Dublin, March 24, 2023 (GLOBE NEWSWIRE) -- The "Iron & Steel Market by Type, Production Technology (Basic Oxygen Furnace, Electric Arc Furnace, Open Hearth and Others), End-use Industry (Construction & Building, Automotive & Transportation, Heavy Industry, Consumer Goods), and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global iron & steel market size is projected to grow from USD 1,599.4 billion in 2022 to USD 1,928.6 billion by 2027, at a CAGR of 3.8%.
Out of the two iron & steel types (iron and steel), Steel has the largest market share because iron is a relatively soft and weak metal compared to steel, and it requires a certain amount of processing and alloying before it can be used in various applications. Steel, on the other hand, is much harder and stronger, and it can be used in a wide range of applications. Iron is also more prone to corrosion than steel, and it requires regular maintenance to keep it in good condition.
By Type, Steel accounted for the highest CAGR during the forecast period.
Steel is composed of iron & carbon in a specific ratio and can be alloyed with other elements, like molybdenum, vanadium, and chromium, to improve its properties. Steel is not a single product. There are more than 3,500 different grades of steel with many different physical, chemical, and environmental properties. Steel is widely used in the construction industry for its high strength and low maintenance when compared to other building materials.
It is used to fabricate large structures, such as bridges and buildings, as well as smaller objects, like nails and screws. In the automotive industry, steel is used to create car parts, such as frames, suspensions, and engine blocks. Steel is also used in the engineering sector to make tools, machines, and components that are used in various applications. Rapidly growing population and urbanization are major factors that will drive the demand for steel in the foreseeable future. With the increasing need for housing and infrastructure, cities are the most significant consumers of steel.
By Production Technology, Electric Arc Furnace accounted for the highest CAGR during the forecast period.
Production technology plays an important role in the steel market and is constantly evolving. Companies must stay up to date on the latest advancements if they want to remain competitive. Investing in technology that is both cost-effective and sustainable is essential to succeed in the industry. Steel made in an electric arc furnace(EAF) uses electricity to melt recycled steel. To achieve the desired chemical composition, additives such as alloys are used.
Oxygen injected into the EAF can supplement electrical energy. Casting, reheating, and rolling are downstream process stages that are similar to those found in the BOF route. Moreover, unlike flat steel production, which requires high-quality scrap for the production of steel, low-quality scrap is utilized in the EAF process. This process uses only scrap metal, which represents approximately 75% of the steel cost.
By End Use Sector, the automotive & transportation segment accounted for the second largest share in the iron & steel market during the forecast period.
Based on the end-use industry, the iron & steel market has been segmented into building & construction, automotive & transportation, heavy industry, consumer goods, and others. Iron and steel are being increasingly used in the automotive & transportation industry. The automotive & transportation industry heavily relies on iron & steel as the main component in its manufacturing process.
Iron & steel, especially high-strength steel, are used to create vehicles, ship parts, aircraft components, and railroad equipment. The increased demand for iron & steel from the automotive industry can be attributed to the fact that high-strength steels are lightweight and, as such, increase the fuel efficiency of vehicles.
Europe is projected to account for the second largest share in the iron & steel market during the forecast period.
The Europe region has emerged as the second largest market for iron & steel in terms of value and is expected to witness significant growth during the forecast period. The European iron & steel market has been studied for Germany, France, the UK, Italy, Spain, Russia, and the Rest of Europe. This growth can be attributed to the increasing building & construction activities, especially in Germany, the UK, Russia, and Italy.
The expansion of the European construction market can be attributed to the rising demand for housing in urban areas, increased infrastructure development activities, and increased modernization and renovation of buildings to improve their energy efficiency. With the region's robust economic growth, commercial infrastructure construction, such as offices, schools, hotels, restaurants, and leisure facilities, is on the rise.
Market Dynamics
Drivers
- Abundance of Iron Ore & Other Minerals for Steel Production
- Rapid Rate of Urbanization
- Increasing Consumption of Steel in Automotive and Energy & Power Industries
Restraints
- Construction Industry's Vulnerability to Crisis
- Volatile Prices of Raw Materials
Opportunities
- Transition Toward Net-Zero Steel
- Increased Investments and Support from Governments in Emerging Economies
Challenges
- Environmental Challenge
- Problem of Excess Capacity
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 256 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $1599.4 Billion |
| Forecasted Market Value (USD) by 2027 | $1928.6 Billion |
| Compound Annual Growth Rate | 3.8% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Iron & Steel Market, by Type
7.1 Introduction
7.2 Iron
7.3 Steel
8 Steel Market, by Production Technology
8.1 Introduction
8.2 Basic Oxygen Furnace
8.3 Electric Arc Furnace
8.4 Open Hearth
8.5 Other Production Technologies
9 Iron & Steel Market, by End-Use Industry
9.1 Introduction
9.2 Building & Construction
9.3 Automotive & Transportation
9.4 Heavy Industries
9.5 Consumer Goods
9.6 Other End-Use Industries
10 Iron & Steel Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
- Angyang Iron & Steel
- Ansteel Group
- ArcelorMittal
- Celsa Steel UK Limited
- China Baowu Steel Group Corporation.
- China Steel Corporation
- Commercial Metals Company
- Daido Steel Co., Ltd
- Gerdau Sa
- HBIS Group
- Hebei Donghai Special Steel Group
- JSW Steel Ltd.
- Mechel Pao
- Metinvest Holding LLC
- Nippon Steel Corporation
- NMDC Limited
- Novolipetsk Steel (Nlmk)
- Nucor Corporation
- Pao Severstal
- Posco
- Shagang Group
- Shangdong Iron & Steel Group
- Sohar Steel Group
- Steel Authority of India Limited
- Steel Dynamics Inc.
- Swiss Steel Group
- Tata Steel Limited
- Walzholz GmbH & Co.
For more information about this report visit https://www.researchandmarkets.com/r/x736q7
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