The global iron and steel industry is projected to continue growing in the coming years. The market size, estimated at USD 1,568.7 billion in 2022, will continue to expand at a compound growth rate of 4.7% over the forecast period 2023-2032. This growth trend aims to exceed USD 2,471.25 billion by 2032.
Iron and steel are basic building materials used in many fields, from construction to the automobile industry. Research shows that this sector will continue to grow in the near future.
This growth is the result of a combination of factors. In particular, increased activity in the construction sector is driving the need for steel for roads, buildings and infrastructure projects. However, growth in the automobile industry is also driving demand for iron and steel. Steel products used in vehicle production show an increasing trend in parallel with the growth of this sector.
"Demand for steel will increase"
On the other hand, the building and construction category accounted for the largest revenue share of 46% in 2022, and this is expected to continue throughout the projection period. Demand for steel is also expected to increase due to increasing investments in construction activities.
The dynamics of the global economy, industrial developments and structural growth trends are the factors that will shape the future growth of the iron and steel industry. These forecasts emphasize the importance and potential of the iron and steel industry worldwide.
Demand for and supply of iron and steel products can fluctuate depending on a number of factors, including economic conditions, technological developments, government policies and environmental regulations. The sector also faces challenges related to sustainability and environmental impacts, as steel production is a significant contributor to greenhouse gas emissions.