Dublin, May 18, 2026 (GLOBE NEWSWIRE) -- The "Iron & Steel Market by Type, Iron Production Technology, Steel Production Technology, End-use Industry, and Region - Global Forecast to 2031" has been added to ResearchAndMarkets.com's offering.
The global iron & steel market is set to expand from USD 1.09 trillion in 2026 to USD 1.15 trillion by 2031, reflecting a CAGR of 1.2% during the forecast period. This growth is fueled by accelerating urbanization, infrastructure development, and the expansion of industrial and manufacturing sectors worldwide.
Steel segment projected to be the largest segment during the forecast period
Driven by extensive application across various industries, the steel segment anticipated being the dominant force. The demand is bolstered by the material's high strength, durability, and versatile engineering capabilities. Urbanization and substantial infrastructure projects are increasing steel consumption significantly.
Additionally, the automotive sector's growth necessitates lightweight, high-performance steel products. Technological advances in production and the transition to sustainable, recycled steel underscore market progression. Investments in smart cities, transportation, and renewable energy infrastructure further cement steel's prominence.
Blast furnace process iron production technology segment projected to be the second-largest segment during the forecast period
The blast furnace method retains its stronghold due to its efficient and reliable large-scale hot metal production, suitable for significant industrial demands. Its compatibility with existing steelmaking systems and ability to process high-quality ore cement its continued usage. While low-carbon alternatives like the Direct Reduced Iron process are gaining interest, the cost efficiency and scale of the blast furnace process maintain its leadership in global iron production.
Basic oxygen furnace steel production technology segment projected to be the second-largest segment during the forecast period
The basic oxygen furnace (BOF) technology remains pivotal due to its ability to efficiently produce high-quality steel. Notable for its continuous production capacity, BOF technology meets strong demand from construction, automotive, and infrastructure sectors. Despite a shift towards electric arc furnace methods, BOF is favored for its superior capacity and integration with traditional steel ecosystems.
Building & construction end-use industry segment projected to be the second-largest segment during the forecast period
Characterized by increased urbanization and infrastructure expansion, the building & construction segment remains the top consumer of iron & steel. Demand is driven by structural needs in residential, commercial, and public projects. Government-led infrastructure efforts, coupled with steelangled technological advances, safeguard this segment's leading position.
Europe is projected to be the second-largest market during the forecast period
Europe's robust industrial base and steady demand ensure its position as a principal market. The region's commitment to sustainable practices promotes recycled steel and clean production methods. Comprehensive infrastructure renovations and energy-efficient projects bolster consistent market value.
Research Coverage
The report provides a thorough analysis of drivers, restraints, challenges, and opportunities impacting market growth. It examines key players' business overviews, offerings, and strategies, including partnerships, collaborations, expansions, and acquisitions.
Major industry players include ArcelorMittal (Luxembourg), China Baowu Steel Group (China), Tata Steel (India), Nucor Corporation (US), JSW (India), Nippon Steel Corporation (Japan), Ansteel Group Corporation Limited (China), POSCO (South Korea), HBIS Group Co., Ltd. (China), Steel Authority of India Ltd. (SAIL) (India), CSN (Brazil), and SSAB AB (Sweden). The report delves into their recent developments and market strategies.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 370 |
| Forecast Period | 2026-2031 |
| Estimated Market Value (USD) in 2026 | $1.09 Trillion |
| Forecasted Market Value (USD) by 2031 | $1.15 Trillion |
| Compound Annual Growth Rate | 1.2% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Abundance of Iron Ore & Other Minerals for Steel Production
- Expansion of Urban Infrastructure Networks Beyond Core Cities
- Rising Steel Consumption in Energy & Power and Automotive Industries
- Challenges
- Navigating Trade Barriers and Market Access Uncertainty
- Excess Global Steel Overcapacity Distorting Pricing and Profitability Dynamics
- Opportunities
- Green Steel Premiumization and Carbon-Neutral Supply Contracts
- Scrap-based Steel Production Expansion (Circular Economy Integration)
- Case Studies
- Arcelormittal: Advanced High-Strength Steel for Automotive Lightweighting
- Posco: Innovex High-Grade Electrical Steel for EV Motors
- Tata Steel: Colorcoat Prisma Coated Steel for Sustainable Construction
Company Profiles
- Arcelormittal
- China Baowu Steel Group Corporation Limited
- Tata Steel
- Jsw
- Nucor Corporation
- Nippon Steel Corporation
- Ansteel Group Corporation Limited
- Posco
- Hbis Group Co. Ltd.
- Steel Authority of India Ltd. (Sail)
- Csn (National Steel Company)
- Ssab Ab
- Shagang Group
- Nlmk
- Severstal
- Eregli Demir Ve Celik Fab. T.A.S.
- Sohar Steel
- C.D. Walzholz GmbH & Co. KG
- Henan Anhuilong Steel Co. Ltd.
- Hebei Donghai Special Steel Group
- Feng Hsin Steel Co. Ltd.
- Worthington Steel, Inc.
- Liberty Steel Group
- Gerdau
- Corros Metals Pvt. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/x9snpj
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