Steel Products Market

Rising demand from various industries are driving the market growth

The growing adoption of steel products across various end-use industries and the rise in R&D-related activities is driving market CAGR for steel products. The demand for steel is increasing as a result of the end-use industries' explosive growth, which includes, among others, the automotive, chemical, power, construction, and architectural sectors. This is one of the major drivers of market revenue growth. Steel is one of the most widely utilized building materials because it allows a structure to withstand seismic shocks brought on by earthquakes and other natural disasters.

In addition to being rust-resistant, they are unaffected by termites, mildew, bugs, mold, and fungus. The construction sector, which is growing significantly as a result of an increase in residential, commercial, retail, entertainment, and hotel development projects, is the main driver of market revenue growth.  

Bollards, ticketing counters, benches, escalators and canopies are just a few of the many transit facilities, such as airports and metro rapid mass transportation systems, that frequently use steel in their construction. This is one of the main driving forces for the rise in market revenue. Swimming pool components like pool liners, railings, ladders, structural pieces, fasteners, furnishings, diving structures, decorative objects, and ventilation systems are all made of architectural and structural steel.

Due to the benefits of the product, such as its malleability, ductility, durability, hardness, and versatility, the steel business has seen a constant increase in demand, making it one of the top industries worldwide. The market expansion has been driven further by the extensive usage of steel in the manufacturing processes across a variety of sectors. The demand for steel is expected to rise as populations and living standards rise.

The Global Steel Products Market Industry is characterized by various trends and projections that shape its future. Current market dynamics indicate a steady growth trajectory, with the market valued at 478.9 USD Billion in 2024. Projections suggest that by 2035, the market could reach approximately 890.4 USD Billion, reflecting a compound annual growth rate of 5.8% from 2025 to 2035. Factors such as increasing demand from emerging economies, technological advancements, and sustainability initiatives are likely to influence this growth. Understanding these trends is essential for stakeholders to navigate the evolving landscape of the steel industry.

The automotive sector significantly influences the Global Steel Products Market Industry, as steel remains a primary material in vehicle manufacturing. With the global automotive production expected to rise, the demand for steel products is anticipated to grow correspondingly. In 2024, the market is valued at 478.9 USD Billion, and this figure is projected to increase as manufacturers seek to enhance vehicle safety and fuel efficiency through the use of advanced high-strength steel. The shift towards electric vehicles also necessitates the use of steel in battery enclosures and structural components, indicating a sustained demand for steel products in the automotive industry.

The Global Steel Products Market Industry experiences a robust demand driven by rising infrastructure development across various regions. Governments worldwide are investing heavily in infrastructure projects, including roads, bridges, and railways, which require substantial quantities of steel. In 2024, the market is valued at approximately 478.9 USD Billion, reflecting the critical role of steel in construction. For instance, the United States has allocated significant funding for infrastructure improvements, which is expected to boost steel consumption. This trend is likely to continue, as infrastructure spending is projected to grow, further propelling the Global Steel Products Market Industry.

Urbanization and population growth are pivotal drivers of the Global Steel Products Market Industry. As more individuals migrate to urban areas, the demand for housing, commercial buildings, and infrastructure escalates. This urban expansion necessitates substantial steel usage in construction and development projects. The increasing global population, projected to reach 9.7 billion by 2050, further intensifies this demand. Consequently, the market is expected to grow from 478.9 USD Billion in 2024 to 890.4 USD Billion by 2035, with a CAGR of 5.8% from 2025 to 2035. This trend underscores the critical role of steel in supporting urban development and infrastructure.

The Global Steel Products Market Industry is witnessing a surge in demand for steel driven by the renewable energy sector. As countries strive to meet their energy needs sustainably, investments in wind and solar energy infrastructure are increasing. Steel is essential for constructing wind turbines and solar panel frames, which are integral to renewable energy projects. This trend is likely to bolster the market, as the transition to renewable energy sources continues to gain momentum. The anticipated growth in this sector could significantly contribute to the overall market expansion, aligning with the projected increase in market value from 478.9 USD Billion in 2024 to 890.4 USD Billion by 2035.

