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The Canada steel market is projected to grow at a CAGR of 4.95% between 2024 and 2032.
Canadian steel producers are significant employers and are crucial contributors to the country’s economic growth. They are also critical suppliers of steel to the manufacturing, energy, infrastructure, and transportation sectors in the country. Offshore imports of steel into Canada have significantly grown from 19% in 2014 to 39% in 2022. The Steel Import Monitoring Program is a program in Canada that supports the timely publication of data on the type, quantity, origin, and value of imported steel. In 2023, the program monitored over 373,000 steel import transactions. According to international benchmarking studies, Canadian steel is amongst the greenest steel across the globe. Stakeholders in the steel market are continuously investing in projects and technologies to lower their carbon emissions to achieve more than 45% reduction of GHG emissions by 2030. The steel sector also aims at achieving net-zero emissions by 2050.
According to the Canada steel market analysis, the Canadian automotive sector is a crucial consumer of steel. Five major automakers in Canada include Ford, General Motors, Stellantis Honda and Toyota. On average, the automotive sector consumes around 900 kg of steel per vehicle. In 2022, the automotive sector produced over 1.2 million vehicles that were sold in Canada and around the world. The automotive sector is also Canada’s second-largest export sector, with USD 63 billion generated as export revenue in 2022.
Canada Steel Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments.
Market Breakup by Product
Market Breakup by Type
Market Breakup by End Use
Market Breakup by Region
Carbon steel is increasingly being used because it is possible to produce carbon steel with less carbon footprinting. It is anticipated that this will promote their adoption. End users are starting to favor carbon steel because of low carbon emissions from steel. The demand for carbon steel is predicted to increase as it is used more often in automotive, construction, and other industries. Carbon steel's strength, formability, machinability, recyclability, and adaptability will increase the range of applications for it. Steel producers will be compelled by this to increase the range of products they provide in carbon steel.
The key players in the market are investing in strategies to boost their steel production while lowering carbon emissions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Type |
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| Breakup by End Use |
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| Breakup by Region |
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*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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The steel market is expected to grow at a CAGR of 4.95% between 2024 and 2032.
Canada produces its steel at 13 plants in five provinces, including Alberta, Manitoba, Ontario, Saskatchewan, and Quebec. The industry is largely concentrated in Ontario, with six plants operating there.
High-carbon steel has a high resistance to wear and tear, which makes it suitable tools and metal automotive fasteners. Manufacturers in automotive sector use high-carbon steel to produce bushings, chassis, vehicle frames, and door panels.
The major drivers of the market include growing demand for steel, the significance of steel manufacturing to the country’s economy, and increasing domestic production of steel to reduce reliance on imports.
Key trends aiding market expansion rising residential and commercial construction, a growing demand for automobiles, and manufacturers investing in research to reduce the emissions of steel production.
Major countries in the market are British Columbia, Alberta, The Prairies, Central Canada, and Atlantic Canada.
The key products of steel are flat steel and long steel.
Key players in the market are Algoma Steel Inc., ArcelorMittal Dofasco, Stelco Inc., Gerdau S/A, Rolled Alloys, Canam Group Inc., LMS Reinforcing Steel Group, Walters Inc., and others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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