Australia Steel Market Report and Forecast 2024-2032

Australia Steel Market Size

The Australia steel market reached USD 12.87 billion in 2023. The market is projected to grow at a CAGR of 2.9% between 2024 and 2032, reaching almost USD 16.70 billion by 2032.

Australia Steel Market Outlook

• Australia produces 5.5 million tons of steel annually.

• Australia has the potential to capture 6.5% of the global market for steel and generate A$65 billion from annual exports.

• Blast furnace is the predominant method of steel manufacturing in Australia.

Australia Steel Market Growth

The building and construction industry of Australia offers an output worth USD$162 million annually, constituting nearly 10% of its GDP. With the anticipated growth of the construction sector and green building practices, the demand for steel is expected to rise significantly as it is a tensile and versatile metal that supports cost-savings while enhancing building lifespan.

In April 2024, the Australian Steel Institute requested a ban on the exports of unprocessed steel scrap to foreign countries in order to meet the burgeoning domestic demand and decarbonise excessive steel production. As per the International Energy Association, industrial processes account for over 11% of the total carbon emissions in Australia. The implementation of such favourable initiatives is expected to further drive the market growth in the coming years.

Over the forecast period, Australia is expected to begin manufacturing steel using direct reduced iron technology, in which carbon monoxide and hydrogen are used to remove oxygen from iron ores and convert it into a pure metal. Currently, this process accounts for less than 5% of the production of green steel, but technological advancements are expected to enable the replacement of hydrogen with green hydrogen in the future, thereby decarbonising the process further. At present, for every single ton of steel produced, nearly 2 tons of carbon dioxide is released into the atmosphere.

Australia Steel Industry Segmentation

Australia Steel Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Flat Steel

• Long Steel

Market Breakup by Type

• Carbon Steel

• Alloy Steel

• Stainless Steel

• Tool Steel

Market Breakup by End Use

• Construction

• Mechanical Engineering

• Automotive

• Domestic Appliances

• Metalware

• Agricultural

• Others 

Market Breakup by Region

• New South Wales

• Victoria

• Queensland

• Australian Capital Territory

• Western Australia

• Others

Australia Steel Market Share

Based on end use, the market is divided into construction, mechanical engineering, automotive, domestic appliances, metalware, and agricultural, among others. Over the forecast period, the automotive sector is projected to grow at a CAGR of 3.2% between 2024 and 2032, as increasing vehicle sales necessitate the demand for strong and durable components like wheel rims, exhaust pipes, chassis, and radiators, among others.

Leading Companies in the Australia Steel Market

Major market players are expected to develop their capabilities for steel recycling to meet the growing demand for strong and lightweight materials across different industries.

• Vulcan Steel (Australia) Pty Limited

• Master Steel

• InfraBuild Trading Pty Limited

• BlueScope Steel Limited

• Steel Fabrication Services.

• Others

Key Highlights of the Report