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Report Overview
The Africa steel market reached a volume of approximately 39.49 Million Tons in 2024. The market is further expected to grow at a CAGR of 3.10% between 2025 and 2034, reaching a volume of 53.59 Million Tons by 2034.
2024
Base Year
2018-2024
Historical Period
2025-2034
Forecast Period
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Africa is viewed as a high-cost, low-productivity manufacturing destination for steel. Most of Africa's steel production is typically used in low-value industries like building, construction, automotive, machinery, and appliances.
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As per industry reports, in 2024, Africa's crude steel production increased by 1.1% year-on-year to 1.9 million metric tons.
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Prominent players in the market are Hesteel Group, Egyptian Steel Group, African Industries Group, and Devki Steel Mills Limited.
Leading Companies in the Africa Steel Market
Market players are expanding their production footprint across different countries in Africa and utilising technology to reduce the environmental footprint of steel manufacturing
African Industries Group is a diversified global producer which is headquartered in Lagos, Nigeria and founded in 1971. Primarily a manufacturing company, the group has multiple manufacturing plants and facilities that are located throughout Nigeria. They specialise in iron and steel manufacturing, agricultural products, power generation, steel processing, building materials, and logistics and shipping.
Egyptian Steel Group, founded in 2010, is headquartered in Cairo, Egypt. The company operates four primary steel factories under its holding company, producing a wide range of steel products using the latest eco-friendly technology. The group's steel products cater to various industries such as construction, automotive, transportation, energy, packaging, tools and machinery, and consumer appliances.
Nippon Steel Corporation, headquartered in Japan, is one of the largest and most rapidly growing steelmakers based in Japan. The company has been functioning in the manufacturing industry since 1950. The corporation was formed after the merger of Fuji Iron and Steel Company with Yawata Iron and Steel Company. The company offers multiple steel-related products, including steel plates, steel, sheets, structural steel, pipes and tubes, railway, automotive, machinery parts, and titanium, among other products.
POSCO Co., Ltd., founded in 1968 and headquartered in South Korea is a mining and steel manufacturing company and is the 6th largest steel producer in the world. The company has developed a wide network through which they provide its services for various areas of business including steel, energy, agro-commodities, chemical products, machinery parts, and infrastructure, among others.
Other key players in the Africa steel market report include Acerinox S.A., Outokumpu Oyj, El Marakby Steel, Suez Steel Company, and The Libyan Iron & Steel Company, among others.
Africa Steel Market Report Snapshots
Africa Steel Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the market reached an approximate volume of 39.49 Million Tons.
The market is expected to grow at a CAGR of 3.10% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach 53.59 Million Tons by 2034.
The growing construction industry, rapid urbanisation and industrialisation, and diversification of steel applications are major market drivers.
Key trends aiding market expansion include the increased attention to locally produced steel, expansion of steel manufacturers in the region, and development of steel alloys for improved properties.
Countries considered in the market are Egypt, South Africa, Nigeria, Kenya, Tanzania, Morocco, and Namibia, among others.
Steel is an alloy of iron and carbon which offers properties like tensile strength, yield strength, malleability, and toughness.
The different types of steel in the market are carbon steel, alloy steel, stainless steel, and tool steel.
The various application of steel in the market are construction, mechanical engineering, automotive, metalware, domestic appliances and agricultural, among others.
Key players in the market are African Industries Group, Egyptian Steel Group, Nippon Steel Corporation, POSCO Co., Ltd., Acerinox S.A., Outokumpu Oyj, El Marakby Steel, Suez Steel Company, and The Libyan Iron & Steel Company, among others.
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