Latest News- Iron and Steel Market: Construction is expected to lead the End-user segment during 2024-2028

The Iron and Steel Market is being driven by Upsurge in consumption of high-strength stainless steel

The Iron and Steel Market is expected to grow at a CAGR of 5.65% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 478.1 billion. In the global iron and steel market, the utilization of scraped steel and stainless steel plays a pivotal role in enhancing economic viability and lessening environmental impact. Recycling steel and stainless steel scrap significantly reduces the need for iron ore extraction in stainless steel production, thereby decreasing CO2 emissions, energy and water consumption, and air pollution. Steel's exceptional circularity properties enable it to be recycled repeatedly into new steel, preserving its original attributes. Magnetically separable steel scrap can be effortlessly extracted from mixed waste streams. However, the majority of emissions from the iron and steel industry originate from producing steel from primary iron ore sources, with coal and natural gas frequently employed as energy and reductant. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Construction
  • Machinery
  • Transportation
  • Metal goods
  • Others
• Type
  • Steel
  • Iron
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Upsurge in consumption of high-strength stainless steel
• Economic growth in China and India boosting demand for iron and steel
• Increasing awareness regarding corrosion resistance and excellent mechanical properties of alloys of iron and steel

However, the market also witnesses some limitations, which are as follows:

• Carbon fiber gaining pace over stainless steel in automotive applications
• Excess production led to high fluctuations in prices
• Volatility in raw material prices for manufacturing iron and steel

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Market Scope in Iron and Steel Market Research Report

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Research Analysis Overview

The Iron and Steel Market encompasses the production and utilization of iron ore, steel, and related products. The price of raw materials like iron ore significantly impacts production costs. The steel production process involves the use of industrial gases and ferrous scrap. Applications span residential construction, tall buildings, infrastructure, automotive & transportation, heavy machinery, consumer goods, and more. Steel's acceptance is driven by the construction and transportation sectors, with production also including synthetic steel.

Market Research Overview

The global iron and steel market is a significant segment of the larger USD1.5 trillion global diversified metals and mining industry. This market encompasses businesses involved in the production and extraction of iron ore, a key raw material, as well as the manufacturing of steel through the integrated steel production process. Comprising industrial gases, ferrous scrap, and cement production, this sector's value is calculated based on the combined revenue generated from these activities. In the context of increasing environmental concerns, the industry is focusing on reducing greenhouse gas emissions, particularly carbon dioxide (CO2), which contributes significantly to climate change and environmental degradation. To address this challenge, the industry is transitioning towards net-zero steel production, which aims to minimize or eliminate CO2 emissions during the steelmaking process. This shift is crucial for the industry's long-term sustainability and competitiveness.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/