Colombia Steel Market Report and Forecast 2024-2032

Colombia Steel Market Outlook

The Colombia steel market size was approximately 3.4 MMT in 2023. The market is assessed to grow at a CAGR of 4.10% between 2024 and 2032, reaching a value of 4.88 MMT by 2032.

Key Takeaways

• In December 2020, steel production in Colombia rose to 110,000 metric tonnes.

• During the year 2022, Colombia's imports of iron and steel amounted to $2.5 billion.

• The sector is witnessing a significant impact of technological improvements, with the growing adoption of sustainable and environmentally friendly methods for steel production.

The Colombia steel market growth is primarily driven by rapid development of infrastructure, the increasing utilisation of advanced technologies and methods for steel production, and the escalating public investment. Moreover, the demand for steel is significantly increasing in the automotive sector. The rise in purchase of passenger cars, the growing demand for electric vehicles, surge in automobile exports from the region, and the introduction of new car models all contribute to the heightened demand for steel in the automotive sector.

As per the Colombia steel market analysis, the demand for green steel is on the rise. It is driven by consumers and businesses who are increasingly looking for sustainable and environmentally friendly products. As awareness of climate change and environmental issues continues to grow, there is a growing market for products that are produced more sustainably and responsibly. By investing in sustainable steel production methods, steel producers can not only meet this growing demand but also differentiate themselves in the market and attract environmentally conscious customers.

Steel plays a crucial role in the production of agricultural machinery and equipment, including plough, crushers, rakes, cultivators, tractors, shovels, and hoes. The utilisation of steel in the manufacturing process enhances the efficiency, durability, and productivity of these tools. Its exceptional properties, such as corrosion resistance, adaptability, and environmental sustainability, make it an indispensable material in the agricultural sector. The anti-corrosion features of steel effectively safeguard agricultural equipment against rust and deterioration.

Market Segmentation

Colombia Steel Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Long Steel
  • Wire Rod
  • Rebars
  • Merchant Bars
  • Heavy Sections
  • Others

• Flat Steel
  • Hot Rolled Wide Strip
  • Quarto Plate
  • Others

Market Breakup by Type

• Carbon Steel

• Alloy Steel

• Stainless Steel

• Tool Steel

Market Breakup by Application

• Construction

• Mechanical Engineering

• Automotive

• Metalware

• Domestic Appliances

• Agricultural

• Others

Competitive Landscape

The market participants are focusing on the production of sustainable and green steel to reduce their carbon footprints and attract environmentally conscious customers.

• Acerinox, S.A. 

• Swiss Steel Holding AG 

• Ternium S.A. 

• ArcelorMittal S.A. 

• SSAB AB  

• Gerdau S/A 

• Others

Key Highlights of the Report