Global iron & steel market to reach US$1.7 trillion by 2030

This represents a compound annual growth rate (CAGR) of 3.1%, underscoring the market’s continued resilience amid evolving industrial and environmental demands.

Iron and steel remain foundational materials across a wide range of sectors, including construction, transportation, manufacturing, and infrastructure. While iron is extracted from natural ore and serves as the base metal, steel—an alloy primarily composed of iron and carbon—offers enhanced strength, durability, and versatility thanks to additional elements such as manganese, chromium, and nickel. products and there is every reason to believe it will continue to do so for the foreseeable future.

In 2024, steel accounted for the largest share of the overall market, driven by its extensive use in construction, automotive manufacturing, heavy machinery, and energy infrastructure. Its mechanical properties—such as high strength, ductility, crashworthiness, and recyclability—make it the preferred material for structural frames, bridges, high-rise buildings, vehicle chassis, trailers, and body panels.

With rapid urbanisation, increased public infrastructure investments, and growing emphasis on energy-efficient, disaster-resistant construction, global consumption of steel continues to rise. Governments and industries alike are prioritising sustainable development, which has accelerated the adoption of cleaner steelmaking technologies like Electric Arc Furnaces (EAFs) that rely on scrap-based inputs and reduce carbon emissions.

As the world’s most recyclable material, steel is at the forefront of efforts to reduce environmental impact in heavy industry. Innovations in low-carbon steel production and green infrastructure development are positioning the material for a transformational shift toward more sustainable manufacturing practices.

The iron and steel market will remain a vital contributor to global economic growth, with steel expected to outperform traditional iron products due to its superior performance characteristics and broader industrial applicability. Its continued relevance will be shaped by demands for stronger, lighter, and more sustainable materials across construction, mobility, and energy sectors.