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Steel Market

Global Steel Market Share, Size, Trends, Growth, Forecast: By Product: Long Steel, Flat Steel; By Type: Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel; By Application: Construction, Mechanical Engineering, Automotive, Metalware, Domestic Appliances, Agricultural, Others; Regional Analysis; Competitive Landscape; 2024-2032

Global Steel Market Outlook

The global steel market size reached around 1799.6 MMT in 2023. The market is projected to grow at a CAGR of 1.63% between 2024 and 2032 to reach a volume of nearly 2086.8 MMT by 2032.

 

Key Takeaways

  • The growth of the steel market is directly proportional to the growth of the end-use sectors, predominantly construction, automotive and mechanical engineering.
  • Steel and iron represent 95% of all metal produced annually in the world.
  • Steel is characterised by its 100% recyclability, positioning it as a material that contributes to the development of a more sustainable industrial environment.

 

Steel is typically used for framing or skeletal structure of buildings. It provides strength and durability, making it ideal for the construction of structures, including high-rise buildings, industrial sheds, residential buildings, and bridges. The construction industry, the largest steel-consuming sector, is being driven by rapid urbanisation and favourable governmental housing, and public construction schemes, such as China’s Public Housing Plan, and the Construction 2050 initiative by the EU.

 

One of the factors driving the steel market growth is the rapid urbanisation in growing economies such as China and India. Increasing income levels and rapid shift to urban regions drive a demand for infrastructure development, further necessitating the use of steel. The development of advanced high-strength steels (AHSS) that can reduce a vehicle’s structural weight by as much as 25%, is further propelling the market.

 

Steel Market

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Key Trends and Developments

Growing investments in construction activities; rapid urbanisation; recyclability of steel; rising demand for lightweight steel in vehicles; and technological advancements in steel production are aiding the market

 

Date Company Event
Nov 2023 ArcelorMittal S.A. Successfully entered the additive manufacturing (AdM) market by establishing itself as a steel powder supplier.
Nov 2023 POSCO Group inaugurated a state-of-the-art stress corrosion cracking (SCC) testing facility at its Steel Research Laboratory in the Kurashiki District, Japan, operational since late October 2023.
Sep 2023 Nippon Steel Corporation Announced the utilization of their low CO2 steel product, "NSCarbolex™ Neutral," in the "85 Degrees Renewables Bleiswijk" geothermal project in the Netherlands.
Jul 2023 POSCO Group Invested USD 92.6 billion (121 trillion won) by 2030 to construct a hydrogen reduction steel facility and a secondary battery production complex, near its first steel unit at Pohang Steelworks.

 

 

Trends Impact
Investments in Construction sector The construction sector is anticipated to witness a 3.9% annual growth rate by the year 2030. The rising number of investments in construction activities, particularly in emerging countries, is supporting the steel market growth.
Increasing urbanisation It is anticipated that by 2050, nearly 7 out of 10 people worldwide will reside in urban areas. The rapid urbanisation is generating demand for housing and efficient transport systems, contributing to the demand for steel.
Lightweight steel demand for automobiles According to the American Iron and Steel Institute, steel currently makes up around 54% of the average vehicle. The development of advanced high-strength steels (AHSS) that can reduce a vehicle’s structural weight by as much as 25%, aids the market expansion.
Recyclability of steel Steel is characterised by its 100% recyclability. Steel produced from scrap requires significantly lower energy than steel produced from iron ore. In 2021, around 680 MMT of steel was recycled globally, eliminating over 1 billion tons of CO2 emissions.
Technological advancements in steel production Technological developments such as Industry 4.0, digitalisation, automation, and additive manufacturing are encouraging steel manufacturing companies to optimise their production processes, improve efficiency, reduce waste, and enhance sustainability.

 

Global Steel Market Trends

The growth of the market is intricately tied to economic growth and the investments carried out in various infrastructure domains, including railways, ports, roads, airports, and housing around the world, especially in developing countries like China and India. The heightened production of automobiles, driven by the demand for electric and hybrid electric vehicles, is also increasing the need for steel for manufacturing body structures, drivetrains, and wheels, among others.

