Iron Steel Market is predicted to reach USD ~2234.3 Billion at a CAGR of ~4.20% during the forecast period 2023 to 2032.

MRFR recognizes the following companies as the key players in the global iron steel Market— ArcelorMittal, China BaoWu Steel Group Corporation Limited, Nippon Steel Corporation, HBIS Group, Jiangsu Shagang Group, POSCO HOLDINGS INC., Tata Steel, JFE Steel Corporation, Shougang Group, Nucor Corporation, JSW, SAIL, NLMK, Techint Group, U.S. Steel Corporation.

Market Highlights

The global iron steel Market is accounted to register a CAGR of 4.20% during the forecast period and is estimated to reach USD 2234.3 Billion by 2032.

An important global industry that supports many others is the iron and steel industry. Infrastructure growth, building activity, the production of consumer products, and the automotive industry all fuel the market. Urbanisation, industrialization, and rising steel product demand are some of the factors driving the market's expansion, with emerging economies offering substantial prospects.

Segment Analysis

The global iron steel market has been segmented based type, production technology, and end-use.

On the basis of type, the market is segmented into iron, steel. The steel segment dominated the market, accounting for 35% of market revenue. Steel is a well-known metal alloy made primarily of iron and carbon.

Based on production technology, the global iron steel market has been segmented into basic oxygen furnace, electrical arc furnace, open hearth, others. The category of electrical arc furnaces produced the most revenue. Steel scrap is the most common feedstock for EAFs, however they may also smelt sponge iron or solidified iron. The heat source for the procedure is an electric arc.

Based on end-use, the global iron steel market has been segmented into building & construction, automotive & transportation, heavy industry, consumer goods, others. The category of building & construction produced the most revenue. Over the forecast period, it is predicted that rising construction investment will enhance steel demand.

Regional Analysis

The global iron steel Market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe iron steel Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The iron steel Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World iron steel Market comprises of Middle East, Africa, and Latin America.

The third-largest market share belongs to the iron and steel industry in North America. The building sector dominates the North American iron and steel market. Public infrastructure, business buildings, residential developments, and bridges are all being built in the area as part of ongoing infrastructure development. The need to replace outdated infrastructure and factors like population growth and urbanisation have an impact on the demand for iron and steel products in North America.

Moreover, the second-largest market share belongs to the iron and steel industry in Europe. According to the European Steel Association, after falling by 10.6% in Q2 2020, apparent steel consumption in the European Union increased by 40.5% in Q2 2021. The consumption of steel is projected to increase by 4.7% by the end of 2022. It is projected that a number of government investments in infrastructure development efforts will increase demand for iron and steel in the region.

Additionally, the Asia-Pacific Iron Steel Market dominated this market in 2022 (45.80%). The demand for iron and steel in the region is expected to rise throughout the forecast period as infrastructure development projects receive more funding. In October 2021, work on a 237.78 km railway line connecting Liuzhou, China, and Wuzhou, Guangxi, China, began. This $4,793 million project is anticipated to be finished in 2025.

Furthermore, due to infrastructure improvements, urbanisation, and the region's economic advancement, the iron and steel market in Latin America is expanding. The market is driven by rising consumer goods production, automobile manufacturing, and building activity. Opportunities exist for the Latin American iron and steel sector due to the region's expanding demand for steel products.

Key Findings of the Study

• The global iron steel Market is expected to reach USD 2234.3 Billion by 2032, at a CAGR of 4.20% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the increasing investment in infrastructure development projects will increase demand for iron and steel in the area.


• Based on type, the steel segment was attributed to holding the largest market in 2022.


• ArcelorMittal, China BaoWu Steel Group Corporation Limited, Nippon Steel Corporation, HBIS Group, Jiangsu Shagang Group, POSCO HOLDINGS INC., Tata Steel, JFE Steel Corporation, Shougang Group, Nucor Corporation, JSW, SAIL, NLMK, Techint Group, U.S. Steel Corporation.