Global Steel Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2024-2032)

Global Steel Market Growth

Steel is typically used for framing or skeletal structure of buildings. It provides strength and durability, making it ideal for the construction of structures, including high-rise buildings, industrial sheds, residential buildings, and bridges. The growth of the construction industry is being driven by rapid urbanisation and favourable governmental housing, and public construction schemes, such as China’s Public Housing Plan, and the Construction 2050 initiative by the EU.

One of the factors driving the steel market demand growth is the rapid urbanisation in growing economies such as China and India. Increasing income levels and rapid shift to urban regions drive a demand for infrastructure development, further necessitating the use of steel. Steel provides numerous benefits, making it essential across various industries. Its strength and durability allow it to handle high stress and load, which is why it is the backbone of construction, infrastructure, and heavy machinery. The material's versatility enables it to be shaped, welded, and fabricated into a wide range of forms, making it useful in automotive manufacturing, mechanical engineering, and domestic appliances. Corrosion resistance, especially in stainless steel, ensures long-lasting performance even in harsh conditions. Steel is also highly recyclable, allowing it to be reused without losing its properties, aligning with environmental sustainability goals.

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Global Steel Market Analysis

The steel industry growth is intricately tied to economic growth and the investments carried out in various infrastructure domains, including railways, ports, roads, airports, and housing around the world, especially in developing countries like China and India. The heightened production of automobiles, driven by the demand for electric and hybrid electric vehicles, is also increasing the need for steel for manufacturing body structures, drivetrains, and wheels, among others.

Furthermore, the steel market dynamics and trends are driven due to the increasing concerns regarding sustainability due to its complete recyclability, positioning it as a material that contributes to the development of a more sustainable industrial environment. According to the World Steel Organisation, about 900 kg of steel is used per car. Approximately, 40% of the steel is used in developing body structures, doors, and trunk closures; around 23% in drivetrains; about 12% is used in suspensions; and the rest in wheels, fuel tanks, and braking systems, among others.

Steel Industry Outlook

As reported by the Ministry of Steel, Crude steel production in India from 2017-18 to 2021-22 shows significant growth across several key states. Chhattisgarh saw an increase from 13,033 thousand tonnes in 2017-18 to 14,900 thousand tonnes in 2021-22. Jharkhand's production rose from 17,113 thousand tonnes to 17,094 thousand tonnes in the same period. Odisha showed the most notable growth, increasing from 16,968 thousand tonnes to 23,241 thousand tonnes. Overall, India's total crude steel production grew steadily, rising from 103,131 thousand tonnes in 2017-18 to 120,293 thousand tonnes in 2021-22, reflecting strong industry expansion across the country thus boosting the steel market growth.

According to the U.S. Geological Survey, in 2022, raw steel production for India reached 125 million metric tons, increasing to an estimated 140 million metric tons in 2023. Korea (Republic of) saw production rise from 66 million metric tons in 2022 to 68 million metric tons in 2023. Mexico's output grew from 18 million metric tons in 2022 to 20 million metric tons in 2023. Russia's production increased from 72 million metric tons in 2022 to 75 million metric tons in 2023. Turkey's production saw significant growth, rising from 35 million metric tons in 2022 to 42 million metric tons in 2023. Vietnam's output went up from 20 million metric tons in 2022 to 21 million metric tons in 2023. Overall, global raw steel production increased from 1,880 million metric tons in 2022 to an estimated 1,900 million metric tons in 2023 thus driving the growth of the steel market.

As per the Australian Bureau of Statistics, in Australia, in the March 2024 quarter, 25,072 new private sector houses were commenced, reflecting a 4.8% increase from December 2023. During the same period, the total sector dwellings reached 39,715, marking a 0.5% rise from the previous quarter. In December 2023, 23,597 new private-sector houses were commenced, with a total of 38,397 dwellings for the entire sector thus will drive demand for construction materials, including steel. This expansion is fuelling the steel industrty, as housing construction projects expand, the need for steel in structural components, reinforcements, and infrastructure will rise, leading to increased steel production.

High demand from the construction, automotive, and infrastructure sectors globally boosts the steel market demand.

• Strong recycling capabilities, making steel one of the most recyclable materials.
• Technological advancements in production, improving efficiency and reducing costs.

High energy consumption in production processes, leads to increased operational costs.

• Volatility in raw material prices, particularly iron ore, and coal, impacting profitability.
• Environmental concerns and emissions regulations create compliance challenges for producers.

Growing demand for sustainable and green steel as industries shift towards eco-friendly practices can boost steel industry growth.

• Expansion in emerging markets with increasing infrastructure and industrialization projects.
• Technological innovations like electric arc furnaces (EAF) offer potential for cost savings and reduced emissions.

Intense global competition, particularly from low-cost producers in China and India.

• Economic slowdowns or geopolitical tensions can lead to reduced demand in key industries.
• Stringent environmental regulations may increase operational costs and limit production capacity.

Key Players in the Global Steel Market and their Key Initiatives

ArcelorMittal S.A.

• Focusing on producing green steel by investing in renewable energy projects to reduce carbon emissions.
• Initiated hydrogen-based steelmaking technologies, aiming to cut carbon footprints to meet the growing demand of the steel market.

Ansteel Group Corporation Limited

• Partnered with Ben Gang Group Corporation to form the world's third-largest steel producer.
• Invested in hydrogen-based steel production technology to reduce carbon emissions.

Nippon Steel Corporation

• Launched a program to achieve carbon neutrality by 2050 through the development of low-carbon steelmaking technologies.
• Expanding its presence in Southeast Asia, acquiring steel plants, and increasing production capacity to capture the steel market opportunities.

HBIS Group Co., Ltd.

• Launched significant projects focused on low-carbon and green steel production to reduce emissions.
• Increased investments in research and development for advanced steel technologies.

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Global Steel Industry Segmentation

“Global 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

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Steel Market Share

The growth of the steel industry is driven by the long steel as it is primarily used in the construction sector, infrastructure development in emerging economies surges the demand for rebars as they provide structural integrity and enhance the durability of the constructions. Steel wire rods have exceptional tensile strength, making them a suitable choice for applications that require robustness and durability. Hence, they are preferred for manufacturing automotive components that are prone to heavy loads and extreme conditions.

Carbon steel is the most widely used type of steel due to its versatility and cost-effectiveness making it suitable for a broad range of applications, including construction, automotive parts, pipelines, and general manufacturing, boosting the steel industry growth. Carbon steel's strength, durability, and ease of production contribute to its widespread use, making it the preferred choice in industries that require large quantities of material at an affordable cost while still meeting essential performance requirements.

The construction industry is the largest consumer of steel globally driving the steel market revenue. Steel's properties, such as high strength, durability, flexibility, and resistance to environmental factors, make it ideal for use in buildings, bridges, railways, pipelines, and other critical infrastructure projects. From reinforced concrete frameworks to structural beams and roofing, steel provides the essential support and long-lasting performance required in modern construction. Its ability to be recycled also adds to its appeal, aligning with sustainability goals in the construction sector. Due to these characteristics, steel remains a fundamental material in the construction industry, far surpassing its usage in other segments like automotive, mechanical engineering, or domestic appliances.

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Leading Companies in the Steel Market

The companies specialise in producing and selling steel products such as billets, cold rolled sheets, colour coating plates, wire rods, thick plates, and heavy rails., and focuses on new materials, new energy, new processes, and green low-carbon manufacturing.

• ArcelorMittal S.A.
• Ansteel Group Corporation Limited
• Nippon Steel Corporation
• HBIS Group Co., Ltd.
• Jiangsu Shagang Group
• POSCO Holding Inc.
• JFE Steel Corporation
• Tata Steel Limited
• Hyundai Steel Co., Ltd
• China Baowu Steel Group Corporation
• Others

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