Global Steel Market Overview
As per MRFR analysis, the Steel Market Size was estimated at 951.05 (USD Billion) in 2023.The Steel Market is expected to grow from 969.69(USD Billion) in 2024 to 1,200 (USD Billion) by 2035. The Steel Market CAGR (growth rate) is expected to be around 1.96% during the forecast period (2025 - 2035).
Key Steel Market Trends Highlighted
Green steel production and sustainability are currently driving a major transformation in the global steel market. Growing regulatory requirements and customer aspirations for eco-friendly activities are the main drivers of this trend.
Steel producers are investing in cutting-edge technologies and production techniques that lower carbon footprints as a result of governments in different countries enforcing stricter emission laws. As a result, steel manufacturing is increasingly using renewable energy sources and switching to electric arc furnaces. Additionally, there are prospects in the areas of recycling and the circular economy.
Steel recycling is receiving more attention as a result of the global movement towards sustainable materials, with programs promoting the recovery and repurposing of steel from destroyed buildings and goods. In addition to lowering material costs, this also supports more general environmental goals, making recycled steel a crucial component of manufacturing plans going forward.
Additionally, the steel sector is continuously pushing toward automation and digitization. In order to improve productivity, save waste, and streamline operations, businesses are implementing cutting-edge technology like artificial intelligence, the Internet of Things, and data analytics.
Players in the global steel market have a great chance to increase their operational efficiency and satisfy the needs of a shifting market thanks to these developments. Finally, one of the main forces behind development is the increasing demand from emerging economies, especially those in Asia-Pacific and Africa.
It is anticipated that urbanization and infrastructure development in these areas will maintain the demand for steel, resulting in higher investments in capacity expansion and facility upgrading. All things considered, the global steel market is about to change due to factors including technology, sustainability, and changing customer demands.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Market Drivers
Infrastructure Development Initiatives
The Global Steel Market is significantly driven by ongoing infrastructure development initiatives, as governments worldwide are increasingly investing in infrastructure projects. According to the Global Infrastructure Outlook report, an estimated investment of USD 94 trillion is anticipated in global infrastructure by 2040.
Key players such as the World Steel Association have highlighted that approximately 36% of steel usage globally is attributed to construction, thus demonstrating the critical role infrastructure development plays in the steel market.
Furthermore, various emerging economies are ramping up construction activities, with the Asian Development Bank projecting that Asia will require USD 26 trillion in infrastructure investment through 2030 to sustain economic growth.
This increased need for infrastructure has a direct impact on the growth of the Global Steel Market, supporting demand across various sectors, including residential, commercial, and transportation.
Rising Urbanization Rates
Urbanization is a significant driving factor for the Global Steel Market, with a notable increase in global urban population. The United Nations estimates that by 2050, nearly 68% of the world's population will reside in urban areas, up from 55% in 2018.
This shift towards urban living calls for enhanced housing, transportation, and infrastructure development, all of which require significant steel consumption. Organizations like the World Bank emphasize that urbanization has led to a surge in construction that demands stronger and more durable materials, driving the steel industry forward.
Additionally, according to the United Nations, major cities across the globe are projected to grow phenomenally, leading to an estimated construction demand worth over USD 6 trillion within the next decade. This factor presents immense opportunities for the Global Steel Market to cater to the necessities borne from urban growth.
Technological Advancements in Steel Production
Technological advancements in steel production are contributing to the evolution and growth of the Global Steel Market. With the advent of innovative methods such as Electric Arc Furnace (EAF) technology, companies can produce steel more efficiently and with a significantly lower environmental impact.
The International Energy Agency reports that EAFs now account for around 30% of global steel production, reflecting a shift towards sustainable practices in the industry. Moreover, advancements in automation and artificial intelligence are optimizing production processes, thereby reducing operational costs and enhancing productivity.
Research conducted by industry organizations suggests that with the continued integration of smart manufacturing processes, steel producers could potentially lower their emissions and resource consumption by up to 20%. Such innovations are pivotal in meeting global demand while also adhering to environmental regulations, solidifying the competitive edge of the Global Steel Market.
