Iron & Steel Market size is estimated to reach US$950 billion by 2027 - IndustryARC
Iron & Steel Market size is estimated to reach US$950 billion by 2027 after growing at a CAGR of 2.9% during 2022-2027.
HYDERABAD, TELANGANA, INDIA, September 20, 2022 /EINPresswire.com/ -- Iron & Steel Market size is estimated to reach US$950 billion by 2027 after growing at a CAGR of 2.9% during 2022-2027. Iron makes up 5% of Earth’s crust and is also found in the core of all the planets in the solar system. It oxidises/ rusts when it comes in contact with oxygen, so it is rarely used in its pure form. It is also very hard and brittle, and therefore is generally used in numerous industries. Iron is a very essential substance in range of products and is also a vital component in alloy like steel, carbon steel, stainless steel, cast iron, etc. Steel is a combination of iron and carbon, which is highly used in construction, weapons and transportation. According to Aperam S.A., global player in stainless and specialty steel market, stainless steel is created by adding at least 10.5% of chromium, thus making it highly resistant to corrosion. Molybdenum is also used in steel alloys to increase strength and hardness. Iron is used to make many alloys to obtain different properties for wider use. When it is mixed with vanadium, it is used to make weapons and tools like sword; with manganese, it is used to make clear glass; with chromium, it is used for electroplating and so on.Click here to browse the complete report summary:https://www.industryarc.com/Report/16146/iron-and-steel-market.htmlKey takeaways:This IndustryARC report on the Iron & Steel Market market highlights the following areas -1. China is the world’s largest producer as well as the largest consumer of steel due to its cheap labour, state’s support, aggressive production and flexible approach with companies like Hesteel Group and Ansteel Group.2. Iron & Steel are commonly used due to the low cost of iron ore, high grade raw materials in proximity, growth potential in the market and many more.3. Automotive and Transportation is the highest consumer of steel, used in producing vehicles, buildings, skyscrapers and many more due to its properties like light-weight, affordable, recyclable and UV-resistant.Interested in knowing more relevant information? Click here:https://www.industryarc.com/pdfdownload.php?id=16146Segmental Analysis:1. Ferrite segment held the largest Iron & Steel Market share in 2021, with a share of over 25%. Ferrite is the only BCC (body-centered cubic) form of pure iron that is stable at 912 °C with limited solubility of carbon depending upon the temperature. Ferrites are formed by the reaction of ferric oxide with any other metal like copper, nickel, manganese or even iron itself.2. The Asia Pacific is the leading region accounted for the largest share in the Iron & Steel Market in 2021, with a share of over 37%. According to World Population Review, in Asia-Pacific, China produc3. The building and construction segment held the largest Iron & Steel Market share, with a share of over 19% in 2021. According to World Steel Association (WSA), around 51% of steel produced annually is used to construct buildings and infrastructure like bridges. Also, according to the World Steel Association (WSA), most of the steel used in construction is found in reinforcing bars (44%), sheet products and ceilings (31%) and structural sections (25%).Competitive landscape:The top 5 players in the Iron & Steel industry are:1. ArcelorMittal S.A.2. Nippon Steel Corporation3. POSCO4. Tata Steel Limited5. Hyundai Steel Co., LtdClick on the following link to buy the Iron & Steel Market Report:https://www.industryarc.com/reports/request-quote?id=16146Why Choose IndustryARC?IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.Related Reports:A. Steel Fabrication Markethttps://www.industryarc.com/Report/18235/steel-fabrication-market-research-report-analysis.htmlB. Flat Steel Markethttps://www.industryarc.com/Report/17683/flat-steel-market.html
