The global iron and steel market size was valued at USD 1,676.24 billion in 2022 and is projected to reach USD 2,253.52 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.8% from 2023 to 2030. One of the major drivers of this anticipated growth is the increasing investment in residential construction projects across the globe. As more countries focus on infrastructure development and urban expansion, the demand for iron and steel is expected to rise steadily.

Iron and steel are known for their exceptional mechanical properties, particularly their high strength-to-weight ratio. This enables them to support substantial loads and effectively withstand compressive, tensile, and bending stresses. As a result, these materials are widely used in the construction of high-rise buildings and large structures, where they help transfer weight efficiently to the foundation. In addition to their strength, iron and steel products offer excellent durability. They are resistant to corrosion, weather-related damage, and pest infestation, which significantly enhances the lifespan of structures made from these materials. This long-lasting nature reduces the need for frequent repairs and maintenance, thereby offering a cost-effective and reliable solution for builders and developers.

In North America, the United States stands out as one of the largest consumers of iron and steel products. This is largely due to growing demand across a range of end-use industries, including construction and infrastructure development, automotive manufacturing, heavy equipment production, and consumer goods. The country's strong industrial base and continuous investment in public and private construction projects fuel this demand. Supporting this trend, data from the U.S. Census Bureau indicates that total construction spending in the United States during the first five months of 2023 reached USD 740.8 billion. This amount represents an increase of approximately 2.9% compared to the same period in 2022, underscoring the ongoing momentum in the sector and its positive impact on iron and steel consumption.

Key Market Trends & Insights:

• In 2022, the Asia Pacific region emerged as the dominant player in the global iron and steel market, accounting for the largest revenue share of over 59.0%. This significant share can be attributed to rapid industrialization, large-scale infrastructure development, and high demand from key sectors such as construction, automotive, and manufacturing across countries like China, India, and Japan. These nations have made substantial investments in urban development and housing, which continue to drive the demand for iron and steel products in the region.

• Looking ahead, the Middle East & Africa region is anticipated to experience notable growth in the iron and steel market over the forecast period. This projected growth is fueled by increasing infrastructure development, expanding construction activities, and ongoing economic diversification efforts in countries such as the United Arab Emirates, Saudi Arabia, and South Africa. Government initiatives and large-scale projects in sectors such as energy, transportation, and urban development are expected to support this rising demand.

• From a product perspective, the iron ore segment is projected to grow at a compound annual growth rate (CAGR) of 2.0% throughout the forecast period. Iron ore remains a critical raw material in steel manufacturing, and its steady growth reflects consistent demand across industrial applications, particularly in steel production.

• In terms of application, the steel segment dominated the market in 2022, holding a substantial revenue share of over 96.0%. Steel's wide-ranging applications, from infrastructure and construction to automotive and machinery, along with its versatility, strength, and cost-effectiveness, make it the most extensively used form of iron.

• By end-use industry, the building and construction segment led the market in 2022, accounting for a revenue share of over 45.0%. This is due to the extensive use of iron and steel in construction projects, including residential buildings, commercial structures, bridges, and industrial facilities. The strength, durability, and load-bearing capacity of steel make it a material of choice for structural frameworks and reinforcements in construction worldwide.

Order a free sample PDF of the Iron And Steel Market Intelligence Study, published by Grand View Research.

Market Size & Forecast:

• 2022 Market Size: USD 1,676.24 Billion

• 2030 Projected Market Size: USD 2,253.52 Billion

• CAGR (2023-2030): 3.8%

• Asia Pacific: Largest market in 2022

• Middle East & Africa: Fastest growing market

Key Companies & Market Share Insights:

The global iron and steel market is composed of a diverse range of companies, encompassing both large-scale multinational corporations and smaller regional players. These companies are active across various geographic regions and play a crucial role in meeting the growing demand for iron and steel products worldwide. In an effort to strengthen their market positions and enhance competitiveness, many of these companies are pursuing strategic initiatives such as mergers, acquisitions, and capacity expansions. These moves are primarily aimed at broadening their global footprint, improving operational efficiency, and gaining access to new customer segments and value-added services.

A notable example of such a strategic move occurred in January 2022, when Steel Dynamics, a prominent U.S.-based steel producer, acquired a 45% ownership stake in New Process Steel. This acquisition was undertaken as part of Steel Dynamics’ broader objective to diversify its business operations and strengthen its presence in downstream, value-added steel processing. According to the company, this minority equity investment is expected to offer enhanced opportunities in value-added manufacturing, allowing Steel Dynamics to expand its capabilities and service offerings in more specialized areas of the steel industry. Such initiatives reflect a growing trend among market participants to move beyond traditional steel production and tap into segments that offer higher margins and long-term growth potential.

Key Players

• Arcelor Mittal S.A.

• China BaoWu Steel Group Corporation Limited

• Nippon Steel Corporation

• HBIS Group

• Jiangsu Shagang Group

• POSCO HOLDINGS INC.

• Tata Steel Limited

• JFE Steel Corporation

• Shougang Group

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion:

The iron and steel market is set for sustained expansion, driven by growing demand in construction, heavy machinery, and infrastructure development. Asia Pacific continues to lead the global market in consumption, while the Middle East & Africa are emerging as high-growth regions. Iron ore remains the primary raw material, supporting the dominant steel segment, which—especially through building and construction applications—maintains a significant share of demand.