Steel Market Segment Insights
Steel Market End Use Insights
The Global Steel Market was a diverse and dynamic industry characterized by its various application segments, particularly in End Use, which significantly influenced the overall market growth.
The construction industry stood out as a major player, dominating the market with a valuation of 400.0 USD Billion in 2024 and expected to rise to 520.0 USD Billion by 2035. This dominance was attributed to the ongoing urbanization and infrastructural development globally, highlighting the essential role steel plays in building structures, bridges, and residential projects.
Additionally, the automotive segment was another crucial area, valued at 250.0 USD Billion in 2024, increasing to 300.0 USD Billion in 2035. The automotive industry relied heavily on steel in manufacturing vehicles, which bolstered this segment due to the requirement for durable and lightweight materials to improve fuel efficiency.
In contrast, the aerospace sector, while smaller, with a valuation of 60.0 USD Billion in 2024 projected to reach 70.0 USD Billion in 2035, held significant importance as it demanded high-quality steel grades for aircraft manufacturing, particularly because of stringent safety and performance standards.
Shipbuilding also represented an essential subsegment with a valuation of 80.0 USD Billion in 2024, predicted to grow to 100.0 USD Billion by 2035. Global trade's reliance on maritime transportation drives the demand for steel in shipbuilding as countries invest in expanding their fleets.
The consumer goods segment, valued at 179.69 USD Billion in 2024 and projected to increase to 210.0 USD Billion in 2035, showcased steel's versatility in producing everyday items, appliances, and packaging, emphasizing the material's role in catering to essential needs and environmental sustainability through recyclability.
As these segments evolve, challenges and opportunities arise, such as increasing competition, fluctuating raw material prices, and the growing emphasis on sustainable practices in production, which are likely to shape the Global Steel Market statistics.
Overall, the End Use division illustrated a varied landscape with substantial implications for market dynamics, reflecting both current trends and future potential growth areas for the Global Steel Market revenue.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Market Product Type Insights
The Global Steel Market has shown a robust structure surrounding its Product Type segment. The market segmentation encompasses various critical categories such as Flat Steel, Long Steel, Metallic Coated Steel, Pre-Engineered Steel, and Alloy Steel.
Flat Steel, known for its exceptional versatility, finds applications across automotive, construction, and appliances, significantly contributing to market dynamics. Long Steel products, often utilized in construction and infrastructure projects, hold considerable market presence, underscoring their role in supporting urban development globally.
Metallic Coated Steel, valued for its corrosion resistance attributes, is essential in prolonging product longevity, addressing sustainability concerns in the industry. On the other hand, Pre-Engineered Steel structures are gaining traction in the construction segment due to their efficiency and cost-effectiveness.
Alloy Steel plays a pivotal role in providing enhanced mechanical properties, making it a preferred choice for high-performance applications. This diverse range ensures that the Global Steel Market remains adaptable to varying demands and trends, positioning itself for sustained growth amid evolving industry challenges and opportunities.
Steel Market Manufacturing Process Insights
The Global Steel Market revenue reflects a significant focus on the Manufacturing Process segment, which encompasses several crucial methods such as Basic Oxygen Steelmaking, Electric Arc Furnace, Open Hearth Furnace, Ladle Refining Furnace, and Continuous Casting.
Basic Oxygen Steelmaking, known for its high efficiency and low cost, dominates in many regions due to its capability to produce high-quality steel rapidly.
Electric Arc Furnace is vital in recycling scrap steel, a growing trend driven by sustainability concerns. Continuous Casting has become increasingly important, allowing for a streamlined process that reduces waste during production. Each of these processes plays a pivotal role in shaping the Global Steel Market, influencing factors like quality, production rates, and environmental impact.
The combination of innovation and traditional methods ensures robust growth, as evidenced by current Global Steel Market Statistics indicating the necessity for advanced manufacturing capabilities in responding to market demands and challenges. Overall, insights into these methods provide a deeper understanding of the Global Steel Market segmentation and its future growth trajectory.
Steel Market Application Insights
The Application segment of the Global Steel Market plays a vital role in various sectors, reflecting its pervasive demand and utility. The Infrastructure sector is crucial, as it utilizes steel for construction, ensuring durability and strength in buildings and bridges.
