About Iron and Steel
Rising investment in residential construction is expected to augment the market growth over the forecast period. Iron & steel products possess a high strength-to-weight ratio, allowing them to bear heavy loads and resist compression, tension, and bending forces. Iron is most widely found in the crust of the earth, in the form of various minerals (oxides, hydrated ores, carbonates, sulphides, silicates and so on). Steel production is an index of national prosperity and the basis of mass production in many other industries such as shipbuilding, automobiles, construction, machinery, tools, and industrial and domestic equipment. iron and steel industry is a reflection of global economy
Attributes | Details |
---|
Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
CAGR | 3.8% |
Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ArcelorMittal (Luxembourg), Nippon Steel Corporation (Japan), Nucor Corporation(US), China Baowu Steel Group Corporation(China), HBIS Group (China), POSCO(South Korea), Ansteel Group Corporation(China), Tata Steel Limited(India), JSW Steel(India) and SAIL(India) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Iron and Steel market by Type (Iron and Steel), Application (Building & Construction, Automotive & Transportation, Heavy Industry, Consumer Goods and Others) and Region.
On the basis of geography, the market of Iron and Steel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. Basic Oxygen Furnace will boost the Iron and Steel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rapid rate of urbanization
Market Growth Drivers:
Abundance of iron ore & other minerals for steel production and Increasing consumption of steel in automotive and energy & power industries
Challenges:
Environmental challenge and Problem of excess capacity
Restraints:
Construction industry’s vulnerability to crisis and Volatile prices of raw materials
Opportunities:
Transition toward net-zero steel and Increased investments and support from governments in emerging economies
Market Leaders and their expansionary development strategies
In March 2022, China Baowu Steel Group Corporation and Shell signed two cooperative agreements, including an enterprise framework cooperation agreement (EFA) on green steel products supply and a master agreement on emission trading, symbolizing that the cooperation between both parties of low-carbon development advances to a new level. and In February 2022, The JSW Steel Limited acquired Mivaan Steels Limited, a manufacturing company of steel products. With the help of this acquisition, the company will produce and market ferro alloys, billets, pellets, sponge iron, structural steels, and thermo mechanically treated (TMT) bars.
In December 2022, The China Baowu Steel Group Corporation has signed the Simandou Infrastructure Project Term Sheet with SMB-Winning Consortium (Guniea) and Guinean Government. The main aim of this joint investment is the development of infrastructure, such as railways and ports, which further leads to the overall development of the Simandou project. and In August 2022, The Tata Steel Limited signed an MoU with the Government of Punjab for setting up a 0.75 MnTPA long products steel plant with a scrap-based electric arc furnace (EAF).
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.