Iron And 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
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.
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
Table of Contents
1. Introduction
1.1. Report Description
1.1.1. Objectives of the Study
1.1.2. Market Scope
1.1.3. Assumptions
1.2. Stakeholders
2. Executive Summary
2.1. Market Highlights
3. Research Methodology
3.1. Overview
3.1.1. Data Mining
3.2. Data Sources
3.2.1. Primary Sources
3.2.2. Secondary Sources
4. Global Iron And Steel Market Insights
4.1. Iron And Steel Market - Market Snapshot
4.2. Iron And Steel Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. Expansion of Automotive Industry
4.2.1.2. Rising Urbanization
4.2.2. Restraints and Challenges
4.2.2.1. High Initial Investment
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers (Moderate)
4.3.2. Threats of New Entrants: (Low)
4.3.3. Bargaining Power of Buyers (Moderate)
4.3.4. Threat of Substitute (Moderate)
4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Iron And Steel Market End Use Trends
4.6. Value Chain Analysis
5. Global Iron And Steel Market, by Product
5.1. Key Findings
5.2. Introduction
5.2.1. Global Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
5.3. Iron Ore
5.3.1. Global Iron And Steel Market, by Iron Ore, by Region, 2020-2034 (Million tons, USD Billion)
5.4. Steel
5.4.1. Global Iron And Steel Market, by Steel, by Region, 2020-2034 (Million tons, USD Billion)
6. Global Iron And Steel Market, by End Use
6.1. Key Findings
6.2. Introduction
6.2.1. Global Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
6.3. Building & Construction
6.3.1. Global Iron And Steel Market, by Building & Construction, by Region, 2020-2034 (Million tons, USD Billion)
6.4. Automotive & Transportation
6.4.1. Global Iron And Steel Market, by Automotive & Transportation, by Region, 2020-2034 (Million tons, USD Billion)
6.5. Heavy Industry
6.5.1. Global Iron And Steel Market, by Heavy Industry, by Region, 2020-2034 (Million tons, USD Billion)
6.6. Consumer Goods
6.6.1. Global Iron And Steel Market, by Consumer Goods, by Region, 2020-2034 (Million tons, USD Billion)
6.7. Other
6.7.1. Global Iron And Steel Market, by Other, by Region, 2020-2034 (Million tons, USD Billion)
7. Global Iron And Steel Market, by Geography
7.1. Key Findings
7.2. Introduction
7.2.1. Iron And Steel Market Assessment, By Geography, 2020-2034 (Million tons, USD Billion)
7.3. Iron And Steel Market - North America
7.3.1. North America: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.3.2. North America: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.3.3. Iron And Steel Market - U.S.
7.3.3.1. U.S.: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.3.3.2. U.S.: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.3.4. Iron And Steel Market - Canada
7.3.4.1. Canada: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.3.4.2. Canada: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.3.5. Iron And Steel Market - Mexico
7.3.5.1. Mexico: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.3.5.2. Mexico: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.4. Iron And Steel Market - Europe
7.4.1. Europe: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.4.2. Europe: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.4.3. Iron And Steel Market - UK
7.4.3.1. UK: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.4.3.2. UK: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.4.4. Iron And Steel Market - France
7.4.4.1. France: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.4.4.2. France: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.4.5. Iron And Steel Market - Germany
7.4.5.1. Germany: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.4.5.2. Germany: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.4.6. Iron And Steel Market - Italy
7.4.6.1. Italy: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.4.6.2. Italy: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.4.7. Iron And Steel Market - Spain
7.4.7.1. Spain: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.4.7.2. Spain: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.4.8. Iron And Steel Market - Netherlands
7.4.8.1. Netherlands: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.4.8.2. Netherlands: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.4.9. Iron And Steel Market - Russia
7.4.9.1. Russia: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.4.9.2. Russia: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.4.10. Iron And Steel Market - Rest of Europe
7.4.10.1. Rest of Europe: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.4.10.2. Rest of Europe: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.5. Iron And Steel Market - Asia Pacific
7.5.1. Asia Pacific: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.5.2. Asia Pacific: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.5.3. Iron And Steel Market - China
7.5.3.1. China: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.5.3.2. China: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.5.4. Iron And Steel Market - India
7.5.4.1. India: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.5.4.2. India: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.5.5. Iron And Steel Market - Malaysia
7.5.5.1. Malaysia: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.5.5.2. Malaysia: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.5.6. Iron And Steel Market - Japan
7.5.6.1. Japan: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.5.6.2. Japan: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.5.7. Iron And Steel Market - Indonesia
7.5.7.1. Indonesia: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.5.7.2. Indonesia: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.5.8. Iron And Steel Market - South Korea
7.5.8.1. South Korea: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.5.8.2. South Korea: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.5.9. Iron And Steel Market - Australia
7.5.9.1. Australia: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.5.9.2. Australia: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.5.10. Iron And Steel Market - Rest of Asia Pacific
7.5.10.1. Rest of Asia Pacific: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.5.10.2. Rest of Asia Pacific: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.6. Iron And Steel Market - Middle East & Africa
7.6.1. Middle East & Africa: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.6.2. Middle East & Africa: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.6.3. Iron And Steel Market - Saudi Arabia
7.6.3.1. Saudi Arabia: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.6.3.2. Saudi Arabia: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.6.4. Iron And Steel Market - UAE
7.6.4.1. UAE: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.6.4.2. UAE: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.6.5. Iron And Steel Market - Israel
7.6.5.1. Israel: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.6.5.2. Israel: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.6.6. Iron And Steel Market - South Africa
7.6.6.1. South Africa: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.6.6.2. South Africa: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.6.7. Iron And Steel Market - Rest of Middle East & Africa
7.6.7.1. Rest of Middle East & Africa: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.6.7.2. Rest of Middle East & Africa: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.7. Iron And Steel Market - Latin America
7.7.1. Latin America: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.7.2. Latin America: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.7.3. Iron And Steel Market - Brazil
7.7.3.1. Brazil: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.7.3.2. Brazil: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.7.4. Iron And Steel Market - Argentina
7.7.4.1. Argentina: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.7.4.2. Argentina: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)
7.7.5. Iron And Steel Market - Rest of Latin America
7.7.5.1. Rest of Latin America: Iron And Steel Market, by Product, 2020-2034 (Million tons, USD Billion)
7.7.5.2. Rest of Latin America: Iron And Steel Market, by End Use, 2020-2034 (Million tons, USD Billion)