Consumer Insights
Uncover trends and behaviors shaping consumer choices today
Procurement Insights
Optimize your sourcing strategy with key market data
Industry Stats
Stay ahead with the latest trends and market analysis.
Report Overview
The global steel market size reached around 1,799.6 MMT in 2023. The market is projected to grow at a CAGR of 1.63% between 2024 and 2032 to reach a volume of nearly 2,086.8 MMT by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Steel Market Analysis by Region
The Asia Pacific region is anticipated to hold a dominant position in the market in the coming years. China stands as a prominent player in the market, driven by the stabilised real estate market and the growth of other steel-consuming sectors such as vehicles, ships and home appliances.
In 2022, China produced about 1,017 million tons of crude steel. A majority of China's steel production is concentrated in coastal regions, including Hebei, Liaoning, Shandong, Tianjin, and Jiangsu Province.
The Europe steel market, meanwhile, is being driven by the presence of numerous steel plants in the region. Within the 22 member states of the EU, there is an extensive network of over 500 steel production sites. Integrally connected to the manufacturing and construction sector, steel plays a key role in fostering development growth and employment in the region. The construction sector output in the EU rebounded by 5.9% in 2021 from 2020.
On the other hand, the Middle East and Africa region holds a significant position due to the rising investments in the automotive, construction, and infrastructure development sectors. The transition from fossil fuels to a hydrogen economy, the need to accommodate the growing population, and infrastructure development activities in this region further drive the steel market expansion. Besides, various ongoing projects, such as NEOM, the Red Sea Project, Qiddiya, and other residential and tourism projects, necessitate steel application.
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.*
Looking for specific insights?
Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!
Key Questions Answered in the Report
In 2023, the global steel market attained a volume of approximately 1,799.6 MMT.
The market is projected to grow at a CAGR of 1.63% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032, reaching a volume of around 2,086.8 MMT by 2032.
The major drivers include the growth in infrastructural activities, construction of railways, ports, roads, airports and housing globally, and recyclability of steel.
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 construction, mechanical engineering, automotive, metalware, domestic appliances, agricultural, 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, and China Baowu Steel Group Corporation, among others.
By product, the market is divided into long steel and flat steel.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Purchase Full Report
Datasheet
- Selected Sections, One User
- Printing Not Allowed
- Email Delivery in PDF
Free Limited CustomisationPost Sales Analyst Support50% Discount on Next Update
Single User License
One User
- All Sections, One User
- One Print Allowed
- Email Delivery in PDF
Free Limited CustomisationPost Sales Analyst Support50% Discount on Next Update
Five User License
Five Users
- All Sections, Five Users
- Five Prints Allowed
- Email Delivery in PDF
- Free Limited Customisation
- Post Sales Analyst Support
50% Discount on Next Update
Corporate License
Unlimited Users
- All Sections, Unlimited Users
- Unlimited Prints Allowed
- Email Delivery in PDF + Excel
- Free Limited Customisation
- Post Sales Analyst Support
- 50% Discount on Next Update
How To Order
Our step-by-step guide will help you select, purchase, and access your reports swiftly, ensuring you get the information that drives your decisions, right when you need it.
Select License Type
Choose the right license for your needs and access rights.
Click on ‘Buy Now’
Add the report to your cart with one click and proceed to register.
Select Mode of Payment
Choose a payment option for a secure checkout. You will be redirected accordingly.
Strategic Solutions for Informed Decision-Making
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Connect For More Information
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.
Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.
We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.
- Our Insights Store:
-
Industry Statistics
-
Procurement Insights
-
Consumer Insights
Our Offices
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
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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