Global Steel Manufacturing Market Research Report 2024(Status and Outlook)

Global Steel Manufacturing Market Research Report 2024(Status and Outlook)

Report Overview

Steel is the main engineering material used in industries such as Construction, Automotive, Transport, Power, Mechanical Machinery, Metal Goods, and Domestic Appliances. It is also the main material utilized in delivering renewable energy such as solar, tidal, and wind power. Steel is composed of iron, carbon, impurities, and alloying elements, the combination of which determines the properties of the steel.

In the steel manufacturing market, key trends include the development of advanced steel grades like HSLA and AHSS, which enhance performance and safety. Sustainability is gaining prominence, driven by electric arc furnaces, hydrogen use, and carbon capture technologies. The circular economy and recycling are promoting material reuse and waste reduction. Energy efficiency and cost reduction are also critical, with advancements in energy management and digital technologies helping to lower operational costs and environmental impact.

The global Steel Manufacturing market size is projected to reach US$ 1,830,582 Million by 2030 from US$ 1,394,723 million in 2023 at a CAGR of 3.88% during 2024-2030. The steel manufacturing market is driven by several key factors. Innovation in steel applications enhances performance and efficiency across industries, expanding market opportunities. Technological advancements, such as electric arc furnaces and hydrogen-based steelmaking, are improving efficiency and reducing emissions. Sustainability and environmental regulations are pushing the industry towards greener practices, while urbanization and infrastructure development are increasing demand for steel in construction and smart city projects.

However, the Steel Manufacturing industry faces significant challenges including competition from lightweight materials and composites, which offer superior performance characteristics. Harsh operational environments lead to safety and maintenance issues, while a shortage of skilled workers impedes productivity and technological adoption. Geopolitical instability disrupts supply chains and trade, impacting raw material access and increasing production costs.

Segment by Type, the Steel Manufacturing market can be divided into Carbon Steel, Alloy Steel, Stainless Steel and Tool Steel. In the steel manufacturing market, Carbon Steel dominates with a 69.47% share in 2023 and a CAGR of 2.77% from 2024 to 2030, reflecting its broad application across various industries. Alloy Steel follows with a 7.34% share and a CAGR of 2.90%, indicating steady growth in specialized applications. Stainless Steel holds a 3.52% share, growing at 2.98% annually, driven by its corrosion resistance in demanding environments. Tool Steel, with a 1.25% share, is expanding at the highest CAGR of 3.59%, due to its critical role in manufacturing high-performance tools and machinery.

By application, the Steel Manufacturing market can be split into Building and Infrastructure, Mechanical Equipment, Automotive, Metal Products, Other Transport and Domestic Appliances. In the steel manufacturing market, the Building and Infrastructure segment dominates with a 52.32% share in 2023 and is expected to grow at a CAGR of 3.03% from 2024 to 2030, indicating steady demand driven by ongoing urbanization and infrastructure development. The Mechanical Equipment segment holds a 15.99% share, with a CAGR of 2.83%, reflecting moderate growth as industrial machinery continues to evolve. The Automotive sector, with a 12.00% share and a similar growth rate of 2.83%, shows stable expansion due to ongoing advancements in automotive technology and increasing demand for high-strength materials. The Metal Products segment, at 9.67%, and the Other Transport segment, at 4.97%, both exhibit moderate growth rates of 2.57% and 3.14% respectively, driven by evolving transport and logistics needs. The Domestic Appliances segment, with a minimal 1.98% share, is expected to grow at a CAGR of 3.03%, suggesting niche but steady demand in this area.

On basis of geography, the Steel Manufacturing market is segmented into North America, Europe, Asia-Pacific, South America, Middle East and Africa, etc. In the steel manufacturing market by geography, Asia-Pacific leads with a dominant 71.64% share in 2023, reflecting its extensive industrial base and high demand for steel in construction and manufacturing. Europe holds a 13.45% share, showing significant but more moderate market presence, driven by advanced infrastructure and automotive sectors. North America contributes 7.47%, indicating substantial demand, particularly in automotive and construction, but with less emphasis compared to Asia-Pacific. South America and Middle East & Africa have smaller shares of 2.33% and 5.10% respectively, highlighting emerging opportunities and growth potential in these regions.

