Report Update May 6, 2024

World - Iron and Steel - Market Analysis, Forecast, Size, Trends and Insights

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Global Iron And Steel Market 2024

Iron And Steel Market Size

The global iron and steel market declined to $X in 2023, with a decrease of X% against the previous year. Overall, consumption, however, recorded a moderate expansion. Over the period under review, the global market hit record highs at $X.7B in 2019; however, from 2020 to 2023, consumption failed to regain momentum.

Iron And Steel Production

In value terms, iron and steel production shrank to $X in 2023 estimated in export price. In general, the total production indicated a modest increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2021 indices. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, global production reached the peak level at $X in 2019; however, from 2020 to 2023, production failed to regain momentum.

Iron And Steel Exports

Exports

In 2023, approx. X tons of iron and steel were exported worldwide; waning by X% against the year before. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. Over the period under review, the global exports hit record highs at X tons in 2022, and then dropped in the following year.

In value terms, iron and steel exports reduced remarkably to $X in 2023. Overall, exports recorded a mild downturn. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2022 to 2023, the growth of the global exports failed to regain momentum.

Exports by Country

In 2023, Russia (X tons) and Brazil (X tons) represented the main exporters of iron and steelacross the globe, together committing X% of total exports. Ukraine (X tons) took the next position in the ranking, followed by South Africa (X tons). All these countries together took near X% share of total exports. The following exporters - India (X tons), the Netherlands (X tons) and Germany (X tons) - together made up X% of total exports.

From 2012 to 2023, the biggest increases were recorded for India (with a CAGR of X%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest iron and steel supplying countries worldwide were Brazil ($X), Russia ($X) and Ukraine ($X), together comprising X% of global exports. India, South Africa, the Netherlands and Germany lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, India, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average iron and steel export price stood at $X per ton in 2023, with a decrease of X% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2022 to 2023, the average export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the other global leaders experienced more modest paces of growth.

Iron And Steel Imports

Imports

For the third year in a row, the global market recorded decline in overseas purchases of iron and steel, which decreased by X% to X tons in 2023. In general, imports showed a mild slump. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2023, the growth of global imports failed to regain momentum.

In value terms, iron and steel imports fell markedly to $X in 2023. Over the period under review, imports recorded a slight downturn. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Global imports peaked at $X in 2022, and then dropped markedly in the following year.

Imports by Country

In 2023, the United States (X tons) represented the major importer of iron and steel, comprising X% of total imports. Italy (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Turkey (X%). Oman (X tons), the Netherlands (X tons), Taiwan (Chinese) (X tons), Mexico (X tons), China (X tons), India (X tons), Spain (X tons), the United Arab Emirates (X tons), El Salvador (X tons) and Germany (X tons) took a little share of total imports.

The United States experienced a relatively flat trend pattern with regard to volume of imports of iron and steel. At the same time, Oman (X%), El Salvador (X%), India (X%), Mexico (X%), Italy (X%), the United Arab Emirates (X%) and the Netherlands (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in the world, with a CAGR of X% from 2012-2023. Turkey and Spain experienced a relatively flat trend pattern. By contrast, China (X%), Taiwan (Chinese) (X%) and Germany (X%) illustrated a downward trend over the same period. While the share of Italy (X p.p.), the United States (X p.p.), Oman (X p.p.), India (X p.p.), El Salvador (X p.p.) and Mexico (X p.p.) increased significantly in terms of the global imports from 2012-2023, the share of Taiwan (Chinese) (X p.p.) and Germany (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported iron and steel worldwide, comprising X% of global imports. The second position in the ranking was taken by Italy ($X), with a X% share of global imports. It was followed by Turkey, with a X% share.

In the United States, iron and steel imports remained relatively stable over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Italy (X% per year) and Turkey (X% per year).

Import Prices by Country

In 2023, the average iron and steel import price amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2022, and then fell sharply in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was China ($X per ton), while El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

This report provides an in-depth analysis of the global iron and steel market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

Global market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Global production, split by region and country
Global trade (exports and imports)
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. CONSUMPTION BY COUNTRY
3. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
2. PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
11. COUNTRY PROFILES

The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO
- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption, By Country, 2018–2023
5. Production, In Physical Terms, By Country, 2012–2023
6. Imports, In Physical Terms, By Country, 2012–2023
7. Imports, In Value Terms, By Country, 2012–2023
8. Import Prices, By Country Of Destination, 2012–2023
9. Exports, In Physical Terms, By Country, 2012–2023
10. Exports, In Value Terms, By Country, 2012–2023
11. Export Prices, By Country Of Origin, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Consumption, By Country, 2023
4. Market Volume Forecast to 2030
5. Market Value Forecast to 2030
6. Products: Market Size And Growth, By Type
7. Products: Average Per Capita Consumption, By Type
8. Products: Exports And Growth, By Type
9. Products: Export Prices And Growth, By Type
10. Production Volume And Growth
11. Exports And Growth
12. Export Prices And Growth
13. Market Size And Growth
14. Per Capita Consumption
15. Imports And Growth
16. Import Prices
17. Production, In Physical Terms, 2012–2023
18. Production, In Value Terms, 2012–2023
19. Production, By Country, 2023
20. Production, In Physical Terms, By Country, 2012–2023
21. Imports, In Physical Terms, 2012–2023
22. Imports, In Value Terms, 2012–2023
23. Imports, In Physical Terms, By Country, 2023
24. Imports, In Physical Terms, By Country, 2012–2023
25. Imports, In Value Terms, By Country, 2012–2023
26. Import Prices, By Country, 2012–2023
27. Exports, In Physical Terms, 2012–2023
28. Exports, In Value Terms, 2012–2023
29. Exports, In Physical Terms, By Country, 2023
30. Exports, In Physical Terms, By Country, 2012–2023
31. Exports, In Value Terms, By Country, 2012–2023
32. Export Prices, 2012–2023