Iron And Steel Market Size Worth USD 2,693.18 Billion by 2034 | CAGR: 3.8%

The iron & steel market size is expected to reach USD 2,693.18 billion by 2034, according to a new study by Polaris Market Research. The report “Iron & Steel Market Size, Share, Trends, Industry Analysis Report By Product (Iron Ore, Steel), By End Use (Building & Construction, Automotive & Transportation), By Region– Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Iron and steel are strong, durable metals widely used in the construction, transportation, and manufacturing industries. Iron is a natural element extracted from ore, whereas alloy steel is made by combining iron with a small amount of carbon to improve strength and flexibility.

Steel is widely used in the energy industry, including for oil pipelines, drilling rigs, and power generation equipment. Wind turbines and solar panel structures further require large amounts of steel. The need for steel in this sector continues as energy demand increases globally, especially in renewable energy project. Both traditional and renewable energy systems rely on durable materials, making steel a crucial component of their supply chains. The steady expansion of the global energy infrastructure directly contributes to the demand for iron and steel products, thereby driving the growth.

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New methods in steel manufacturing have made the process more efficient and less wasteful. Techniques such as electric arc furnaces and better recycling systems help reduce production costs. These improvements allow producers to supply steel more reliably and at lower prices. In some cases, advanced technology further allows manufacturers to make steel that is lighter and stronger, which is useful in sectors such as construction and transportation. Overall, these changes support steady production and help the industry meet growing demand without large cost increases.

Iron & Steel Market Report Highlights

• In 2024, the steel segment dominated with a larger share due to its wide usage in the construction, infrastructure, and transportation industries.
• The automotive & transportation segment is expected to experience significant growth during the forecast period due to rising vehicle production in emerging regions and the shift toward electric vehicles in developed economies.
• The iron & steel market in Asia Pacific dominated with the largest share in 2024, driven by rapid urbanization, strong infrastructure development, and industrial growth across countries such as China and India, and Southeast Asia.
• The market in North America is projected to witness substantial growth during the forecast period, driven by increased construction activities, industrial production, and a recovering automotive sector.
• A few global key market players are Arcelor Mittal S.A., China BaoWu Steel Group Corporation Limited, HBIS Group, JFE Steel Corporation, Jiangsu Shagang Group, Nippon Steel Corporation, POSCO HOLDINGS INC., Shougang Group, and Tata Steel Limited.

Polaris Market Research has segmented the iron & steel market report on the basis of product, end use, and region:

By Product (Volume, Million Kilotons, Revenue – USD Billion, 2020–2034)

• Iron Ore
• Steel

By End Use (Volume, Million Kilotons, Revenue – USD Billion, 2020–2034)

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

By Regional Outlook (Volume, Million Kilotons, Revenue – USD Billion, 2020–2034)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa