Steel Products Market Report 2026

The steel products market size has grown steadily in recent years. It will grow from $450.21 billion in 2025 to $464.48 billion in 2026 at a compound annual growth rate (CAGR) of 3.2%. The growth in the historic period can be attributed to growth in construction and infrastructure projects, expansion of automotive manufacturing, rising demand from packaging industry, increasing energy sector requirements, adoption of conventional rolled and drawn steel products.

The steel products market size is expected to see steady growth in the next few years. It will grow to $545.84 billion in 2030 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to increasing adoption of specialty and high-strength steel, growth in renewable energy and power projects, expansion in automotive and transportation segments, implementation of automated and digital steel processing, rising demand from oil and gas pipelines and tubular steel applications. Major trends in the forecast period include rising adoption of advanced steel rolling and drawing techniques, integration of automation and robotics in steel manufacturing, growing focus on high-strength and specialty steel products, implementation of smart steel production and monitoring systems, increasing demand for steel products in energy and infrastructure.

The expansion of the manufacturing sector is poised to stimulate the growth of the steel products market in the coming years. The manufacturing sector encompasses a wide range of economic activities involved in converting raw materials, components, or parts into finished goods or products. Steel serves as a fundamental raw material in numerous manufacturing processes, finding extensive use in machinery, automobiles, construction materials, consumer appliances, and various other products. For example, according to a report from the National Association of Manufacturers (NAM), manufacturing value-added output increased from an all-time high of $2.905 trillion in the first quarter to $2.895 trillion in 2023, growing at an annual pace in the fourth quarter. Manufacturing contributed 10.9% of the value-added output in the first quarter of the US economy. Hence, the expansion of the manufacturing sector is a driving force behind the growth of the steel products market.

Leading companies in the steel products market are actively developing innovative products, such as heavy gauge steel plates, to expand their customer bases, increase sales, and boost revenue. Heavy gauge steel plates are steel plate materials that are 3 inches thick or thicker. For example, Nucor Corporation, a US-based steel production company, introduced 'Elcyon' in January 2023. Elcyon is an environmentally friendly thick gauge steel plate product designed to meet the rising demands of American offshore wind energy producers involved in constructing vital infrastructure for the green economy. This product stands out due to its creation using Nucor's clean and modern steel manufacturing process, utilizing recycled scrap as the primary raw material. A comparison with competitors' products reveals that Elcyon offers larger plate dimensions, superior weldability, and exceptional fracture toughness. It is set to play a pivotal role in the supply chain for building the nation's offshore wind infrastructure.

In July 2024, Cleveland Cliffs Inc., a U.S.-based integrated steel producer and supplier of flat-rolled steel products for the automotive, construction, and industrial sectors, acquired Stelco Holdings Inc. for $2.5 billion. Through this acquisition, Cleveland Cliffs expanded its steel production capacity and reinforced its position in the flat-rolled steel segment across North America, gaining advanced manufacturing facilities and a broader product portfolio. Stelco Holdings Inc. is a Canada-based integrated steel manufacturer producing a variety of flat-rolled and value-added steel products, including hot-rolled, cold-rolled, and coated steel, serving multiple end-use markets.

Major companies operating in the steel products market report are Angang Steel Company Limited, Steel Authority of India Limited, SSAB AB, Nucor Corp, Compagnie de Saint-Gobain S.A., Saint-Gobain S.A., Nippon Steel & Sumitomo Metal Corporation, Kobe Steel Ltd., Vallourec SA, Voestalpine AG, Mechel PAO, Nippon Steel Corporation, HBIS Group, POSCO, Shagang Group, Ansteel Group, JFE Steel Corporation, Tata Steel, Shougang Group Co. Ltd., Shandong Iron and Steel Group Co Ltd., Baosteel Group, Wuhan Iron and Steel Corporation, Maanshan Iron and Steel Company Limited, Gerdau S.A., Steel Dynamics Inc., ThyssenKrupp AG, United States Steel Corporation, JSW Steel Limited, Severstal, Evraz Plc, Novolipetsk Steel, Hyundai Steel, Essar Steel, Rizhao Steel, CITIC Limited, China Fangda Group, Guangxi Liuzhou Iron and Steel Group, Inner Mongolia Baotou Steel Union Co. Ltd.

Asia-Pacific was the largest region in the steel products market in 2025. Western Europe was the second-largest region in the steel products market. The regions covered in the steel products market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the steel products market are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The steel products market consists of sales of steel plates, steel wire rope, structural steel, hot-rolled steel, and cold-rolled steel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 1-3 business days.