According to our estimation, the global Steel Manufacturing market has a low level of market concentration, and the manufacturers in the market as a whole are not in fierce competition in the market. One evidence is that the CR5 and HHI of the market in 2023 are 25.05% and 1.71%, respectively, which shows a moderate market concentration. Currently, the key players in the market include China Baowu Group, ArcelorMittal, Ansteel Group, Nippon Steel Corporation, HBIS Group, Shagang Group, POSCO Holdings, Jianlong Group, Shougang Group, Tata Steel Group, Delong Steel, JSW Steel Limited, JFE Steel Corporation, Hunan Steel Group, Nucor Corporation, Fangda Steel, Shandong Steel Group, Hyundai Steel, Steel Authority of India Ltd. (SAIL), Rizhao Steel and Liuzhou Iron and Steel.

This report provides a deep insight into the global Steel Manufacturing market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, value chain analysis, etc.

The analysis helps the reader to shape the competition within the industries and strategies for the competitive environment to enhance the potential profit. Furthermore, it provides a simple framework for evaluating and accessing the position of the business organization. The report structure also focuses on the competitive landscape of the Global Steel Manufacturing Market, this report introduces in detail the market share, market performance, product situation, operation situation, etc. of the main players, which helps the readers in the industry to identify the main competitors and deeply understand the competition pattern of the market.

In a word, this report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Steel Manufacturing market in any manner.

Global Steel Manufacturing Market: Market Segmentation Analysis

The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.

Key Company

China Baowu Group

ArcelorMittal

Ansteel Group

Nippon Steel Corporation

HBIS Group

Shagang Group

POSCO Holdings

Jianlong Group

Shougang Group

Tata Steel Group

Delong Steel

JSW Steel Limited

JFE Steel Corporation

Hunan Steel Group

Nucor Corporation

Fangda Steel

Shandong Steel Group

Hyundai Steel

Steel Authority of India Ltd. (SAIL)

Rizhao Steel

Liuzhou Iron and Steel

Market Segmentation (by Type)

Carbon Steel

Alloy Steel

Stainless Steel

Tool Steel

Others

Market Segmentation (by Application)

Building and Infrastructure

Mechanical Equipment

Automotive

Metal Products

Other Transport

Domestic Appliances

Others

Geographic Segmentation

North America (USA, Canada, Mexico)

Europe (Germany, UK, France, Russia, Italy, Rest of Europe)

Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)

South America (Brazil, Argentina, Columbia, Rest of South America)

The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Key Benefits of This Market Research:

Industry drivers, restraints, and opportunities covered in the study

Neutral perspective on the market performance

Recent industry trends and developments

Competitive landscape & strategies of key players

Potential & niche segments and regions exhibiting promising growth covered

Historical, current, and projected market size, in terms of value

In-depth analysis of the Steel Manufacturing Market

Overview of the regional outlook of the Steel Manufacturing Market:

Key Reasons to Buy this Report:

Access to date statistics compiled by our researchers. These provide you with historical and forecast data, which is analyzed to tell you why your market is set to change

This enables you to anticipate market changes to remain ahead of your competitors

You will be able to copy data from the Excel spreadsheet straight into your marketing plans, business presentations, or other strategic documents

The concise analysis, clear graph, and table format will enable you to pinpoint the information you require quickly

Provision of market value (USD Billion) data for each segment and sub-segment

Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players

The current as well as the future market outlook of the industry concerning recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis

Provides insight into the market through Value Chain

Market dynamics scenario, along with growth opportunities of the market in the years to come

6-month post-sales analyst support

Chapter Outline

Chapter 1 mainly introduces the statistical scope of the report, market division standards, and market research methods.

Chapter 2 is an executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the Steel Manufacturing Market and its likely evolution in the short to mid-term, and long term.

Chapter 3 makes a detailed analysis of the market's competitive landscape of the market and provides the market share, capacity, output, price, latest development plan, merger, and acquisition information of the main manufacturers in the market.

Chapter 4 is the analysis of the whole market industrial chain, including the upstream and downstream of the industry, as well as Porter's five forces analysis.

Chapter 5 introduces the latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.

Chapter 6 provides the analysis of various market segments according to product types, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.

Chapter 7 provides the analysis of various market segments according to application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.

Chapter 8 provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.

Chapter 9 introduces the basic situation of the main companies in the market in detail, including product sales revenue, sales volume, price, gross profit margin, market share, product introduction, recent development, etc.

Chapter 10 provides a quantitative analysis of the market size and development potential of each region in the next five years.

Chapter 11 provides a quantitative analysis of the market size and development potential of each market segment (product type and application) in the next five years.

Chapter 12 is the main points and conclusions of the report.