Global Steel Market Expected to Reach USD 1,289.7 Billion by 2033 - IMARC Group

December 06, 2024 | Chemical & Materials

Global Steel Market Statistics, Outlook and Regional Analysis 2025-2033

The global steel market size was valued at USD 974.4 Billion in 2024, and it is expected to reach USD 1,289.7 Billion by 2033, exhibiting a growth rate (CAGR) of 3.14% from 2025 to 2033.

Steel Market

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The surging sale of automotive vehicles is one of the prominent factors driving the market's growth. For instance, according to the Society of Indian Automobile Manufacturers, total passenger vehicle sales rose from 30,69,523 to 38,90,114 units. In FY-2022-23, sales of passenger cars climbed from 14,67,039 to 17,47,376, utility vehicles from 14,89,219 to 20,03,718, and vans from 1,13,265 to 1,39,020 units, compared to the previous year. Steel's critical role in guaranteeing structural integrity, safety, and lightweight design in automobiles makes it a popular choice among automakers. Automakers are increasingly shifting to innovative high-strength and lightweight steel alloys to improve fuel efficiency and lower emissions in response to changing environmental legislation and consumer demands. This strategic shift has increased the demand for novel steel solutions targeted at the automobile industry. Furthermore, the proliferation of electric vehicles (EVs) and hybrid vehicles emphasizes its significance in battery protection and safety structures. As automakers continue to invest in the development of these sustainable transportation solutions, steel remains an essential component of their production processes. As a result, the rising automotive industry serves as a cornerstone in supporting the expansion of the steel market, stimulating innovation, and maintaining its dominance in different automotive segments.

Moreover, the rising infrastructure development is a major driver of growth in the steel market, as steel remains a fundamental material in construction and engineering projects. The global push for urbanization, modernization of transportation networks, and the construction of residential, commercial, and industrial facilities are fueling demand for structural steel and reinforcing bars. The government's investments in public infrastructure such as bridges, highways, railways, and energy facilities further bolster this trend. For instance, in August 2024, the US government planned to extend the Lobito Corridor, a railway project that extends from Angola to Zambia via the Democratic Republic of Congo, all the way to the Indian Ocean via Tanzania. The railway would connect African countries to global markets, boosting regional trade and economic growth. Also, in July 2024, the national government sanctioned the construction of roads and bridges in Assam and Tripura, with an estimated investment of INR 493 crore. The government approved 42 roads totaling 118.75 km in Tripura as part of the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN), with an estimated cost of INR 114.32 Crore. Additionally, initiatives promoting green buildings and sustainable construction are leveraging advanced steel solutions for their durability and recyclability. This steady expansion of infrastructure projects ensures a sustained demand for steel, solidifying its role as a cornerstone of economic development.

Global Steel Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia-Pacific accounted for the largest market share, owing to the trend of renewable energy projects and the escalating consumer goods demand.

North America Steel Market Trends:

Governments and private entities in North America are investing heavily in modernizing infrastructure, including roads, bridges, airports, and railways. For example, the U.S. infrastructure investment and Jobs Act allocates substantial funding for steel-intensive projects, such as bridge replacements and highway expansions, further driving the demand for steel.

Europe Steel Market Trends:

The European Union's focus on achieving net-zero carbon emissions by 2050 is spurring demand for steel in renewable energy projects. For instance, steel is a critical material in wind turbine towers and foundations, with countries like Germany and Denmark leading in wind energy deployment. Additionally, in April 2022, JFE Steel Corporation and thyssenkrupp Steel Europe (tkSE), Germany’s steel maker, announced the launch of new 980- and 1180MPa-class high-strength steel sheets capable of cold forming for the production of automobile frame components.

