2025 Iron And Steel Industry Trends Report: Long-Term Outlook Through 2034

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How Large Will the Iron And Steel Market Size By 2025?
The iron and steel industry has witnessed substantial growth in the past few years. A surge from $1726.03 billion in 2024 to $1812.83 billion in 2025 with a compound annual growth rate (CAGR) of 5.0% is expected in the market. Factors contributing to the growth during the historical period include urbanization and infrastructure development, worldwide economic progress, the expansion of the automobile industry, a boom in the construction and real estate sectors, and an increased demand in global trade and exports.

How Big Is the Iron And Steel Market Size Expected to Grow by 2029?
Expectations are high for robust expansion in the iron and steel market over the upcoming years, with projections indicating a growth up to "$2275.26 billion by 2029. This growth, representing a compound annual growth rate (CAGR) of 5.8%, is largely attributable to several key factors. These include development in renewable energy infrastructure, initiatives in circular economy, urban renovation and smart city evolution, emphasis on sustainable and high-performance steel, as well as geo-political influences and trade policy changes. The forecast period also reveals several major trends such as digitization and the advent of industry 4.0, technological progress in the manufacturing sector, the use of advanced data analytics for process improvement, measures for enhancing energy efficiency, and the emergence of robotics and automation.

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Which Key Market Drivers Powering Iron And Steel Market Expansion and Growth?
The iron and steel market is anticipated to grow due to increased investments in the construction sector. Construction involves the creation, modification, enhancement, and repair of infrastructure facilities. Iron and steel are predominantly utilized in this industry due to their durability in constructing large and modern structures such as sports arenas, skyscrapers, bridges, and airports. Consequently, an upsurge in construction investments is expected to boost iron and steel demand. For example, reports from the United States Census Bureau (USCB), a U.S. government agency, indicated that construction spending in February 2023 reached $1.84 billion. The investment in construction during the first two months of the year demonstrated a significant increase of $260.8 billion, marking a 5.9% rise from $246.1 billion spent in the same period in 2022. Furthermore, public construction invested $388.0 billion, while private sector construction invested a total of $1.45 billion in 2022. Thus, the escalating investments in the construction industry are fuelling the expansion of the iron and steel market.

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Which Fast-Growing Trends Are Poised to Disrupt the Iron And Steel Market?
Technological advancements are key in the iron and steel markets. In October 2022, Finland-based Metso Outotec introduced the DRI Smelting Furnace, aimed at reducing CO2 emissions in steel production. Offering high productivity, the system handles various DRI feeds and large slag volumes while maintaining long operational lifespans.

What Are the Emerging Segments in the Iron And Steel Market?
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

Subsegments:
1) By Iron: Pig Iron, Cast Iron, Wrought Iron, Ductile Iron
2) By Steel: Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel

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Who Are the Global Leaders in the Iron And Steel Market?
Major companies operating 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, 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

Which are the Top Profitable Regional Markets for the Iron And Steel Industry?
Asia-Pacific was the largest region in the iron and steel market in 2024. The regions covered in the iron and steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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