Global Steel Market Size, Share & Trends Analysis Report, by Product Type, by End-user, By Region Forecasts, 2024 – 2032

Global Steel Market Size, Share & Trends Analysis Report, by Product Type, by End-user, By Region Forecasts, 2024 – 2032

Global Steel Market was valued at US $ 1.6 trillion in 2023 and is expected to reach US $ 2.3 trillion by 2032 growing at a CAGR of 4.2% during the forecast period 2024 – 2032.

An essential commodity with a wide range of uses in the building, automotive, infrastructure, manufacturing, and energy sectors is steel, an alloy mostly made of iron and carbon. The manufacturing of steel through metallurgical processes, the mining and processing of raw materials like coal and iron ore, and the supply chain systems that get steel products to consumers are all part of the steel market. It is distinguished by the large number of manufacturers, distributors, and buyers involved in the exchange of different steel shapes, such as sheets, coils, bars, and tubes. Global demand trends, government regulations, technical breakthroughs, and economic situations all have an impact on market dynamics.

The steel industry is growing rapidly because of investments in renewable energy, especially solar and wind power. Steel appears as a basic component in the development of essential parts in the field of renewable energy. Steel is necessary for the tall towers, supporting towers, and extremely strong blades of wind turbines, which are essential for generating electricity from wind. In a similar vein, sturdy steel structures that offer stability and endurance support solar panel installations. Steel is extensively used in the transmission infrastructure, which includes substations and transmission towers, to guarantee the smooth distribution of renewable energy. The need for steel in this industry is still rising as governments throughout the world support renewable energy with favourable laws and incentives. Furthermore, the development of specialty steel alloys designed to satisfy the particular requirements of these applications is fueled by continuous technological developments in renewable energy solutions. The mutually beneficial association between investments in renewable energy and the steel industry highlights the crucial role that steel plays in propelling the worldwide shift towards sustainable and environmentally friendly energy sources.

“Carbon Steel segment, by product type, to be dominating market from 2023 to 2030.”

With a staggering 90% of the world's steel production, carbon steel dominates the market. With a 4.5% CAGR, tool steel is predicted to increase at the quickest rate. Thanks to its excellent mechanical qualities, affordability, and extraordinary versatility, carbon steel continues to hold a dominant position in the steel industry. Known for its versatility in manufacturing and fabrication methods, carbon steel is used extensively in a wide range of industries, such as construction and automotive, where cost-performance must be balanced. Along with the abundance and ready availability of raw resources, its strength, durability, and superior weldability further strengthen its supremacy in the industry.

“Construction segment, by application, to be dominating market from 2023 to 2030.”

With construction making up around 43.46% of the world's steel demand, construction is by far the biggest user of steel. With a predicted CAGR of 4.9%, the steel consumer segment with the quickest rate of growth is infrastructure. Due to the convergence of several critical elements, the steel market's fastest-growing end-user segment is infrastructure, with construction taking the lead. The increasing need for housing, commercial spaces, and necessary infrastructure is driven by the continuous global urbanisation wave and population growth, all of which require significant amounts of steel.

“Asia Pacific to be largest region in Steel market.”

Asia-Pacific presently holds a 59.4% market share, leading the worldwide REE industry. Although Asia Pacific is the largest market overall, Africa is the region with the greatest rate of growth. With a predicted CAGR of 6.1%, the steel market on this continent is promising. Propelled by a convergence of variables generating unprecedented demand, the Asia-Pacific (APAC) region has emerged as the worldwide leader and the fastest-growing force in the steel market. The building and infrastructure industries have an insatiable need for steel due to rapid industrialization and urbanisation, especially in nations like China and India. The region's growth narrative has been characterised by booming infrastructure development, including large-scale energy, transportation, and urban planning projects, which has resulted in a significant need for steel.

Steel Competitive Landscape

The competitive landscape of the Steel market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Steel technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Steel market is highly competitive, with numerous companies vying for market share. Prominent companies in the Steel Market include:

Major Players:

China Baowu Steel Group Corporation, Steel Authority of India Ltd. (SAIL), ArcelorMittal S.A., IMIDRO, Nippon Steel Corporation, LIUZHOU STEEL, Shagang Group, Hyundai Steel, HBIS Group, Fangda Steel, POSCO Holdings Inc., Nucor Corporation, JIANLONG GROUP, JSW Steel Limited, Shougang Group, TATA STEEL LIMITED, JFE Steel Corporation, Delong Steel, Hunan Steel Group.

Recent Developments:

ArcelorMittal (December 15, 2023): Established a strategic partnership with Google Cloud to develop cutting-edge artificial intelligence (AI) solutions targeted at reducing emissions in the steel industry.

Nippon Steel (December 8, 2023): In an effort to achieve almost zero CO2 emissions, the company teamed up with the University of Tokyo to investigate novel developments in blast furnace technology.

Tata Steel (December 5, 2023): At its site in the Netherlands, the company successfully brought Europe's first hydrogen-powered electric arc furnace for steel manufacturing online.

Galvanova, a 55% aluminum-zinc alloy coated product, is the new brand of coated products that Tata Steel has introduced to meet the changing needs of Emerging Corporate Accounts (ECAs) and Medium and Small Scale Enterprises (MSMEs). The company's strategy to expand its portfolio with an emphasis on appliances and the solar industry includes the introduction of Galvanova, a new generation of steel. The purpose of this product is to satisfy the changing requirements of the micro-segments. Galvanova is a corrosion-resistant substance that is resistant to all weather conditions and has a unique metallic shimmer that is white in color. This eco-friendly product offers cutting-edge protection and is resistant to scratches. The brand's credibility is increased by its anti-finger print coating and brand marking. When compared to standard galvanized steel, the product's double layer of protection and superior heat insulation capabilities allow for a lifespan that can be up to four times longer.