Press Release

Global Steel Market to Grow at a CAGR of 1.63% During 2024-2032, Aided by the Growing Demand for Steel Across Downstream Industries

Global Steel Market

According to a new report by EMR titled, ‘Global Steel Market Report and Forecast 2024-2032’, the market attained a volume of about 1799.6 MMT in 2023 and expected to grow in the forecast period of 2024-2032 at a CAGR of 1.63% to reach around 2086.8 MMT by 2032.

The global market for steel is being driven by its growing demand across downstream industries such as the automotive, infrastructure, energy, and machinery sectors. Steel finds increased usage in the production of automotive parts such as body structure, panels, doors, tyre rims, and fuel tanks, among others. The growing sales and production of vehicles are anticipated to support the market growth in the forecast period. Furthermore, building and infrastructure is one of the leading end use sectors of steel, and it accounts for over 50% of the world steel demand. In this regard, the rapid urbanisation and the heightened infrastructure development activities worldwide, spurred by the growing global population, are anticipated to prove beneficial for the market growth in the forecast period. Moreover, the rising expenditure on the development of renewable energy generation plants such as solar power plants, wind turbines, and hydroelectric power generation, among others, is expected to bolster the demand for steel in the forecast period.


The growing focus of the market leaders on M&A, aimed at expanding their production capacities is anticipated to support the market growth in the coming years. For instance, in January 2022, the joint venture between ArcelorMittal S.A. (OTCMKTS: AMSYF) and Nippon Steel Corporation (OTCMKTS: NPSCY), ArcelorMittal Nippon Steel India (AMNS India), announced its plan to invest Rs 1,66,000 crore in six projects across Gujarat to increase the steel production capacity in the region. Furthermore, in February 2022, Nucor Corporation (NYSE: NUE) announced the successful acquisition of a majority ownership of California Steel Industries, Inc. (CSI) through the purchase of a 50% equity interest from a subsidiary of Vale S.A. (Vale). This acquisition will help expand the company’s presence in the Western region and will further enhance its ability to produce a range of value-added sheet products.


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Market Breakup by Product, Type, Application, and Region:

  • The market is divided, based on product, into long steel and flat steel.
  • By type, the market is segmented into carbon steel, alloy steel, stainless steel, and tool steel.
  • Based on application, the market is segregated into construction, mechanical engineering, automotive, metalware, domestic appliances, and agricultural, among others.
  • Region-wise, the global market for steel can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.


Key Findings of the Report:

  • The global market for steel is being driven by its rising demand in downstream sectors, including automotive and building and construction.
  • The rapid industrialisation and urbanisation are significantly contributing to the market growth of steel.
  • The rising infrastructure development activities, fuelled by the rising global population, are also adding to the market expansion.
  • The rising investments by the leading market players in the expansion of their production capacities are expected to further propel the market growth.


Key Offerings of the Report:

  • The EMR report gives an overview of the global market for steel for the periods (2018-2023) and (2024-2032).
  • The report also offers historical (2018-2023) and forecast (2024-2032) market information for the products, applications, and regions of steel.
  • It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.
  • The market report also analyses the trade data by covering the major importing and exporting countries.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.


The major players in the global steel market are ArcelorMittal S.A., Ansteel Group Corporation Limited, Nippon Steel Corporation, HBIS Group Co., Ltd., Jiangsu Shagang Group, POSCO Holdings Inc., JFE Steel Corporation, Tata Steel Limited, Hyundai Steel Co., Ltd, and China Baowu Steel Group Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.


*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

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