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Report Overview
The global steel market size attained a volume of around 1777.33 MMT in 2025. The market is projected to grow at a CAGR of 2.24% between 2026 and 2035 to reach a volume of nearly 2218.08 MMT by 2035.
Market Size & Forecast
- Market Size in 2025: 1777.33 MMT
- Projected Market Size in 2035: 2218.08 MMT
- CAGR from 2026 to 2035: 2.24%
The growing demand in the steel market is due to the increasing infrastructure investments and expanding sectors including automotive and construction. Rising urbanization needs and an increasing need for durable materials in urban development projects have motivated the growth to a great extent. Since the automotive industry requires high-quality steel products to manufacture vehicles, it plays a significant role in steady growth. Steel usage for the production of components that are quantitatively effective is expected to be driven by the renewable energy sectors, particularly the wind and solar energy industries.
The steel sector is set to grow as global infrastructure investment rises, with a particular emphasis on developing high-performance materials in line with environmental pledges.
2025
Base Year
2019-2025
Historical Period
2026-2035
Forecast Period
Key Steel Company Insights
The Baosteel Group, established in 2000 and located in Shanghai, China, is one of the largest steel producers worldwide. A subsidiary of the Baowu Steel Group, it is one of the largest high-quality steel producers for the automobile, construction, and machinery industries. Baosteel is known for its wide bounds of production and technical modernization.
The largest integrated steel manufacturer in the Middle East, Emirates Steel was established in 1998 and has its headquarters in Abu Dhabi, United Arab Emirates. It produces long steel products for the energy, automotive, and construction industries. Emirates Steel is renowned for being a leader in the domains of luxury sustainability and steel manufacturing innovation, which continuously supports the growth of the region's infrastructure.
JFE Steel Corporation was founded in 2002 with its headquarter located in Tokyo, Japan. The corporation has grown to become an international player in the steel dimension with its premium-quality flat and long steel products. The company largely caters to automotive, construction, and energy sectors. The company has grown to be a dominant player in the global market with the development of advanced steel technology, energy-efficient production, and environmental initiatives.
ArcelorMittal, which was founded in Luxembourg in 2007, has become one of the largest producers of steel. The company serves the automotive, construction, energy, and industrial industries, among others, in more than 60 countries. ArcelorMittal is well known throughout the world for its global presence, technological innovation, and advancements in sustainability within the steel industry.
Key Companies Profiled
- 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
- Baosteel Group
- Emirates Steel
- NUCOR
- Outokumpu
- Thyssenkrupp
- Others
Steel Market Report Snapshots
*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 2025, the global steel market attained a volume of approximately 1777.33 MMT.
The market is projected to grow at a CAGR of 2.24% between 2026 and 2035.
The steel market size is estimated to reach 2218.08 MMT in 2035.
The key driving factors of the market growth are the increasing infrastructure investments and expanding sectors including automotive and construction.
The key trends aiding the market include technological developments such as Industry 4.0, digitalisation, automation, and additive manufacturing in steel production and the growing demand for light weighted steel in automotive sector.
The different types of steel include carbon steel, alloy steel, stainless steel, and tool steel.
Based on application, the market is segmented into building and construction, mechanical engineering, automotive and transportation, metalware, domestic appliances, agricultural, heavy industry, consumer goods, and others.
The competitive landscape consists of 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, Baosteel Group, Emirates Steel, NUCOR, Outokumpu, and Thyssenkrupp, among others.
Based on type, the leading segment considered in the market report is flat steel.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The leading segment considered in the market report is carbon steel, by the product analysis.
Based on application, the leading segment of the global steel market is building and construction.
The key regions considered in the market report are Australia, Canada, Colombia, Africa, and Chile.
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