Dublin, Feb. 11, 2025 (GLOBE NEWSWIRE) — The “Steel – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
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.
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. 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 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.
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.
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.
Segments:
- Construction
- Machinery
- Transportation
- Metal Goods
- Household Appliances
- Other End-Uses
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 632 |
| Forecast Period | 2024 – 2030 |
| Estimated Market Value in 2024 | 1.8 Billion Metric Tons |
| Forecasted Market Value by 2030 | 2.2 Billion Metric Tons |
| Compound Annual Growth Rate | 2.9% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Global Economic Outlook
- Navigating the Global Economic Landscape: 2024 and Beyond
- Resilient Steel: Navigating Recovery and Growth in a Post-Pandemic World
- Competitive Scenario: Steel Titans Unite: The Future of Global Steel Through Consolidation and Innovation
- Leading Steel Producing Companies (2023): Percentage Share Breakdown by Volume Production
- Restructuring and Resilience: Navigating the Future
- Forging the Future with Innovations, Sustainability, and Strategic Growth
- Select Innovations & Advancements
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Steel – Global Key Competitors Percentage Market Share in 2024 (E)
- Global Steel Industry: Market Prospects & Outlook
- The Pivotal Role of Steel, an Indispensable Alloy, in Modern Society
- Properties of Different Types of Steel
- A Snapshot of Steel End-Use Sectors
- Forging a Sustainable Future: The Steel Industry’s Path to Carbon Neutrality
- Regional Analysis
- Forging Ahead: The Dynamic Growth and Resilience of the US Steel Industry
- De-Carbonization Costs Warrant Support to EU Steel Industry for a Level Playing Field
- Navigating the Future of China’s Steel Industry
- China Has Major Influence on Future Outlook of Global Steel Industry
- Forging Growth: The Dynamic Expansion of India’s Steel Industry
- Ukrainian Steel Manufacturers Stare at another Challenging Year Ahead
- World Steel Industry: Production, Exports & Imports
- China and India Score Massive Gains in Steel Production over Last Decade: Percentage Breakdown of Steel Production for Years 2013 and 2023
- Widening Role of Electric Arc Furnace (EAF) in Steel Production Landscape
- Steel Production by Manufacturing Process in Select Countries (2023)
- Proximity to Clean Energy Sources Emerges as New Paradigm in Steel Sector
- Steel Production & the Quest for Greener Pasteur with Encouraging Developments
- China Remains the Dominant Steel Exporter
- Leading Steel Exporting Countries (2023): Exports (in Million Metric Tons) for China, Japan, South Korea, European Union (27), Germany, Italy, Belgium, Russia, Turkiye, Brazil, Iran, Netherlands, France, India, and Indonesia
- European Union Becomes the Top Steel Importer
- Leading Steel Importing Countries (2023): Imports (in Million Metric Tons) for European Union (27), United States, Germany, Italy, Turkiye, Mexico, South Korea, Vietnam, Thailand, Indonesia, France, Belgium, Poland, China, and Spain
- Carbon Steels – Alloying Elements of Steel
- Steel Manufacturing Process
- Exploring Hydrogen for Steelmaking
- Refining and Casting
- Forming and Finishing
- Steel Products (Semi-Finished & Finished)
- A Brief Note on Major End-Use Segments
- Recent Market Activity
- Select Global Brands
- Influencer/Product/Technology Insights
MARKET TRENDS & DRIVERS
- Prominent Trends & Developments in Steel Industry worth Getting Excited About
- Forging the Future: Innovations and Sustainability Transforming Steel Manufacturing
- Metals 4.0: The March of Progress for Steel Industry with Digital Transformation
- Steel Industry Prospects Strongly Reliant on Global Construction Industry Scenario
- Challenges and Opportunities in the Global Steel Industry Amidst Construction Slowdown
- Driving Forward: The Integral Role of Steel in the Future of the Automotive Industry
- Ongoing Shift towards Lighter Weight Vehicles to Drive Future Demand for Automotive Steel
- Emissions Regulations Landscape in Major Countries/Regions
- Steel Vs Aluminum: The Dilemma Continues for Better Lightweight Automotive Material
- Critical Importance of Steel in Machinery Manufacturing Augurs Well for Future Growth
- High Performance Steel Grades Gain Importance in Machinery Manufacturing
- Relevance of Steel in Household Appliances & Metal Goods Domains Bodes Well for Future Growth
- Metal Cans: Niche End-Use Segment
- Steel’s Essential Role in Revitalizing the Oil and Gas Sector
- Recovery in Oil & Gas Sector Generates Parallel Opportunities for Steel Industry
- High Volume Opportunities in Shipbuilding
- Carbon Steel Seeks to Widen Addressable Market Long Steel, and Stainless Flat Steel
- Demand for Stainless Steel Gains Momentum
- Stainless Steel Continues to Reign Appliances Market
- Growing Use Case in Diverse Applications Widens Future Prospects
- The Long Steel Market
- Demand for Special Long Steel on the Rise
- Demand for HSS to Surge Over the Coming years, Especially from Marine, Aerospace and Automotive Industries
- Steel Industry Persists with its Energy Conservation Drive
- Environmentally Friendly Approach Gains Focus
- Steel Scrap Recycling: Robust Approach for Energy Conservation
- Population Growth & Urbanization Favor Future Growth in Steel Market
- Interplay of Prominent Trends with Implications for Steel Prices in Global Market
- Steel Prices: A Play of Demand and Supply
- AI Opportunities Etched in Steel
- Steel Industry Set to Go the Greener Way with Upcoming Trends
- Sustainability in Steel Industry Moves Full Steam Ahead with Innovative Techniques
- De-Carbonization Wave Appears Poised to Expedite Green Switch for Stainless Steel
- Multifaceted Issues Hindering Ability of Steel Industry to Adapt to Evolving Dynamics
- Challenges Stymying Expansion of Global Steel Industry
- Challenge of Decarbonization: A Major Issue
- Technology Playing Key Role
- Hydrogen-Based Steel Production
FOCUS ON SELECT PLAYERS:Some of the 185+ major companies featured in this report
- 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
For more information about this report visit https://www.researchandmarkets.com/r/379d9n
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