The Industrial domain consumes substantial steel for manufacturing machinery and components, facilitating production efficiency. Transport, which encompasses automotive and rail industries, heavily relies on steel for its lightweight yet robust characteristics, improving safety and performance.
In Packaging, steel materials are preferred for their recyclability and strength, supporting sustainability initiatives worldwide. The Energy sector increasingly incorporates steel for renewable energy applications like wind turbines and pipelines, addressing the global shift towards sustainable resources.
Emerging trends show that advancements in technology and innovations are driving the Global Steel Market growth across these applications. The market faces challenges such as fluctuating raw material prices and environmental regulations, but these also present opportunities for innovation and efficiency improvements.
Overall, the Global Steel Market data reflects diverse applications shaping economic growth and development.
Steel Market Regional Insights
The Global Steel Market reached tremendous heights with particular regional segments showing notable dynamics. In 2024, the North America region was valued at 150.0 USD Billion, which reflects its crucial position in the overall market, projecting growth to 170.0 USD Billion by 2035.
Europe followed as a significant player, with a valuation of 260.0 USD Billion in 2024, and anticipated growth to 290.0 USD Billion in 2035, powered by robust manufacturing sectors. The APAC region dominated the Global Steel Market, holding the majority with valuations of 450.0 USD Billion in 2024, climbing to 540.0 USD Billion in 2035, driven primarily by industrialization and urbanization trends.
South America, while smaller in scale, showed a steady increase from 40.0 USD Billion in 2024 to 50.0 USD Billion by 2035, facilitating infrastructural development in emerging economies.
Meanwhile, the Middle East and Africa (MEA) region, valued at 69.69 USD Billion in 2024 and expected to increase to 80.0 USD Billion by 2035, reflected growth opportunities linked to economic diversification efforts across various countries. This diverse segmentation underpinned the overall market, contributing to Global Steel Market revenue growth and emphasizing the significance of each regional market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Market Key Players and Competitive Insights:
The Global Steel Market is characterized by intense competition, with various players vying for market share across different regions. The sector has witnessed significant transformations due to factors such as innovation in production technologies, fluctuating raw material prices, and growing environmental regulations that put pressure on manufacturers to adopt sustainable practices.
A diverse range of products is offered within the market, including flat and long steel products, pipes, and components designed for several industries like construction, automotive, and manufacturing. The growing demand for steel, particularly in emerging markets, coupled with the need for high-performance materials, encourages firms to innovate and enhance their competitive positioning.
Key market dynamics involve strategic collaborations, mergers, and acquisitions aimed at expanding capabilities and entering new markets, presenting ongoing opportunities and challenges for industry stakeholders.
Focusing on POSCO, this company stands out in the Global Steel Market for its broad operational reach and sustainable production practices. As one of the leading steel manufacturers, POSCO has built a solid reputation for delivering high-quality steel products while prioritizing eco-friendly production methods.
By investing in state-of-the-art technologies and focusing on future-oriented innovations, POSCO enhances its competitive edge. The company also benefits from a well-established supply chain and strong customer relationships, which further solidify its position in key markets worldwide.
Its commitment to research and development facilitates continuous improvement and adaptation to market trends, making POSCO a strong player in the global landscape of steel production.
China Steel Corporation (CSC) is another key player in the Global Steel Market, renowned for its extensive range of steel products that cater to various industries, including construction, automotive, and machinery.
CSC's market presence is defined by its commitment to quality and innovation, enabling the company to maintain competitiveness on a global scale. It specializes in producing hot-rolled and cold-rolled steel sheets, steel plates, and other specialized products, meeting diverse customer needs.
Strengths also arise from its strategic mergers and acquisitions, which extend its market reach and enable resource consolidation. By leveraging advanced technologies and sustainable practices, CSC is able to optimize its operations while enhancing its position as a leading steel provider.
The company's proactive approach in responding to global market demands further places it as a formidable force within the industry's competitive landscape.
