Iron and Steel Market to Dominate with $2128.83 Billion Valuation by 2033, Supported by Construction Boom, Automotive Industry Demand, and Technological Enhancements

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Iron And Steel Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $2128.83 billion In 2028 At A CAGR Of 5.0% :

The iron and steel market size has grown strongly in recent years. It will grow from $1654.16 billion in 2023 to $1750.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to urbanization and infrastructure development, global economic growth, automotive industry expansion, construction and real estate boom, global trade and export demand.

The iron and steel market size is expected to see strong growth in the next few years. It will grow to $2128.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to renewable energy infrastructure development, circular economy initiatives, urban redevelopment and smart cities, focus on sustainable and high-performance steel, geopolitical factors and trade policies. Major trends in the forecast period include digitalization and industry 40, technological advancements in manufacturing, advanced data analytics for process optimization, energy efficiency measures, robotics and automation.

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Iron And Steel Market Major Segments
The iron and steel market covered in this report is segmented -

1) By Type: Iron, Steel
2) By Production Technology: Basic Oxygen Furnace, Electric Arc Furnace, Open Hearth, Other Production Technologies
3) By End User: Building And Construction, Automotive And Transportation, Heavy Industry, Consumer Goods

Key Driver - Construction Investments Fueling Iron And Steel Market Growth

Rising investments in construction are expected to propel the growth of the iron and steel market. Construction refers to the process of creating, modifying, repairing, remodelling, and enhancing infrastructure facility. Iron and steel are primarily used in the construction industry to build large, modern structures such as stadiums, skyscrapers, bridges, and airports as they have strong and long durability. Hence, the rising investment in construction will results in increase in demand for iron and steel. For instance, in April 2023, according to the reports shared by the United States Census Bureau (USCB), a US-based government agency, the investment on construction in February 2023 was $1.84 billion. The first two months of this year saw a $260.8 billion increase in construction investment, a 5.9% gain over the $246.1 billion for the same period in 2022. Further, public construction had made an investment of $388.0 billion, while private construction had made a $1.45 billion investment in 2022. Therefore, rising investments in construction are driving the growth of the iron and steel market.

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Prominent Trend - Technological Advancement In Iron And Steel Markets

Technological advancement is a key trend gaining popularity in the iron and steel markets. Major companies operating in the iron and steel markets are focused on developing technologically advanced solutions to strengthen their position in the market. For instance, in October 2022, Metso Outotec, a Finland-based engineering services company, launched direct reduced iron (DRI) Smelting Furnace to support decarbonization of the iron and steel industry in order to achieve their CO2 emission reduction goals and prevent global warming and it will substitute blast furnaces in the production of hot metal. DRI Smelting Furnace technology offers distinctive benefits such flexibility for any DRI feed, high productivity with capacity above 1.2 million TPA, ability to handle enormous slag volumes, and continuous production of hot metal with high availability and long campaign life.

Iron And Steel Market Players
Major companies operating in the iron and steel market report are 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, Nucor Corporation, JFE Steel Corporation, Steelmor Industries, Ezz Steel, GKN Powder Metallurgy, Beshay Steel Group, Scaw Metals Group, Libyan Iron and Steel Company, POSCO Holdings Inc., Ansteel Group Corporation, JSW Steel Limited, Hebei Iron and Steel Group, Wuhan Iron and Steel Group, Baoshan Iron & Steel Co. Ltd., Shagang Group, Shandong Iron and Steel Group, Evraz plc, Gerdau S.A., ThyssenKrupp AG, United States Steel Corporation, Hyundai Steel Company, Maanshan Iron & Steel Company Limited, Valin Group

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the iron and steel market in 2023. The regions covered in the iron and steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Iron And Steel Market Report Structure
3. Iron And Steel Market Trends And Strategies
4. Iron And Steel Market - Macro Economic Scenario
5. Iron And Steel Market Size And Growth
…..
27. Iron And Steel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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