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The iron and steel market size is forecast to increase by USD 478.1 billion at a CAGR of 5.65% between 2023 and 2028. The market is experiencing significant growth due to several key drivers. One of the primary factors is the increasing demand for high-strength steel in various industries, including construction and transportation. In particular, the construction sector's ongoing expansion is leading to a higher consumption of steel for building structures, bridges, and infrastructure projects. Firstly, there's an increase in the consumption of advance high-strength stainless steel, driven by its superior properties and diverse industrial applications. Additionally, the growing demand for both steel and stainless steel scrap reflects the increasing importance of Recycling steel scrap in the industry, highlighting sustainability efforts and cost-effectiveness. Moreover, there's a noteworthy shift in automotive applications, with carbon fiber gaining momentum over stainless steel, driven by its lightweight properties and potential for enhancing fuel efficiency and performance. The steelmaking industry's future lies in innovation and technological advancements. Rolling mills are being upgraded to produce high-performance steel grades for various end-use industries, such as appliances, ships, and buildings. The demand for steel and steel scrap is expected to remain strong, with the market projected to grow steadily in the coming years. However, challenges such as increasing raw material costs and intense competition from alternative materials, such as aluminum and composites, may impact market growth. Overall, the market is poised for continued growth, driven by evolving industry trends and technological advancements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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