Iron And Steel Market expanding at a CAGR of 3.8% from 2023 to 2030
The global iron and steel market size is expected to reach USD 2,253.52 billion by 2030, according to a new report by Grand View Research, Inc. expanding at a CAGR of 3.8% from 2023 to 2030. Rising demand for heavy machinery and growth in the construction industry is expected to augment market growth over the forecast period. Over 98% of the total iron ore transforms into pig iron, which is a crucial component in the production of steel. Finished steel products are used in various industries, such as heavy industry, construction, automotive, and consumer goods. In heavy industry, steel is a strong material that can handle heavy weights and tough conditions. It provides stability and safety to heavy machinery, equipment, and infrastructure by maintaining their structural integrity. Thus, it is widely used in heavy industries such as shipbuilding, defense products manufacturing, and oil & gas. Investment in the oil & gas industry is expected t...