The Iron and Steel Market is segmented by End-user (Construction, Machinery, Transportation, Metal goods, and Others), Type (Steel and Iron), and Geography (APAC, Europe, North America, Middle East and Africa, and South America). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 478.1 billion, at a CAGR of 5.65% during the forecast period. There are several companies that are contributing to the market as per this report. Growing demand for steel and stainless steel scrap .
In the construction sector, iron and steel play a pivotal role, providing the necessary strength, durability, and versatility for various building structures. Primarily, steel is utilized for structural frameworks, offering stability and support due to its inherent strength. Moreover, as a reinforcement material in concrete structures, it significantly enhances tensile strength and prevents cracks, ensuring the longevity and reliability of reinforced concrete. Steel's adaptability is further showcased in roofing and cladding applications, where its resistance to weathering and corrosion, coupled with a contemporary aesthetic, makes it an increasingly popular choice among architects and builders.
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The Asia-Pacific region is experiencing robust growth in the iron and steel market, driven by the expansion of the construction and consumer goods industries. The aging infrastructure in the region necessitates substantial investment in infrastructure development, leading to increased demand for iron and steel. Moreover, the continuous expansion of the oil industry, with rising production and drilling activities, is fueling the need for iron and steel in the manufacturing of pipes and tubes. Additionally, the surge in vehicle production and construction activities is further boosting market growth. However, market expansion is being hindered by the volatility of oil prices and the scarcity of iron and steel-based pipes and tubes.
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The Iron and Steel Market encompasses the production and trade of various Iron and Steel products, including Pig Iron, Synthetic Steel, and Ferroalloys. The primary raw materials for Steel Production are Ores, rich in Iron, and Coal, which are used to create Iron through a process called Smelting. This Iron is then converted into Steel through various processes, such as Basic Oxygen Furnace or Electric Arc Furnace, which involve the addition of Carbon and other elements. The Construction and Infrastructure sector, as well as the Automotive & Transportation industry, are significant consumers of Steel and Structures. However, acceptance of Steel in Residential Construction is also increasing due to its strength and durability. Pests, Weathering, and Corrosion are major challenges for Steel structures, necessitating the use of protective coatings and treatments. The Steel production process also involves the production of Industrial Gases, such as Blast Furnace Gas and Steelmaking Gas, and the use of Minerals, such as Limestone and Dolomite, as fluxes. Raw material prices, particularly for Iron Ore and Coal, significantly impact the Steel industry. The Steel production process also generates various by-products, such as Hydroxides and Oxides, which have various applications in industries. Ferrous Scrap is another essential raw material, and its availability and price also impact the Steel market.
The global iron and steel market is a significant segment of the expansive USD1.5 trillion global diversified metals and mining market, according to Technavio's market research. This market encompasses businesses involved in the production or extraction of a diverse range of metals and minerals, including non-ferrous metals such as lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium, as well as salt, borate, phosphate rock, and various diversified mining operations. The market size is determined by Technavio based on the consolidated revenue generated by these companies. - The Iron and Steel Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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