Global Iron & Steel Market Projected to Reach USD 1,159.4 Billion by 2031, Asia Pacific to Remain Largest Regional Market
MarketsandMarkets report forecasts steady market growth, driven by infrastructure development, industrial expansion, electric vehicles, and renewable energy demand
According to the latest report, the global iron & steel market is expected to increase from USD 1,091.8 billion in 2026 to USD 1,159.4 billion by 2031, at a compound annual growth rate (CAGR) of 1.2% over the forecast period.
Market demand is supported by rapid urbanization, large-scale infrastructure projects, increasing electric vehicle production, expanding renewable energy installations requiring structural steel, and continued government investments in smart cities, rail networks, and industrial manufacturing capacity expansion.
Asia Pacific Expected to Maintain the Largest Market Share
The report identifies Asia Pacific as the largest regional market for iron and steel throughout the forecast period. The region's position is supported by continued industrialization, urban growth, and infrastructure investments.
Countries including China, India, Japan, and South Korea remain among the world's largest steel consumers, backed by extensive production capacity and ongoing investments in manufacturing and construction. China continues to be the world's largest steel producer due to its integrated steel mills and sustained domestic demand from sectors such as real estate, transportation, and heavy manufacturing.
Recent Developments
- January 2026: China Baowu completed the acquisition of an additional 2% stake in Simandou mining blocks 1 and 2, increasing its ownership to 51% and securing a controlling interest in one of the world's largest undeveloped iron ore reserves.
- December 2025: Tata Steel signed a memorandum of understanding with Lloyd Metals & Energy to explore opportunities in mining, pellet production, and steel manufacturing in Maharashtra, with the objective of enhancing upstream integration and expanding its presence in western India's steel and resource ecosystem.
- October 2025: ArcelorMittal introduced Helioroof®, an integrated low-carbon steel roofing system that combines insulated steel panels with embedded solar photovoltaic technology, enabling on-site renewable energy generation and reducing lifecycle emissions in industrial and commercial construction applications.