The global steel market size was estimated at USD
1.47 trillion in 2024 and is projected to grow at a CAGR of 4.6% from 2025 to 2030. This growth is attributed to the rising investments in infrastructure and construction as they require substantial steel for projects. In addition, urbanization and population growth are increasing the demand for housing and commercial buildings, further boosting steel consumption. Furthermore, the automotive and renewable energy sectors are also significant contributors, with a growing need for high-quality steel products.
The global steel market is witnessing transformative trends and drivers that significantly shape its future. A major trend is the focus on sustainability, as steel manufacturers increasingly invest in green technologies to minimize carbon emissions. This includes adopting electric arc furnaces and developing low-carbon steel production methods to align with environmental standards and consumer preferences for eco-friendly products. Digital transformation is also becoming prevalent, the
industry leveraging IoT, AI, and data analytics to enhance operational efficiency and streamline manufacturing processes.
In addition, the shift towards electric vehicles and the need for durable, energy-efficient building materials are driving this demand. The steel industry is experiencing consolidation and strategic partnerships, as companies merge or join forces with tech firms to boost competitiveness and innovate production processes.
Infrastructure development is crucial as global investments in infrastructure are projected to grow notably with steel being a key material in these projects. The automobile industry’s growth, especially with the rise of EV’s, is also a significant factor, as evidenced by the IEA’s forecast of over 10 mio EV sales in 2022. The UN estimates that by 2050, 68% of the global population will reside in urban areas, necessitating substantial steel use in construction.
The long steel segment dominated the global steel industry and accounted for the largest revenue share of 54.1% in 2024, primarily driven by increasing construction and infrastructure activities worldwide. As urbanization accelerates and population levels rise, demand for long steel products, such as rebar and structural sections, continues to expand. In addition, major investments in infrastructure projects, including roads, bridges, and utilities, further contribute to this growth. Furthermore, industrialization in emerging economies plays a significant role in boosting the consumption of long steel products across various sectors.
The flat steel is expected to grow at a CAGR of 4.6% over the forecast period, owing to the rising demand from diverse industries, particularly automotive and construction. The shift towards electric vehicles necessitates high-strength flat steel for lightweight and energy-efficient designs. In addition, the construction sector’s focus on sustainable building materials drives the need for flat steel products. Furthermore, technological advancements in manufacturing processes also enhance product quality and efficiency, making flat steel more appealing. Moreover, strategic partnerships among steel manufacturers and technology firms are fostering innovation and expanding market reach within this segment.
The Asia Pacific Steel Market, dominated the global market and accounted for the largest revenue share of 54.8% in 2024. This growth is attributed to the extensive infrastructure development and urbanization. Countries such as China and India are investing heavily in construction projects, including highways, bridges, and commercial buildings, which significantly increases steel demand. In addition, the booming automotive industry requires substantial steel for vehicle production. Moreover, the region’s diverse manufacturing sector, coupled with a growing emphasis on renewable energy
projects, further propels the demand for steel, solidifying Asia Pacific’s position as a global leader in steel consumption.
The Steel Market in China led the Asia Pacific market and accounted for the largest revenue share in 2024, driven by experiencing significant growth due to the government’s focus on infrastructure expansion and modernization. Furthermore, China’s commitment to reducing carbon emissions is leading to advancements in low-carbon steel production technologies. Moreover, the automotive sector’s rapid development, particularly in electric vehicles, also contributes to improved demand for high-quality steel products, strengthening China’s dominance in the global steel market.
Europe Steel Market Trends
Europe steel market is expected to grow at a CAGR of 5.2% over the forecast period, owing to a strong emphasis on innovation and sustainability. European countries are investing in modernizing their steel production processes to enhance energy efficiency and reduce carbon footprints. In addition,
the automotive industry remains a significant consumer of steel products, particularly high- strength materials needed for lightweight vehicles. Furthermore, ongoing research and development initiatives within the region foster continuous improvement in production procedures and product quality, ensuring Europe’s competitiveness in the global steel market.
North America Steel Market Trends
The steel market in North America is expected to grow significantly over the forecast period, driven by substantial investments in infrastructure and construction projects. The U.S. government has implemented initiatives aimed at revitalizing aging infrastructure, which significantly boosts steel demand across various sectors. Furthermore, the resurgence of manufacturing activities and reshoring efforts contribute to increased consumption of domestic steel products. Moreover, as industries prioritize sustainability, there is a growing trend toward using recycled steel materials, further enhancing the market’s appeal within North America.
U.S. Steel Market Trends
The U.S. Steel market led the North American market and accounted for the largest revenue share in 2024, due to robust construction activities and
federal investments aimed at infrastructure improvement. In addition, the ongoing expansion of manufacturing sectors such as automotive and aerospace also fuels demand for high-quality steel products. Furthermore, initiatives promoting green building practices are increasing interest in sustainable steel solutions that meet environmental standards while supporting economic growth.
Key Steel Companies:
The following are the leading companies in the Steel Market. These companies collectively hold the largest market share and dictate industry trends:
-Arcelor Mittal
-Baosteel Group
-Emirates Steel
-JFE Steel Corporation
-Nippon Steel Corporation
-NUCOR
-Outokumpu
-POSCO
-Tata Steel
-Thyssenkrupp
Steel Market Scope
-Market Size value in 2025 : US$1.53 trillion
-Revenue Forecast in 2030 – US$1.92 trillion Growth Rate – CAGR of 46% from 2025 to 2030
-Base year of estimation: 2024
-Forecast period : 2025 – 2030
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