Steel - Global Strategic Business Report

The global market for Steel was sized at 1.8 Billion Metric Tons in 2024 and is projected to reach 2.2 Billion Metric Tons by 2030, growing at a CAGR of 2.9% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Steel Market - Key Trends and Drivers Summarized

Why Is Steel the Backbone of Modern Infrastructure?

Steel emerged as an essential material with applications spread across numerous industries, ranging from construction and machinery to automotive, shipbuilding, oil and gas infrastructure, and household appliances. Its versatility and recyclability cemented its role as a cornerstone of industrial production. This exploration delves into the indispensable nature of steel, its historical evolution, and its promising future. Steel's significance in the modern world cannot be overstated; it forms the structural framework of skyscrapers, bridges, railways, and ships. The alloy's adaptability allows it to meet the demanding requirements of various sectors, including energy, petrochemicals, and domestic applications. Its widespread use in everyday life, from kitchen utensils to automotive parts, highlights its ubiquity and importance. Furthermore, steel's recyclability contributes to its sustainable use, as it can be melted down and repurposed without loss of quality, supporting circular economy principles. This unique combination of durability, strength, and sustainability positions steel as a fundamental material in global industrial activities.

What Makes Steel So Versatile?

Steel is an alloy of iron known for its remarkable malleability, typically produced from iron ore, coal, and limestone. It can be cast directly into various shapes or processed into ingots, which are then forged, extruded, or rolled into desired forms. Significant transformations occurred in the steel industry during the 1980s and 1990s, focusing on creating lighter, stronger, and more versatile steel products. Technological advancements, which include high-tech rollers, electronic sensors, and computer monitors, considerably enhanced quality control and production efficiency. Today, steel production spans around 90 countries, benefiting from its infinite recyclability and technological innovations that halved energy consumption in production over the past three decades. The industry's commitment to innovation led to the development of high-strength steel, which is both lighter and stronger, enabling more efficient use in construction and manufacturing. This progress is instrumental in reducing the material's environmental footprint, as modern steel production methods are significantly more energy-efficient and produce fewer emissions. As a result, steel continues to be a preferred material for a wide range of applications, from large infrastructure projects to intricate machinery parts.

How Does Steel's Composition Influence Its Properties?

Steel's unique properties are influenced by its composition, blending iron with elements like manganese, carbon, sulfur, silicon, nickel, chromium, phosphorus, vanadium, and molybdenum. The carbon content directly affects steel's hardenability. Mild steel, with a low carbon content, is less hardenable, while high carbon steels, containing up to 1.5% carbon, are significantly harder. Alloy steels, with up to 2.5% carbon, offer varied properties for different applications. The steel industry's resilience and adaptability are evident through continuous technological advancements and strategic restructuring, focusing on producing high-strength, lightweight steel, which opened new avenues for application in sectors emphasizing sustainability and efficiency. The diverse range of steel products, from specialty long steel to flat steel, caters to specific industrial needs. For instance, specialty long steel, though comprising a small percentage of total production, is highly specialized and offers stable margins due to its superior quality. This segmentation within the steel industry allows for targeted innovation and the development of steel grades that meet the precise demands of different sectors, ensuring that steel remains a versatile and indispensable material.

What Drives Growth in the Steel Market?

The growth in the steel market is driven by several factors. Increasing construction and infrastructure development projects, especially in emerging economies, are primary growth drivers. These projects, along with rising manufacturing activities and automotive sector expansion, are creating robust demand for steel. Investments in R&D are leading to innovative, high-strength steel products that cater to the aerospace and automotive industries' need for durable and lightweight materials. The adoption of advanced technologies like digitalization and automation is enhancing production efficiency and cost savings. Additionally, geopolitical factors, trade policies, and the cost of raw materials significantly influence steel prices globally. Overall, the steel industry is set to thrive through strategic investments in efficiency improvements, technological advancements, and a strong focus on sustainability. Innovations such as carbon capture and storage (CCS) technologies and the development of green steel, produced using renewable energy sources, are paving the way for a more sustainable future. Furthermore, the industry is increasingly leveraging digital tools like artificial intelligence (AI) and the Internet of Things (IoT) to optimize production processes, reduce waste, and improve product quality. These advancements are not only helping the industry meet stringent environmental regulations but also positioning it to meet the growing demand for steel in a more sustainable and efficient manner. As global economies continue to recover and expand, the steel industry's ability to innovate and adapt will be crucial in maintaining its growth trajectory and meeting the evolving needs of its diverse customer base.

Scope of the Study

The report analyzes the Steel market, presented in terms of market value (US$ Thousand). The analysis covers the key segments and geographic regions outlined below.

Segments:

End-Use (Construction End-Use, Machinery End-Use, Transportation End-Use, Metal Goods End-Use, Household Appliances End-Use, Other End-Uses).

Geographic Regions/Countries:

World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Turkey; Rest of Europe; Asia-Pacific; India; South Korea; Taiwan; Rest of Asia-Pacific; Latin America; Brazil; Mexico; Rest of Latin America; Middle East; Africa.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Construction End-Use segment, which is expected to reach 963.3 Million Metric Tons by 2030 with a CAGR of a 2.6%. The Machinery End-Use segment is also set to grow at 2.9% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, sized at 90.4 Million Metric Tons in 2024, and China, forecasted to grow at an impressive 3.3% CAGR to reach 1.1 Billion Metric Tons by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players such as Ansteel Group Corporation Ltd., ArcelorMittal S.A., China BaoWu Steel Group Corporation Limited, Delong Metal Product Co., Ltd., EVRAZ plc and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Steel Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Steel Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Steel Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Some of the 187 major companies featured in this Steel market report include:

• Ansteel Group Corporation Ltd.
• ArcelorMittal S.A.
• China BaoWu Steel Group Corporation Limited
• Delong Metal Product Co., Ltd.
• EVRAZ plc
• Fangda Special Steel Technology Co., Ltd
• Gerdau S.A.
• HBIS Group
• HYUNDAI Steel Company
• JFE Steel Corporation
• Jiangsu Shagang Group
• JSW Steel Limited
• Nippon Steel Corporation
• Nucor Corporation
• POSCO
• Riva Group
• Rizhao Steel Holding Group Co.,Ltd.
• Shagang Group
• Shougang Group Co., Ltd.
• Steel Authority of India Limited (SAIL)
• Tata Steel Europe Ltd.
• Tata Steel Group
• thyssenkrupp Steel Europe AG
• United States Steel Corporation