Asia-Pacific Steel Market Trends:

Asia-Pacific's commitment to infrastructure development, such as highways, bridges, and commercial real estate developments, drives up product demand, exhibiting a clear dominance in the market. For instance, in August 2024, the Indian Army's Madras Engineering Group completed the construction of a 190-foot-long Bailey bridge to help connect the worst-affected areas of Mundakkai and Chooralmala in Kerala's Wayanad district. This is further propelling the demand for steel. Infrastructure investments help to drive growth in the construction steel market. The automotive industry is a large consumer, requiring metal for car production. The region's strong automotive sector helps to market growth. The region's broad industrial manufacturing sector relies on steel for machinery, equipment, and structural components. The need for metal in industrial industries such as aerospace and machinery production supports market expansion.

Latin America Steel Market Trends:

Latin America is witnessing growth in automotive production, with countries like Mexico and Brazil being key hubs. The increasing adoption of advanced high-strength steel (AHSS) in vehicle manufacturing, especially for safety and fuel efficiency, is bolstering steel demand. Additionally, in Mexico, the automotive industry remains a key driver of steel consumption, as major global automakers, such as Volkswagen, General Motors, and Nissan, continue to expand production, with steel used extensively in vehicle manufacturing.

Middle East and Africa Steel Market Trends:

Rapid urbanization and population growth have led to increased infrastructure projects across the MEA region. Countries like Saudi Arabia and the United Arab Emirates are investing heavily in construction, boosting demand for structural steel. Additionally, the development of the King Salman Park and the Neom city project in Saudi Arabia has created significant demand for steel in both residential and commercial construction.

Top Companies Leading in the Steel Industry

Some of the leading steel market companies include ArcelorMittal S.A., EVRAZ plc, Gerdau S.A., Hyundai Steel Co. Ltd, JFE Steel Corporation (JFE Holdings Inc.), Jiangsu Shagang Group Co. Ltd, Nippon Steel Corporation, Nucor Corporation, Shougang Group Co. Ltd., Tata Steel Ltd. (Tata Group), thyssenkrupp AG, and United States Steel Corporation, among many others. For instance, in July 2023, ArcelorMittal S.A. announced a US$5 Million investment in CHAR technology. Also, in April 2022, JFE Steel Corporation and thyssenkrupp Steel Europe (tkSE), Germany's largest steel manufacturer, introduced new 980- and 1180MPa-class high-strength steel sheets capable of cold forming for the fabrication of vehicle frame components.

Global Steel Market Segmentation Coverage

On the basis of the type, the market has been bifurcated into flat steel and long steel, wherein flat steel represented the largest segment. Flat steel, which includes sheets, plates, and coils, is pivotal in automotive manufacturing, construction, and appliance production.
Based on the product, the market is categorized into structural steel, prestressing steel, bright steel, welding wire and rod, iron steel wire, ropes, and braids, amongst which structural steel represents the largest segment. Structural steel is a cornerstone of construction and infrastructure development. Its high strength and durability make it ideal for building structures, bridges, and other critical infrastructure components.
On the basis of the application, the market has been divided into building and construction, electrical appliances, metal products, automotive, transportation, mechanical equipment, and domestic appliances. Among these, building and construction represented the largest segment. As urbanization, population growth, and infrastructure development continue worldwide, the demand for steel in the building and construction sector remains robust.

Report Features	Details
Market Size in 2024	USD 974.4 Billion
Market Forecast in 2033	USD 1,289.7 Billion
Market Growth Rate 2025-2033	3.14%
Units	Billion USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Type Product Application Region
Types Covered	Flat Steel, Long Steel
Products Covered	Structural Steel, Prestressing Steel, Bright Steel, Welding Wire and Rod, Iron Steel Wire, Ropes, Braids
Applications Covered	Building and Construction, Electrical Appliances, Metal Products, Automotive, Transportation, Mechanical Equipment, Domestic Appliances
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	ArcelorMittal S.A., EVRAZ plc, Gerdau S.A., Hyundai Steel Co. Ltd, JFE Steel Corporation (JFE Holdings Inc.), Jiangsu Shagang Group Co. Ltd, Nippon Steel Corporation, Nucor Corporation, Shougang Group Co. Ltd., Tata Steel Ltd. (Tata Group), thyssenkrupp AG, United States Steel Corporation, etc.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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