Global Steel Market Size, Share, Growth and Trend Analysis Report, 2032

Summary
Market Landscape
Methodology
Table of Contents

Global Steel Market Size, Share & Growth and Trend Analysis Report, By Type, By Product, By Application, and Regional Forecasts (Asia Pacific, Europe, North America, Latin America and Middle East & Africa), 2024 – 2032

As of 2024, the Global Steel Market was valued at approximately USD XX billion and is expected to grow at a CAGR of around 5% during the forecast period. By 2032, the market size is projected to surpass USD XX billion.

Industry Trends

The global steel industry is increasingly adopting low-carbon and hydrogen-based steelmaking technologies to reduce emissions. Companies are investing in Electric Arc Furnaces (EAFs), carbon capture technologies, and hydrogen-based Direct Reduced Iron (DRI) processes to align with sustainability goals. This trend is driven by stricter environmental regulations, carbon pricing mechanisms, and growing demand for sustainable materials in construction and automotive sectors.

The expansion of urban infrastructure, government-led infrastructure investments, and growth in residential and commercial construction are fueling steel demand. Emerging economies, particularly in Asia-Pacific, are experiencing a surge in construction projects, boosting the need for steel in structural frameworks, bridges, and high-rise buildings.

However, the steel industry is highly dependent on raw materials like iron ore, coking coal, and scrap metal. Price volatility in these materials, driven by supply chain disruptions, geopolitical tensions, and mining regulations, impacts steel production costs. Unpredictable input costs pose challenges for manufacturers in maintaining stable profit margins and pricing competitiveness.

Industry Expert’s Opinion

Mark D. Millett, Chairman, President, and Chief Executive Officer, Steel Dynamics

“Our sustainability strategy is an ongoing journey, and we plan to use our entrepreneurial, innovative spirit to continue to be an industry leader."

Frank Mrvan, Congressman

"When we talk about decarbonization, we talk about the ability of our steel industry to thrive. We talk about renewable energy or cleaner energy."

TT Consultants’ Perspective

The steel industry is poised for a transformative decade, marked by sustainability and technological advancements. The rise of green steel production—leveraging hydrogen-based methods—will reshape the market, reducing carbon emissions significantly. Additionally, the growing focus on circular economy principles, including enhanced recycling processes, will define competitive advantages.

While economic slowdowns and fluctuating raw material prices pose challenges, the increasing global infrastructure spending and industrial advancements ensure a robust growth trajectory. Companies investing in AI-driven steel manufacturing, automation, and carbon-neutral production will gain a competitive edge in the evolving market landscape.

Market Segmentation

1. By Type (Carbon steel, Alloy steel, Stainless steel, Tool steel, Structural Steel, Prestressing Steel)

Carbon Steel dominated with over XX% market share in 2024, driven by its affordability and widespread industrial applications. Expected to reach USD XX billion by 2032 with a CAGR of XX%. Alloy Steel is expected to witness a CAGR of XX%, fueled by increasing demand in the aerospace and automotive sectors. Meanwhile, stainless steel is projected to grow at XX% CAGR, thanks to its expanding use in medical, food processing, and high-end construction industries.

2. By Product (Flat and Long)

Flat Steel accounts for nearly XX% of the total steel market and is expected to grow at a XX% CAGR due to its applications in automotive and white goods.
Long Steel is used extensively in construction, this segment will see XX% CAGR, backed by infrastructural developments and is projected to reach USD XX billion by 2032.

3. By End-use Outlook (Construction & Infrastructure, Automotive & Transportation, Mechanical Equipment, Energy Sector and Others)

Construction & Infrastructure contributes over 50% of global steel consumption, with a projected XX% CAGR, reaching USD XX billion by 2032. Automotive & Transportation sector is F=forecasted to grow at XX% CAGR, due to the rising production of electric vehicles (EVs) and lightweight materials with its market valuation expected at USD XX billion. On the other mechanical equipment sector is expected to witness XX% CAGR, with demand from manufacturing and industrial machinery.

4. By Region (Asia Pacific, Europe, North America, Latin America and Middle East & Africa)

Asia Pacific is the largest steel-consuming region, accounting for XX% of the global steel market demand. Driven by rapid urbanization in China and India, with steel demand projected to grow at a CAGR of XX%, the region will be reaching USD XX billion by 2032. Government-led initiatives such as China’s Belt and Road Initiative (BRI) and India’s National Infrastructure Pipeline (NIP) are also contributing to the demand of steel.

The European market is expected to grow at XX% CAGR, supported by green steel initiatives and demand for high-strength steel. Germany and France leading in automotive-grade steel demand, with the regional market expected to reach $XX billion by 2032. On the other hand, North America is anticipated to grow with a XX% CAGR, propelled by investment in sustainable steel production and infrastructure upgrades. U.S. steel sector will be benefitted from the Biden Administration’s Infrastructure Bill, pushing the market to USD XX billion by 2032.

Competitive Scenario

Some of the prominent players in the global steel market include companies such as: 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 and United States Steel Corporation among others.

Strategic Activities

In January 2025: The UK government launched the Steel Council as part of its Steel Strategy, aiming to revitalize the steel industry through a £2.5 billion investment initiative. This move underscores the sector's significance in national defense and economic stability.
In January 2025: AM/NS India introduced Optigal®, a premium color-coated steel brand, in Karnataka. Featuring a 25-year warranty and exceptional corrosion resistance, the product was showcased in Bengaluru, emphasizing its applications in roofing, cladding, and architectural projects. This launch reflects the rising demand for sustainable building materials.
In January 2025: JFE Steel Corporation announced the first-ever sale of its JGreeX green steel to JFE Shoji Pipe & Fitting Corporation (JKK), marking a major milestone for Japan’s steel industry. This collaboration will establish a sales system for small-lot shipments and fast deliveries, enabling JFE Steel to efficiently market and distribute green steel to a broader customer base.
In October 2024: JSW Group signed a Memorandum of Understanding (MoU) with Korea’s POSCO Group to develop an integrated steel plant in India with an initial capacity of 5 million tonnes per annum. The partnership seeks to enhance India’s steel production while exploring ventures in battery materials and renewable energy for electric vehicles. This collaboration is expected to strengthen economic ties and drive sustainability in the steel industry, contributing to India's industrial growth.
In October 2024: JFE Steel Corporation, in partnership with JSW Steel Limited, acquired thyssenkrupp Electrical Steel India Private Limited, a leading producer of electrical steel sheets based in Nashik, Maharashtra. This acquisition aims to boost production of grain-oriented electrical steel sheets (GOES) to meet India's growing power generation demands.
In June 2024: SteelAsia inaugurated Compostela Works, the largest steel mill in the Philippines, with an annual production capacity of 1 million tons. The facility will focus on producing high-strength rebar and welded rebar mesh.
In May 2024: Electra, a startup backed by Bill Gates and Amazon, announced plans for a green steel manufacturing facility in Colorado, U.S. The plant will produce clean metallic iron from high-purity ores using renewable energy.
In May 2024: Tosyali Algeria, a subsidiary of Turkey’s Tosyalı Holding, opened a new flat-rolled steel facility in Algeria. Equipped with Electric Arc Furnace (EAF) technology, the plant has an annual production capacity of 2.2 million tons.