Iron And Steel Market Strong Application and Emerging Trends also Scope by 2030: Grand View Research Inc.

 Iron And Steel Market Growth & Trends

The global iron and steel market size is expected to reach USD 2,405.29 billion by 2030, according to a new report by Grand View Research, Inc, expanding at a CAGR of 5.1% from 2022 to 2030. Rising construction spending at a moderate pace and investment in smart cities is projected to fuel the industry growth.

Saudi Arabia’s NEOM megacity project is a part of its Vision 2030 plan to divest from an oil-based economy. In January 2021, the government announced plans to invest USD 200 billion to build “The Line”, a smart city within the NEOM premises. It is projected to have the ability to house a million residents. This project is viewed to be one of the largest drivers of steel in the Middle Eastern construction industry. Thus, rising investments in the construction of megacities are expected to boost the growth of the market further over the forecast period.

Rising investments for the development of smart cities are projected to further drive the market over the forecast period. For instance, the government of India has launched a Smart Cities Mission for the development of 100 smart cities in the country by 2023. The mission includes the improvement, renewal, and extension of cities in the country. The government has allocated USD 868.0 million for the mission in its 2021-22 budget. As of March 2021, the total fund allocated for the mission stood at USD 27.60 billion.

Aluminum is preferred for manufacturing electric vehicles due to its lightweight and strength. The lightweight aluminum helps reduce fuel consumption by vehicles, leading to low carbon emissions. Thus, aluminum is largely being used in electric vehicles as an alternative to steel. The rising usage of aluminum as a substitute for steel in electric vehicles is expected to adversely impact the growth of the global market over the forecast period.

An increase in the prices of scrap led to rise in the price of steel in the recent past. According to the Metal Bulletin, the price of steel scrap was USD 212 per gross ton in July 2020, and it increased to USD 464 per gross ton in July 2021. The price rise was due to decreased scrap generation and collection owing to the lockdown in 2020 and lowered economic activity. The sudden increase in economic activities and recommencement of steel production pushed the demand for steel scrap, which raised the price further.

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Iron And Steel Market Report Highlights

• Based on application, building and construction emerged as the largest application segment with a revenue share of over 45.0% in 2021. This trend is expected to continue over the forecast period on account of a moderate rise in construction activities and huge investments in infrastructure applications
• The consumer goods segment is expected to emerge as the fastest-growing application segment from 2022 to 2030. Rising investment for the expansion of consumer goods production is expected to propel the segment growth in the long run
• In 2021, Asia Pacific held the largest volume share of over 70.0%. Industrial expansion in India and China and moderate construction activities are expected to fuel the industry growth in the region
• The market is highly competitive and is also characterized by a large number of mergers & acquisitions across the industry. The players in China are likely to maintain healthy growth on account of low-cost production and labor availability

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Iron And Steel Market Segmentation

Grand View Research has segmented the global iron and steel market on the basis of application and region:

Iron & Steel Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• Building & Construction
• Automotive & Transportation
• Heavy Industry
• Consumer Goods
• Others

Iron & Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • UK.
  • France
  • Spain
  • Russia
  • Turkey
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • Iran

List of Key Players of Iron And Steel Market

• ArcelorMittal
• China BaoWu Steel Group Corporation Limited
• Nippon Steel Corporation
• HBIS Group
• Jiangsu Shagang Group
• POSCO HOLDINGS INC.
• Tata Steel
• JFE Steel Corporation
• Shougang Group
• Nucor Corporation
• JSW
• SAIL
• NLMK
• Techint Group
• S. Steel Corporation

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.