provides a comprehensive overview, encompassing market segmentation based on Segmentation and region. It estimates the market's value for the forecasted period, highlighting major opportunities, CAGR, and annual growth rate.

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Iron and Steel Market Report Scope and Research Methodology

The research for this report incorporates a comprehensive market segmentation, covering type, application, form, and region of the Iron and Steel Market. It estimates the market in terms of USD value for the forecasted period, providing major opportunities, Compound Annual Growth Rate (CAGR), and annual growth rate. The report adopts a bottom-up approach to accurately estimate the Iron and Steel Market size. Data from both international and domestic markets are analysed, including landscape analysis, trade insights, and key regions of development, ensuring a thorough market analysis. Additionally, the report includes product development details, such as current technologies, new product launches, and research and development activities, all of which contribute to market growth. For a deeper understanding of market strategies, business segmentation, and the geographic region of major players, the report offers an in-depth analysis.

Iron and Steel Market Regional Insights

North America dominated the largest market share in 2022 and is expected to significantly grow during the forecast period. Asia Pacific is a fast-growing region in a Iron and Steel market. Europe expected a sustainable growth during the forecast period.

Iron and Steel Market Segmentation

by Type

Iron
Steel

by Production Technology

Basic Oxygen Furnace
Electric Arc Furnace
Open Hearth
Others

by End-User Industry

Construction And Buildings
Automotive And Transportation
Heavy Industry
Consumer Goods

Iron and Steel Market Key Players

1. ArcelorMittal
2. China Baowu Steel Group Corporation Limited
3. Nippon Steel Corporation
4. HBIS Group
5. Jiangsu Shagang Group
6. POSCO HOLDINGS INC.
7. Tata Steel
8. JFE Steel Corporation
9. Shougang Group
10. Nucor Corporation
11. JSW
12. SAIL
13. NLMK
14. Techint Group
15. U.S. Steel Corporation
16.Steel Authority of India Ltd.
17.Bridon International Ltd.
18.N.V. Bekaert SA
19.Leggett & Platt Incorporated.
20.Rio Tinto
21.BHP
22.Kobe Steel Ltd.
23.Tree Island Industries Ltd.

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Conclusion:

The global Iron and Steel Market, valued at USD 1,689.64 billion in 2023, is projected to expand to approximately USD 2,238.47 billion by 2030, with a steady growth rate of 4.1% annually. This expansion is largely driven by increasing demand across infrastructure, construction, and automotive sectors, which rely heavily on these materials. Technological advancements, such as electric arc furnace technology and innovations in manufacturing processes, are enhancing production efficiency and sustainability. However, the market faces challenges from raw material price volatility and the need for adaptation to emerging technologies. Regional growth varies, with Asia Pacific leading due to robust infrastructure investments and North America's rising focus on green technologies. Overall, the iron and steel industry remains integral to global economic development, poised for continued growth amidst evolving market dynamics.

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