Global Steel Industry: Key Statistics and Insights in 2024-2032
Summary:
- The global steel market size reached USD 942.3 Billion in 2023.
- The market is expected to reach USD 1,279 Billion by 2032, exhibiting a growth rate (CAGR) of 3.3% during 2024-2032.
- Asia Pacific leads the market, accounting for the largest steel market share.
- Flat steel accounts for the majority of the market share in the type segment.
- Structural steel holds the largest share in the steel industry.
- Building and construction represents the leading application segment.
- The increasing infrastructure development is a primary driver of the steel market.
- Technological advancements and the applications in the automotive and manufacturing are reshaping the steel market.
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Industry Trends and Drivers:
- Applications in the automotive and manufacturing sectors:
The growing demand for automobiles, particularly electric vehicles (EVs) and hybrid models, is driving the demand for steel in vehicle production. The automotive industry relies on steel for components, such as chassis, frames, and body structures, due to its strength, durability, and cost-effectiveness. Additionally, advancements in lightweight steel alloys are helping manufacturers produce more fuel-efficient vehicles without compromising safety. The manufacturing sector also relies heavily on steel for producing machinery, equipment, and tools used in a wide array of industries, ranging from agriculture to aerospace. The recyclability of steel aligns with the rising emphasis on sustainability within both the automotive and manufacturing industries.
- Technological advancements in steel production:
The adoption of electric arc furnaces (EAFs), which use less energy and produce fewer carbon emissions compared to traditional blast furnaces, is making steel production more environment-friendly and cost-effective. Innovations in the development of high-performance steel alloys are allowing for the creation of lighter, stronger, and more versatile products. These advancements cater to industries like construction, automotive, and aerospace, where the demand for materials with higher performance characteristics is high. The integration of automation, artificial intelligence (AI), and data analytics in steel manufacturing processes is further optimizing production efficiency, reducing waste, and improving precision. This technological progress is enabling steel producers to meet the growing demand in various sectors.
- Infrastructure development:
Nations around the world, especially in emerging markets, are investing heavily in expanding and modernizing their infrastructure. Rapid urbanization is driving the demand for new residential buildings, commercial spaces, transportation networks, and energy facilities, all of which require large amounts of steel. Governments are launching projects to upgrade roads, bridges, railways, and airports to accommodate the growing populations and economic activities. Steel is a crucial material in these projects due to its strength, durability, and versatility. Even in developed countries, aging infrastructure needs to be replaced or improved to meet modern standards and ensure long-term functionality. The focus on sustainability and energy-efficient construction further supports the use of steel in green buildings and smart city initiatives, contributing to the market growth.
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Steel Market Report Segmentation:
Breakup By Type:
- Flat Steel
- Long Steel
Flat steel exhibits a clear dominance in the market accredited to its versatility, strength, and durability.
Breakup By Product:
- Structural Steel
- Prestressing Steel
- Bright Steel
- Welding Wire and Rod
- Iron Steel Wire
- Ropes
- Braids
Structural steel represents the largest segment owing to its ability to offer high strength, sustainability, and speed of erection for large-scale buildings and structures.
Breakup By Application:
- Building and Construction
- Electrical Appliances
- Metal Products
- Automotive
- Transportation
- Mechanical Equipment
- Domestic Appliances
Building and construction hold the biggest market share attributed to the utilization of steel in structural frameworks, reinforcements, and external cladding.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific dominates the market owing to the growing demand for steel in construction, automotive, and infrastructure projects in the region.
Top Steel Market Leaders:
The steel market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
- ArcelorMittal S.A.
- EVRAZ plc
- Gerdau S.A.
- Hyundai Steel Co. Ltd
- JFE Steel Corporation (JFE Holdings Inc.)
- Jiangsu Shagang Group Co. Ltd
- Nippon Steel Corporation
- Nucor Corporation
- Shougang Group Co. Ltd.
- Tata Steel Ltd. (Tata Group)
- thyssenkrupp AG
- United States Steel Corporation
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