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 significant role in enhancing economic viability and minimizing environmental impact. Recycling steel and stainless steel scrap reduces the necessity 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 characteristics. Magnetically separable steel scrap can be efficiently extracted from mixed waste streams. However, the majority of emissions from the iron and steel industry stem from producing steel from primary iron ore sources, which typically rely on coal and natural gas as energy and reductants. 

Get more information on Iron and Steel Market by requesting a sample report

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

Benefits of Buying Global Iron and Steel Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Iron and Steel Market Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Iron and Steel Market encompasses advanced technologies like ladle metallurgy, vacuum degassing, argon oxygen decarburization for inclusion control and enhancing mechanical properties. Metallurgical testing, non-destructive testing techniques such as ultrasonic, magnetic particle, and dye penetrant are employed for defect detection. Material traceability, production scheduling, and inventory management ensure quality and efficiency. Energy efficiency, waste management, and emission control are crucial for sustainability. Process optimization, automation systems, AI, predictive maintenance, and quality assurance enhance productivity and reduce costs.

Market Research Overview

The global iron and steel market is a significant segment of the larger USD1.5 trillion global diversified metals and mining market, as per Technavio's market research. This market encompasses businesses involved in the production or extraction of metals and minerals, including iron and steel, as well as non-ferrous metals such as lead, nickel, tin, titanium, zinc, and others. Key processes in iron and steel production include blast furnace operation, basic oxygen furnace, and electric arc furnace, followed by secondary steelmaking. The global diversified metals and mining market size is determined by the combined revenue generated by these companies from their metal and mineral production and diversified mining operations.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/