Key Companies in the Steel Market Include:
- POSCO
- China Steel Corporation
- Tata Steel
- Severstal
- Thyssenkrupp
- Nippon Steel
- JFE Steel
- China Baowu Steel Group
- Steel Authority of India
- Hyundai Steel
- Ansteel Group
- Maanshan Steel
- Salzgitter AG
- ArcelorMittal
- United States Steel Corporation
Steel Market Developments
The Global Steel Market has witnessed significant developments recently, with companies like ArcelorMittal, POSCO, and Tata Steel actively expanding their operations to meet rising demand driven by infrastructure projects.
November 2023 saw Thyssenkrupp and Severstal announcing a strategic collaboration aimed at enhancing sustainable steel production. Additionally, in October 2023, China Baowu Steel Group announced an increase in its capacity to produce high-quality steel products to cater to both domestic and international markets.
Mergers and acquisitions also marked the landscape; for instance, in September 2023, United States Steel Corporation and JFE Steel are in talks regarding a potential partnership to boost their technological capabilities and market reach. The market witnessed positive growth, with overall valuations rising due to increased global demand post-pandemic, improved logistics, and innovative production processes.
Companies like Hyundai Steel and Nippon Steel have reported a surge in shares as they align with green production practices and digital transformation strategies. The global steel sector remains dynamic, focusing on sustainability and technological innovation to adapt to changing market dynamics and regulatory frameworks.
Steel Market Segmentation Insights
Steel Market End Use Outlook
- Construction
- Automotive
- Aerospace
- Shipbuilding
- Consumer Goods
Steel Market Product Type Outlook
- Flat Steel
- Long Steel
- Metallic Coated Steel
- Pre-Engineered Steel
- Alloy Steel
Steel Market Manufacturing Process Outlook
- Basic Oxygen Steelmaking
- Electric Arc Furnace
- Open Hearth Furnace
- Ladle Refining Furnace
- Continuous Casting
Steel Market Application Outlook
- Infrastructure
- Industrial
- Transport
- Packaging
- Energy
Steel Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
Report Scope:
| Report Attribute/Metric Source: |
Details |
| MARKET SIZE 2023 |
951.05(USD Billion) |
| MARKET SIZE 2024 |
969.69(USD Billion) |
| MARKET SIZE 2035 |
1200.0(USD Billion) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) |
1.96% (2025 - 2035) |
| REPORT COVERAGE |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR |
2024 |
| MARKET FORECAST PERIOD |
2025 - 2035 |
| HISTORICAL DATA |
2019 - 2024 |
| MARKET FORECAST UNITS |
USD Billion |
| KEY COMPANIES PROFILED |
POSCO, China Steel Corporation, Tata Steel, Severstal, Thyssenkrupp, Nippon Steel, JFE Steel, China Baowu Steel Group, Steel Authority of India, Hyundai Steel, Ansteel Group, Maanshan Steel, Salzgitter AG, ArcelorMittal, United States Steel Corporation |
| SEGMENTS COVERED |
End Use, Product Type, Manufacturing Process, Application, Regional |
| KEY MARKET OPPORTUNITIES |
Sustainable steel production innovations, Expansion in emerging markets, Increased demand for construction, Advancements in recycling technologies, Growth in automotive sector requirements |
| KEY MARKET DYNAMICS |
Supply and demand fluctuations, Global economic growth, Environmental sustainability regulations, Technological advancements in production, Trade policies and tariffs |
| COUNTRIES COVERED |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Steel Market is expected to be valued at 969.69 USD Billion in 2024.
The Global Steel Market is projected to have a CAGR of 1.96% from 2025 to 2035.
The APAC region is expected to dominate the Global Steel Market in 2024, valued at 450.0 USD Billion.
The estimated market value of the Global Steel Market in Europe for 2035 is 290.0 USD Billion.
Key players in the Global Steel Market include POSCO, Tata Steel, ArcelorMittal, and United States Steel Corporation.
The market size for the construction end use of the Global Steel Market is projected to reach 520.0 USD Billion in 2035.
The expected market value for the automotive end use in the Global Steel Market in 2024 is 250.0 USD Billion.
The Global Steel Market is expected to be valued at 50.0 USD Billion in South America for 2035.
The estimated market value of the aerospace end use in the Global Steel Market is 60.0 USD Billion in 2024.
The Global Steel Market is projected to experience varied growth rates, with APAC expected to grow significantly to 540.0 USD Billion by 2035.
