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Asia - Iron and Steel - Market Analysis, Forecast, Size, Trends And Insights
Report Update: Feb 1, 2025

Asia - Iron and Steel - Market Analysis, Forecast, Size, Trends And Insights

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Jan 23, 2025

Asian Steel Mills Face Challenges in Greener Steel Production

Top Asian crude steel producers, including China and Japan, are intensifying efforts to decarbonize their largely BF-BOF dominated steelmaking processes. According to Fastmarkets, the BF-BOF process remains vital due to its scalability and efficiency, but it is inherently carbon-intensive, drawing attention amid rising regulatory and social pressure.

To mitigate carbon emissions, major steel companies in Asia are exploring innovative green technologies. Nippon Steel has achieved a significant milestone by using hydrogen in blast furnaces, registering a 43% reduction in CO2 emissions from a recent test. This effort could enhance its competitiveness, especially under the impending EU's CBAM regulation that favors low-emission steel exports.

Meanwhile, China Baowu Steel Group has commissioned the world's first HyCROF technology in its Xinjiang facility, achieving a 31% reduction in carbon emissions. As China continues to advance in steel innovation, its international trade presence remains strong, with a substantial export market.

On the import side, the Philippines led the Asian market in 2024, importing iron or non-alloy steel valued at $865.9 million, followed by Taiwan at $415 million. Such statistics highlight the shifting dynamics as Asian markets value both sustainable practices and maintaining strong trade positions.

The demand for low-carbon steel is growing as Asia's steel mills gear towards adopting greener methods. Notably, Japan's JFE Steel Corp plans to use its JGreeX green steel in a Vietnamese construction project, reflecting an expansion beyond its domestic market.

HBIS Group in China has also begun operating a hydrogen metallurgy-based production line, aligning with the global shift to sustainable steelmaking practices. As green steel demand rises, Asian producers are poised to meet these environmental goals while maintaining robust trade flows.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the iron and steel market in Asia. 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:

    Data coverage:

    • Market volume and value
    • Per Capita consumption
    • Forecast of the market dynamics in the medium term
    • Production in Asia, split by region and country
    • Trade (exports and imports) in Asia
    • 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:

    1. How to diversify your business and benefit from new market opportunities
    2. How to load your idle production capacity
    3. How to boost your sales on overseas markets
    4. How to increase your profit margins
    5. How to make your supply chain more sustainable
    6. How to reduce your production and supply chain costs
    7. How to outsource production to other countries
    8. 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. 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. 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. 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. 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. 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. 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. 7. PRODUCTION

      The Latest Trends and Insights into The Industry

      1. PRODUCTION VOLUME AND VALUE
      2. PRODUCTION BY COUNTRY

    8. 8. IMPORTS

      The Largest Importers on The Market and How They Succeed

      1. IMPORTS FROM 2012–2024
      2. IMPORTS BY COUNTRY
      3. IMPORT PRICES BY COUNTRY

    9. 9. EXPORTS

      The Largest Exporters on The Market and How They Succeed

      1. EXPORTS FROM 2012–2024
      2. EXPORTS BY COUNTRY
      3. EXPORT PRICES BY COUNTRY

    10. 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. 11. COUNTRY PROFILES

      The Largest Markets And Their Profiles

      This Chapter is Available Only for the Professional Edition PRO
      • Afghanistan
      • Armenia
      • Azerbaijan
      • Bahrain
      • Bangladesh
      • Bhutan
      • Brunei Darussalam
      • Cambodia
      • China
      • Hong Kong SAR
      • Macao SAR
      • Cyprus
      • Georgia
      • India
      • Indonesia
      • Iran
      • Iraq
      • Israel
      • Japan
      • Jordan
      • Kazakhstan
      • Kuwait
      • Kyrgyzstan
      • Lebanon
      • Malaysia
      • Maldives
      • Mongolia
      • Myanmar
      • Nepal
      • Oman
      • Pakistan
      • Palestine
      • Philippines
      • Qatar
      • Saudi Arabia
      • Singapore
      • South Korea
      • Sri Lanka
      • Syrian Arab Republic
      • Taiwan (Chinese)
      • Tajikistan
      • Thailand
      • Timor-Leste
      • Turkey
      • Turkmenistan
      • United Arab Emirates
      • Uzbekistan
      • Vietnam
      • Yemen
      • Lao People's Democratic Republic
      • Democratic People's Republic of Korea

    12. LIST OF TABLES

      1. Key Findings In 2024
      2. Market Volume, In Physical Terms, 2012–2024
      3. Market Value, 2012–2024
      4. Per Capita Consumption, By Country, 2018–2024
      5. Production, In Physical Terms, By Country, 2012–2024
      6. Imports, In Physical Terms, By Country, 2012–2024
      7. Imports, In Value Terms, By Country, 2012–2024
      8. Import Prices, By Country Of Destination, 2012–2024
      9. Exports, In Physical Terms, By Country, 2012–2024
      10. Exports, In Value Terms, By Country, 2012–2024
      11. Export Prices, By Country Of Origin, 2012–2024

    13. LIST OF FIGURES

      1. Market Volume, In Physical Terms, 2012–2024
      2. Market Value, 2012–2024
      3. Consumption, By Country, 2024
      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, 2012–2024
      18. Production, In Value Terms, 2012–2024
      19. Production, By Country, 2024
      20. Production, In Physical Terms, By Country, 2012–2024
      21. Imports, In Physical Terms, 2012–2024
      22. Imports, In Value Terms, 2012–2024
      23. Imports, In Physical Terms, By Country, 2024
      24. Imports, In Physical Terms, By Country, 2012–2024
      25. Imports, In Value Terms, By Country, 2012–2024
      26. Import Prices, By Country, 2012–2024
      27. Exports, In Physical Terms, 2012–2024
      28. Exports, In Value Terms, 2012–2024
      29. Exports, In Physical Terms, By Country, 2024
      30. Exports, In Physical Terms, By Country, 2012–2024
      31. Exports, In Value Terms, By Country, 2012–2024
      32. Export Prices, 2012–2024

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