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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.
Africa Steel Market Trends
The Middle East and Africa region are witnessing a rise in the green steel market, driven by factors like the growing number of construction projects, investments in infrastructure development, and the increasing contribution of the construction sector to GDP. The construction of the Lekki Deep Sea Port in Nigeria, which is expected to be one of the largest ports in West Africa, is driving the demand for environmentally friendly steel products. Similarly, the development of renewable energy projects, such as solar and wind farms, across the region is creating opportunities for the green steel market.
A key trend in the Africa steel market is increased development and production of specialised alloys of steel, resulting in steel with enhanced characteristics to suit specific requirements. With significant natural resources in the form of various metal ores, the production of varied steel alloys can be easily supported. For example, the automotive industry in Africa is expanding, with automakers like Volkswagen, Toyota, and Nissan establishing manufacturing plants in countries like South Africa, which requires specialised steel grades, such as alloy steel for vehicle production.
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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