 

Furthermore, the use of steel caters to the increasing concerns regarding sustainability due to its complete recyclability, positioning it as a material that contributes to the development of a more sustainable industrial environment. According to the World Steel Organisation, about 900 kg of steel is used per car. Approximately, 40% of the steel is used in developing body structures, doors, and trunk closures; around 23% in drivetrains; about 12% is used in suspensions; and the rest in wheels, fuel tanks, and braking systems, among others.

 

Steel Market by Segments

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Market Segmentation

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

 

Market Breakup Categories
Product Long Steel, and Flat Steel
Type Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel
Application Construction, Mechanical Engineering, Automotive, Metalware, Domestic Appliances, Agricultural, Others
Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa

 

Long steel is further divided based on product type into wire rod, rebars, merchant bars, and heavy sections, among others. Meanwhile, flat steel is further segmented based on type into hot rolled wide strip and quarto plate, among others.

 

Long Steel is expected to dominate the steel market share as it is primarily used in the construction sector

Infrastructure development in emerging economies surges the demand for rebars as they provide structural integrity and enhance the durability of the constructions. Steel wire rods have exceptional tensile strength, making them a suitable choice for applications that require robustness and durability. Hence, they are preferred for manufacturing automotive components that are prone to heavy loads and extreme conditions.

 

The major long steel producers include ArcelorMittal, Baowu Steel, Emirates Steel Industries Co., Erdemir Iron and Steel, Ezz Steel, Habas Corp, and Hesteel Group.

 

The construction sector accounts for a major share of the steel market

Globally, construction-related spending amounts to around 13% of the world’s GDP, driving the demand for construction-related steels, like carbon, alloy, and tool steel. The robust growth of the construction sector is significantly driving the steel market expansion.

 

Steel demand is also aided by rising residential and commercial construction, boosted by a growing population, rapid urbanisation, and rising nuclear families. Governments globally, such as the USA, India, Brazil, and China are investing in constructing safe, modern bridges to improve transportation time and enhance economic growth, further driving the market expansion.

 

Meanwhile, due to its durability, versatility, strength, and recyclability, steel is widely used in different mechanical engineering applications, including industrial equipment, machinery, and vehicles. On the other hand, steel is extensively used in the manufacturing of watering and feeding systems used in the agricultural sector.

 

Steel Market by Region

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Competitive Landscape

Major steel market players are increasing their collaboration, partnership, and research and development activities to gain a competitive edge

 

Company Name Year Founded Headquarters Products/Services
ArcelorMittal S.A. 2006 Luxembourg Semi-finished flat products like slabs, finished flat products such as plates, hot- and cold-rolled coils and sheets, etc.
Ansteel Group Corporation Limited 2010 China Bridge steel, automotive steel, railway steel, home appliance steel, etc.
Nippon Steel Corporation 1970 Japan Steel Plate, steel sheets, bar and rod materials (branded as SteeLinC™), structural Steel, etc.
HBIS Group Co., Ltd. 1958 China Cold-rolled sheets, ultra-strength rebar, heavy plates, steel pipes, etc.

 

Other key players in the steel market include Jiangsu Shagang Group, POSCO Holdings Inc., JFE Steel Corporation, Tata Steel Limited, Hyundai Steel Co., Ltd, and China Baowu Steel Group Corporation, among others.

 

Global Steel Market Analysis by Region

The Asia Pacific region is anticipated to hold a dominant position in the market in the coming years. China stands as a prominent player in the market, driven by the stabilised real estate market and the growth of other steel-consuming sectors such as vehicles, ships and home appliances.

 

In 2022, China produced about 1,017 million tons of crude steel. A majority of China's steel production is concentrated in coastal regions, including Hebei, Liaoning, Shandong, Tianjin, and Jiangsu Province.

