Iron and Steel Market - Global Industry Growth 2024

Global Iron and Steel Market: Overview

The iron and steel industry forms the fundamental part of a number of other industries that constitute global trade and economy. History has it that churns and disruptions in the global iron and steel market can have far-reaching impacts on several ancillary industries including but not limited to construction, automotive, chemicals, energy, and heavy engineering. The growth of these application areas, however, also bodes well for the growth of iron and steel consumption. Transparency Market Research finds that while the production of steel demonstrated a marginal decrease in early 2015, growth has got back on track since then.

China continues to lead the global iron and steel market in terms of production with over 50% of global volume, followed at a distant second by Japan. Countries such as India, the United, States, and Russia are the other key products of steel globally. The report states that these markets will also continue to help the global iron and steel market through the forecasting period.

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The report on the global iron and steel market captures the trends and dynamics that have thus far characterized the growth of the market. A careful balance has been struck between primary and secondary research to reach verifiable and reliable projections. For this purpose, the report makes use of proprietary as well as industry-accepted research techniques such as weighted average analysis, correlation, and regression analysis. The report also assesses the market shares of leading segments, players, and regional markets.

Global Iron and Steel Market: Drivers, Threats, and Opportunities

The construction industry, by far, has been the leading consumer of steel and iron, using up more of the materials than even wood and cement. However, steel and iron producers are now compelled to compete with new construction materials such as ceramics and polymers. This has enabled the production of lightweight steel and iron products that are also high on tensile strength. The engineering industry in general – and the heavy engineering industry in particular – has relied on ferrous materials for several years now and continues to do despite the advent of an assortment of newer material varieties.

However, the engineering plastics industry has been responsible for eroding considerable revenue from the iron and steel market. Other materials such as carbon fiber and high-strength composites have managed to seamlessly perform the functions that steel and iron once did in automobiles, buildings, machinery, and more. The lighter weight of these next-generation materials has boosted their uptake considerable. All of these factors combine to create a palpable threat to the demand for iron and steel.

Global Iron and Steel Market: Region-wise Outlook

The regional dynamics in the global iron and steel market are defined to a great extent by the economic situation in China on account of the country being the largest producer and consumer of these two materials. The presence leading steel and iron producers such as China, Japan, and India have given the Asia Pacific region a clear lead in both volume and revenues in the global iron and steel market. APAC is also expected to be the leading region through the end of the forecast period. Steel demand has remained steady, if not exceptionally encouraging, in key markets in North America and Europe.

Global Iron and Steel Market: Key Players

The leading companies in the global iron and steel market are: ArcelorMittal S.A., Kobe Steel Ltd., Insteel Industries Inc., N.V. Bekaert SA, Leggett & Platt Incorporated, Steel Authority of India Ltd., Bridon International Ltd., POSCO, Tree Island Industries Ltd., and Tata Steel Ltd.

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This release was published on openPR.