The Iron and Steel is to reach $2.3 Trillion by 2030; Increasing usage of iron and steel in various industries propels market growth.

The Iron and Steel size is estimated to reach $2.3 trillion by 2030, growing at a CAGR of 4.0% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Iron and Steel – By Type (Carbon Steel, (Low Carbon Steel, Medium Carbon Steel, High Carbon Steel), Stainless Steel (Austenitic Stainless Steels, Ferritic Stainless Steels, Martensitic Stainless Steels, Precipitation Hardening Grade Stainless Steels, Duplex Stainless Steels), Alloy Steel (Chromium Molybdenum Steel, Nickel-Chromium-Molybdenum Steel, Chromium Vanadium Steel, HSLA -Nickel-Chromium-Molybdenum Steel), Tool Steel (Water-hardening tool steels, Shock-resisting tool steels, Cold-work tool steels, Hot-work steels, High-speed tool steels, Others), Iron (Cast Iron, Wrought Iron, Pig Iron), Others), By Form (Bar, Rod, Tube, Pipe, Plate, Sheet, Structural, Others), By Application (Transportation (Road, Bridges, Barriers, Rail, Tracks, Rail Cars), Construction (Cool Metal (infrared reflecting) Roofing, Purlins, Beams, Pipe, Recyclable steel framing (studs), Desks/Furniture), Packaging (Canes, Bottles, Others), Water Projects (Levees/Dams/Locks), Energy (Renewable, Nuclear, Bio-fuels, Fossil, Electric Grid), Others), By Industry (Construction (Steel Skeletons, Concrete Walls, Pillars, Nails, Bolts, Screws, Others), Machinery (Bulldozers, Backhoe Leaders, Pipelayers, Others), Automotive and Transportation (Exhaust, Trim/Decorative, Engine, Chassis, Fasteners, Tubing For Fuel Lines), Kitchenware and Domestic Appliances (Small Household Appliances, Black Home Appliances, White Home Appliances), Electrical and Electronics (Motor Mount Brackets, Adapter Plates, Electronic Frames and Chassis, Brackets, Others), Healthcare (Orthopaedic Implants, Artificial Heart Valves, Bone Fixation, Catheters, Others), Energy (Scrubbers, Heat Exchangers, Others)), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”.

Asia Pacific held the largest share of about 63% in the Iron and Steel Market in 2023. Rapid industrialization and urbanization in countries like China, India, and South Korea are fueling demand for steel in various sectors, including infrastructure, construction, and manufacturing. The increasing population and rising disposable income in these countries are also leading to higher demand for steel-intensive products such as automobiles, appliances, and consumer goods. Additionally, the region's abundant natural resources, including iron ore and coal, provide a favorable environment for steel production. Furthermore, government policies and incentives aimed at promoting industrial development and infrastructure investment are supporting the growth of the iron and steel industry in the Asia-Pacific region.

The growing urbanization and industrialization has been a significant driver of growth in the Iron and Steel market. As cities expand and populations increase, there is a greater demand for infrastructure development, including roads, bridges, buildings, and public facilities. These construction projects require substantial amounts of steel as a primary structural material. Additionally, the industrialization process leads to an increased demand for steel in various manufacturing sectors, such as automotive, machinery, and consumer goods. As economies develop and industrialize, the demand for steel products rises, creating a favorable market environment for the iron and steel industry. Furthermore, the growing urbanization and industrialization in emerging markets, particularly in Asia, are contributing to the significant expansion of the iron and steel market on a global scale, which has expanded the overall growth of the Iron and Steel market.