New York (US), Aug. 04, 2023 (GLOBE NEWSWIRE) -- Iron Steel Market Overview
The study papers by MRFR imply that in the “Iron Steel Market Research Report Information by End-use Industry, Region, Production Technology, and Type - Forecast Till 2032”, the Iron Steel market is forecast to cultivate considerably over the valuation period from 2022 to 2032 at a substantial CAGR of nearly 4.20%. The study papers even offer predictions related to the global market's expanding revenue numbers, which will likely attain a market of USD 2234.3 Billion by the end of 2032. As per the reports, the market was valued at nearly USD 1542.9 Billion in 2022.
Market Scope
The global Iron Steel industry has progressed extremely recently. The primary parameters causing a surge in market performance are industrialization & infrastructure development, industrialization, rising population, and urbanization.
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Competitive Analysis
The listing of the prominent participants across the global Market for Iron Steel incorporates players such as:
- ArcelorMittal
- JFE Steel Corporation
- China BaoWu Steel Group Corporation Limited
- Shougang Group
- Nippon Steel Corporation
- Nucor Corporation
- HBIS Group
- JSW
- Jiangsu Shagang Group
- SAIL
- POSCO HOLDINGS INC.
- NLMK
- Tata Steel
- Techint Group
- S. Steel Corporation
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 2234.3 Billion |
| CAGR | 4.20% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Production Technology, End user industry, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Globalization and International Trade |
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Market U.S.P. Covered
Market Drivers
The global Iron Steel industry has progressed extremely in recent years. The primary parameters causing a surge in market performance are industrialization & infrastructure development, industrialization, rising population, and urbanization.
Market Restraints
On the other hand, several parameters may have an adverse impact on the development of the global market for Iron Steel. One of the primary parameters restricting the advancement of the market's performance of the global market is the high prices associated with raw materials.
COVID-19 Impact
The global health crisis of COVID-19 has affected more than 200 countries worldwide. The pandemic severely impacted the majority of the industry sectors as it led to several governments imposing partial or complete lockdowns across most parts of the world. The shortage of labor, disruption in the supply chain network, shortage of raw materials, and fluctuation in the prices of transport choices have caused a major revenue loss in the global market for Iron Steel. However, the rapid expansion in the population and fast vaccination rates around the globe is anticipated to positively affect the development of the global market for Iron Steel over the coming years.
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Segment Analysis
Among all the types, the steel segment secured the leading position across the global market for iron steel in 2022, with the largest contribution of nearly 35%. Iron and carbon make up the well-known metal alloy called steel. Its excellent strength-to-weight ratio, malleability, and durability make it popular for engineering, construction, and automotive applications.
Among all the technologies, the electrical arc furnaces segment secured the leading position across the global market for iron steel in 2022. The most common feedstock for EAFs is steel waste. However, they can also smelt sponge iron or solidified iron. An electric arc caters as the process' heat source.
Among all the end-users, the building & construction segment secured the leading position across the global market for iron steel in 2022, given mainly to the increasing investments in construction activities.
Regional Analysis
The global market for Iron Steel is analyzed across five major geographies: South America, Asia-Pacific, the Middle East & Africa, Europe, and North America.
The study papers by MRFR imply that The Asia-pacific Region ensured the main position across the global Iron Steel industry in 2022 with the largest contribution of nearly 45.80%. The regional market will display the maximum expansion rate over the assessment era. The region is known for the presence of vital expansion contributors such as India, China, and Indonesia. The main parameter supporting regional market expansion is the increasing investment in infrastructure development projects. China began constructing a 237.78 km railway line from Liuzhou to Wuzhou, Guangxi, China, in October 2021. The projected completion date for this USD4,793 million project is 2025.
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The European Region projects to ensure the second spot across the global Iron Steel industry over the coming years. The region is known for the presence of vital expansion contributors such as France, Germany, and the U.K. The region's main parameter supporting regional market expansion is the apparent rise in steel consumption in the European Union. Furthermore, the number of government investments in infrastructure development initiatives is also projected to have a positive impact on the development of the regional market.
The North American Region is expected to grow at the fastest CAGR across the global Iron Steel industry from 2023 to 2032. The region is known for vital expansion contributors such as Mexico, the U.S., and Canada. The building industry is the main aspect backing the expansion of the regional Iron Steel market. Furthermore, the infrastructure development in the area includes the construction of public infrastructure, residential projects, commercial buildings, and bridges. Moreover, factors such as the need to update ageing infrastructure, urbanisation, and population increase are also likely to positively impact the growth of the regional market over the coming years.
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