Iron & steel market to reach US$1.7T by 2030

The global iron and steel market is on track to achieve steady growth, with revenues projected to rise from US$1,453.4 billion in 2024 to US$1,707.1 billion by 2030, according to the latest industry report by MarketsandMarkets. This reflects a compound annual growth rate (CAGR) of 3.1%, underscoring the sector’s enduring role as the backbone of industrial development and infrastructure worldwide.

Iron and steel remain among the most critical industrial materials, underpinning sectors ranging from construction and transportation to manufacturing and energy. While iron occurs naturally and is extracted from ore, steel—an alloy primarily composed of iron and carbon, often with added elements such as manganese, chromium, or nickel—dominates the market. Its high strength, durability, and versatility make it indispensable across a broad spectrum of applications.

In 2024, steel accounted for the largest market share, driven by its widespread use in construction, automotive, machinery, and energy industries. The construction sector, in particular, remains the leading consumer, with steel extensively deployed in reinforced concrete, bridges, high-rise structures, and infrastructure projects. Automotive manufacturers also rely heavily on steel for body panels, trailers, and crash-resistant components, given its ductility and safety properties.

Global consumption is further boosted by urbanisation, government-backed infrastructure projects, and investments in sustainable and energy-efficient buildings, including earthquake-resistant structures. At the same time, the steel industry is embracing greener technologies such as electric arc furnaces (EAF), which reduce carbon emissions and improve energy efficiency.

As the most recycled material on the planet, steel is at the forefront of industrial sustainability. With innovation and demand converging, the iron and steel industry is poised for transformational change, ensuring its relevance and growth well into the next decade.