The Crude Steel Market size is estimated at 2.12 Billion tons in 2024, and is expected to reach 2.62 Billion tons by 2029, growing at a CAGR of 4.33% during the forecast period (2024-2029).
COVID-19 negatively impacted the market in 2020. Owing to the COVID-19 pandemic, the global sales of all vehicles in 2020 declined. Still, the market recovered in 2021, thereby enhancing crude steel consumption in the manufacturing of different automotive parts. In 2021, the demand for oil steel increased due to an increase in demand in various industries such as construction, tools and machinery, energy, transportation, and others.
The market studied is fragmented, with moderately high competition among the market players to increase their shares. Some of the key companies in the market (in no particular order) include China BaoWu Steel Group Corporation Limited, ArcelorMittal, Nippon Steel Corporation, HBIS GROUP, and Shagang Group.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook