Global Iron and Steel Market to Reach $1.93 Trillion by 2027 Amidst Technological Advancements and Net-Zero Transition
The global iron and steel market is projected to grow from USD 1,599.4 billion in 2022 to USD 1,928.6 billion by 2027, at a CAGR of 3.8%. This growth is driven by the expanding construction industry, rapid industrialization, and accelerated infrastructure development, particularly in emerging economies. The abundance of iron ore is a key driver, enabling the industry to meet rising steel demands and sustain global growth. However, volatile raw material prices pose a restraint, impacting production costs and profitability.
The transition towards net-zero steel presents a significant opportunity, aiming to reduce carbon emissions in steel production. Environmental challenges remain a concern, with the industry being a major emitter of pollutants. Technological advancements like Electric Arc Furnace (EAF) production, which is expected to grow at the highest CAGR, offer more efficient and cost-effective steelmaking.
The Asia Pacific region, particularly China, has significantly improved production, leveraging its high population and surge in construction and infrastructure projects. The availability of cheap labor and increased domestic and foreign investments have also contributed to this growth. Other countries showing notable production advancements include India and Japan, which are investing in new technologies and expanding their steelmaking capacities to meet both domestic and global demands. The shift towards more sustainable and efficient production methods, such as EAF, is expected to further enhance production capabilities in these regions.
Key market players include China Baowu Steel Group Corporation, ArcelorMittal, Nippon Steel Corporation, and POSCO, among others, focusing on strategies like new product launches, investments, and partnerships to drive growth.
The World Steel Association's report for September 2023 indicates a slight decline in global crude steel production, with a total output of 149.3 million tonnes, marking a 1.5% decrease compared to the same month in 2022. This report encapsulates data from 63 countries, which collectively account for about 97% of the world's steel production. You can access it here.
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The abundance of iron ore is a key driver, enabling the industry to meet rising steel demands and sustain global growth.
The World Steel Association's report for September 2023 indicates a slight decline in global crude steel production, with a total output of 149.3 million tonnes, marking a 1.5% decrease compared to the same month in 2022.
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