Technological advancements in steel production processes are reshaping the Global Steel Products Market Industry. Innovations such as electric arc furnaces and improved recycling methods enhance efficiency and reduce environmental impact. These advancements not only lower production costs but also align with global sustainability goals. As the industry moves towards greener practices, the demand for recycled steel is likely to increase. This shift could potentially lead to a more circular economy within the steel sector, contributing to the projected market growth from 478.9 USD Billion in 2024 to an estimated 890.4 USD Billion by 2035, with a CAGR of 5.8% from 2025 to 2035.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. During the projected period, the North American Steel Products market is expected to dominate over the course of the forecasted period. The market is growing due to heavy demand for steel products. In addition, the increasing demand for electronic as well as engineering applications is also driving the market’s growth.

Further, the major countries studied in the market report are The US, Canada, German, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: STEEL PRODUCTS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Asia Pacific Steel Products market accounts for the fastest market share. This is due to the growing urbanization and technical upgrades in steel manufacturing. Moreover, the China Steel Products market held the largest market share, and the India Steel Products market was the quickest-growing market in the Asia-Pacific region.

The Europe Steel Products Market is expected to expand at the quickest CAGR from 2023 to 2032. The reason being is ever growing automotive industry and rising demand for steel for making sheets and HRC. Further, the Canada Steel Products market was the fastest-growing region in the market, and the German Steel Products market held a substantial share of the market.

Leading market players are investing capital and resources across research and development in order to extend their product offerings, this is expected to help the Steel Products market, grow even more. Market leaders and manufacturers are also adopting various strategies to expand their worldwide footprint, with important market developments including new product developments & launches, contracts & agreements, mergers & acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Steel Products industry must offer cost-effective items.

The manufacturers are making use of locally available resources to minimize the production costs which will aid the growth of the Steel Products industry to benefit clients and increase the market sector. In recent years, the Steel Products industry has offered some of the most significant advantages to medicine.

Major players in the Steel Products market, including ArcelorMittal (Luxembourg), Gerdau SA (Brazil), POSCO (South Korea), Nippon Steel & Sumitomo Metal Corporation (Japan), JFE Holdings, Inc. (Japan), Baosteel Group Corporation (China), TATA Steel Ltd. (India), United States Steel (U.S.), Angang Steel Company Limited (China), and others, are attempting to increase market demand by investing in research and development operations.

An integrated steel manufacturing business is ArcelorMittal SA (ArcelorMittal). It produces and sells a variety of completed and semi-finished steel goods. Flat steel, including sheet and plate, and long steel, including bars, rods, and structural shapes, are both included in the company's product line. Additionally, it makes pipes and tubes for use in a variety of applications and mining products, such as thermal coal, pulverized coal injection (PCI), sinter feed, and lump and fine iron ore. In the Americas, Europe, Asia, and Africa, ArcelorMittal also conducts mining activities for coal and iron ore.

It primarily sells steel goods locally and through a centralized marketing organisation to clients in the equipment, engineering, automotive, appliance, and construction industries. Luxembourg serves as the company's headquarters. In April 2023, ArcelorMittal and BP2, a provider of comprehensive residential construction solutions, partnered to supply low carbon-emissions steel for BP2's newest offering, the SOLROOF integrated photovoltaic roof.

A steel manufacturing business with integrated operations is POSCO Holdings Inc. (POSCO). It manufactures and sells steel plates and rolled goods all over the world. For the automobile, shipbuilding, home appliance, engineering, and machinery industries, the company provides hot-rolled and cold-rolled goods, wire rods, plates, silicon steel sheets, and stainless-steel products. Additionally, POSCO provides planning, design, and building services for industrial facilities, civil engineering projects, and office and residential structures. The corporation also engages in various business ventures, including network and system integration, steel and raw material trading, and power generating.

It conducts business across the Americas, Europe, the Middle East, and Asia-Pacific. In Pohang-si, Gyeongsangbuk-do, South Korea, POSCO has its headquarters. In June 2023, As part of the company's ambitious goal to achieve carbon neutrality by 2050, Posco announced the introduction of a ground-breaking low-carbon steel product called Greenate-certified steel. According to Korea Herald, LG Electronics, the first customer to purchase the recently introduced low-emission steel for its home appliance manufacture, is the first user of this environmentally friendly steel.