Iron And Steel Global Market Report 2023

Major players in the iron and steel market are ArcelorMittal S.A., Nippon Steel Corporation, China BaoWu Steel Group Corporation Limited, HBIS Group, Pohang Iron and Steel Company, Tata Steel Limited, Steel Authority of India Limited (SAIL), Nucor Corporation, JFE Steel Corporation, Steelmor Industries, Ezz Steel, GKN Powder Metallurgy, Beshay Steel Group, Scaw Metals Group, and Libyan Iron and Steel Company.

New York, June 09, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Iron And Steel Global Market Report 2023" -

The global iron and steel market is expected to grow from $1,558.34 billion in 2022 to $1,654.16 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The iron and steel market is expected to reach $2,014.90 billion in 2027 at a CAGR of 5%.

The iron and steel market consists of sales of white iron, malleable iron, gray iron, compacted graphite iron, and ductile iron and carbon steel, stainless steel, alloy steel and tool steel.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Iron is a metal element that naturally occurs on earth and steel is an artificial alloy created by combining iron and carbon. Iron and steel are strong metal used in various manufacturing and construction industries for making finished products.

Asia-Pacific was the largest region in the iron and steel market in 2022. The regions covered in iron and steel report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of iron and steel are iron and steel.Iron refers to a chemical element that is a common grayish-colored metal.

It includes in different production technologies such as basic oxygen furnace, electric arc furnace, open hearth, others, and are used for building and construction, automotive and transportation, heavy industry, consumer goods.

Rising investments in construction are expected to propel the growth of the iron and steel market.Construction refers to the process of creating, modifying, repairing, remodelling, and enhancing infrastructure facility.

Iron and steel are primarily used in the construction industry to build large, modern structures such as stadiums, skyscrapers, bridges, and airports as they have strong and long durability.Hence, the rising investment in construction will results in increase in demand for iron and steel.

For instance, in April 2023, according to the reports shared by the United States Census Bureau (USCB), a US-based government agency, the investment on construction in February 2023 was $1.84 billion. The first two months of this year saw a $260.8 billion increase in construction investment, a 5.9% gain over the $246.1 billion for the same period in 2022. Further, public construction had made an investment of $388.0 billion, while private construction had made a $1.45 billion investment in 2022. Therefore, rising investments in construction are driving the growth of the iron and steel market.

Technological advancement is a key trend gaining popularity in the iron and steel markets.Major companies operating in the iron and steel markets are focused on developing technologically advanced solutions to strengthen their position in the market.

For instance, in October 2022, Metso Outotec, a Finland-based engineering services company, launched direct reduced iron (DRI) Smelting Furnace to support decarbonization of the iron and steel industry in order to achieve their CO2 emission reduction goals and prevent global warming and it will substitute blast furnaces in the production of hot metal. DRI Smelting Furnace technology offers distinctive benefits such flexibility for any DRI feed, high productivity with capacity above 1.2 million TPA, ability to handle enormous slag volumes, and continuous production of hot metal with high availability and long campaign life.

In March 2022, Tata Steel Limited, an Indian-based steel manufacturing company, acquired Neelachal Ispat Nigam Limited. for $112 billion (12,100 crore). With this acquisition, Tata Steel Limited shows its commitment to the State of Odisha, the communities surrounding its facilities, and its surrounding substaries. Neelachal Ispat Nigam Limited is an India-based manufacturing company that produces basic iron, steel, and ferro-alloys.

The countries covered in the iron and steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The iron and steel market research report is one of a series of new reports that provides iron and steel market statistics, including iron and steel industry global market size, regional shares, competitors with a iron and steel market share, detailed iron and steel market segments, market trends and opportunities, and any further data you may need to thrive in the iron and steel industry. This iron and steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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