Due to the increasing tendency of contractors towards low cost and durable building materials, the demand for steel is rapidly upscaling in upcoming residential projects and industrial infrastructures. This is majorly believed as one of a driving factors in the steel market.
In 2022, the size of the global steel market was estimated to be USD 928 billion. By 2031, it is expected to have grown to USD 1210 billion, with a compound annual growth rate (CAGR) of 3% from 2022 to 2031.
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"The Global Steel Market 2021-2031 (USD Billion)")
In the recent years, the steel market has brought technological advancements introducing pre-engineered metal buildings with high structural integrity reality. However, steel is commonly considered as a prime function in aesthetic appeal, lending stability, and design flexibility. Energy efficient green buildings is also upscaling the demand for steel especially in industrial structures.
Learning the regional outlook of global steel market, the Asia Pacific region is subdued but project high growth rate owing to increasing growth in the Indian market as of 2017 on account of protectionist measures and rising demand. Around 1/3 count of Chinese exports are delivered to countries in Southeast Asia outstanding to anti-dumping policies by western countries, which has promisingly contributed to economic growth and developing infrastructure in the emerging countries.
The global steel market analysis into several classifications including product outlook, application outlook, and regional outlook. Based on the product outlook, the market is driven by hot rolled steel, cold rolled steel, direct rolled steel, tubes, and other profiles. On the basis of application outlook, the market is categorized by pre-engineered metal buildings, primary members, secondary members, roofs & walls, panels, bridges, and industrial structures. Moreover, based on the regional outlook, the market is widely range to North America, U.S., Canada, Europe, Germany, France, UK, Asia Pacific, China, India, Japan, Latin America, Mexico, Brazil, Middle East & Africa, Bahrain, Egypt, Iran, Iraq, Jordan, and Kuwait.
Leading players of the global steel market includes POSCO, Arcelor Mittal, Nippon Steel & Sumitomo Metal, Hyundai Steel, TATA Steel, Wuhan Steel Group, Shougang Group, Metinvest, U.S. Steel, Nucor Corporation, Citic Pacific, IMIDRO, Steel Dynamics, Tianjin Bohai Steel, ThyssenKrupp, JFE, Maanshan Steel, Valin Group, Ansteel Group, Baosteel Group, Gerdau, Severstal, Chinal Steel Corporation, California Steel Industries, and more others.
In 2016, hot rolled products smartly dominated the steel industry with approximately 75% of the volume share. These products are utilized in automobile structures such as wheel, frames, welding, construction trades and more others.
Steel Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | USD 1210 billion |
| Growth Rate | CAGR of 3 % during 2022-2031 |
| Segment Covered | Product, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | POSCO, Arcelor Mittal, Nippon Steel & Sumitomo Metal, Hyundai Steel, TATA Steel, Wuhan Steel Group, Shougang Group, Metinvest, U.S. Steel, Nucor Corporation, Citic Pacific, IMIDRO, Steel Dynamics, Tianjin Bohai Steel, ThyssenKrupp, JFE, Maanshan Steel, Valin Group, Ansteel Group. |
Steel Product Outlook (Volume, Kilo Tons; Revenue, USD Million)
- Hot Rolled Steel
- Cold Rolled Steel
- Direct Rolled Steel
- Tubes
- Other Profiles
Steel Application Outlook (Volume, Kilo Tons; Revenue, USD Million)
- Pre-Engineered Metal Buildings
- Primary Members
- Secondary Members
- Roofs & Walls
- Panels
- Bridges
- Industrial Structures
Steel Regional Outlook (Volume, Kilo Tons; Revenue, USD Million)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Mexico
- Brazil
- Middle East & Africa
- Bahrain
- Egypt
- Iran
- Iraq
- Jordan
- Kuwait
- Libya
- Oman
- Qatar
- Saudi Arabia
- Sudan
- Syria
- Turkey
- United Arab Emirates
Frequently Asked Questions (FAQ) :
The application of the steel market Pre-Engineered Metal Buildings, Bridges, Industrial Structures and other.
The major players are POSCO, Arcelor Mittal, Nippon Steel & Sumitomo Metal, Hyundai Steel, TATA Steel, Wuhan Steel Group, Shougang Group, Metinvest, U.S. Steel, Nucor Corporation, Citic Pacific, IMIDRO, Steel Dynamics, Tianjin Bohai Steel, ThyssenKrupp, JFE, Maanshan Steel, Valin Group, Ansteel Group.
The base year for the report is 2023 in steel market.