 

The Europe steel market, meanwhile, is being driven by the presence of numerous steel plants in the region. Within the 22 member states of the EU, there is an extensive network of over 500 steel production sites. Integrally connected to the manufacturing and construction sector, steel plays a key role in fostering development growth and employment in the region. The construction sector output in the EU rebounded by 5.9% in 2021 from 2020.

 

On the other hand, the Middle East and Africa region holds a significant position due to the rising investments in the automotive, construction, and infrastructure development sectors. The transition from fossil fuels to a hydrogen economy, the need to accommodate the growing population, and infrastructure development activities in this region further drive the steel market expansion. Besides, various ongoing projects, such as NEOM, the Red Sea Project, Qiddiya, and other residential and tourism projects, necessitate steel application.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Type
  • Application
  • Region
Breakup by Product
  • Long Steel
  • Flat Steel
Breakup by Type
  • Carbon Steel
  • Alloy Steel
  • Stainless Steel
  • Tool Steel
Breakup by Application
  • Construction
  • Mechanical Engineering
  • Automotive
  • Metalware
  • Domestic Appliances
  • Agricultural
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • South Korea
    • Australia
    • Guatemala
    • El Salvador
    • Honduras
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Egypt
    • Iran
    • Turkey
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • ArcelorMittal S.A.
  • Ansteel Group Corporation Limited
  • Nippon Steel Corporation
  • HBIS Group Co., Ltd.
  • Jiangsu Shagang Group
  • POSCO Holding Inc.
  • JFE Steel Corporation
  • Tata Steel Limited
  • Hyundai Steel Co., Ltd
  • China Baowu Steel Group Corporation
  • Others

 

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Steel Market Report Snapshots

Steel Market Size

Steel Market Trends

Steel Market Regional Analysis

Steel Companies

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Steel Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Steel Historical Market (2018-2023) 
    8.3    Global Steel Market Forecast (2024-2032)
    8.4    Global Steel Market by Product
        8.4.1    Long Steel 
            8.4.1.1    Historical Trend (2018-2023) 
            8.4.1.2    Forecast Trend (2024-2032) 
            8.4.1.3    Breakup by Product Type 
                8.4.1.3.1    Wire Rod 
                8.4.1.3.2    Rebars 
                8.4.1.3.3    Merchant Bars 
                8.4.1.3.4    Heavy Sections 
                8.4.1.3.5    Others 
        8.4.2    Flat Steel 
            8.4.2.1    Historical Trend (2018-2023) 
            8.4.2.2    Forecast Trend (2024-2032) 
            8.4.2.3    Breakup by Product Type 
                8.4.2.3.1    Hot Rolled Wide Strip 
                8.4.2.3.2    Quarto Plate 
                8.4.2.3.3    Others
    8.5    Global Steel Market by Type
        8.5.1    Carbon Steel
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Alloy Steel
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Stainless Steel
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Tool Steel
            8.5.4.1    Historical Trend (2018-2023)
            8.5.4.2    Forecast Trend (2024-2032)
    8.6    Global Steel Market by Application
        8.6.1    Construction
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Mechanical Engineering
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Automotive
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Metalware
            8.6.4.1    Historical Trend (2018-2023)
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Domestic Appliances
            8.6.5.1    Historical Trend (2018-2023)
            8.6.5.2    Forecast Trend (2024-2032)
        8.6.6    Agricultural
            8.6.6.1    Historical Trend (2018-2023)
            8.6.6.2    Forecast Trend (2024-2032)
        8.6.7    Others
    8.7    Global Steel Market by Region
        8.7.1    North America
            8.7.1.1    Historical Trend (2018-2023) 
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Europe
            8.7.2.1    Historical Trend (2018-2023) 
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Asia Pacific
            8.7.3.1    Historical Trend (2018-2023) 
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Latin America
            8.7.4.1    Historical Trend (2018-2023) 
            8.7.4.2    Forecast Trend (2024-2032)
        8.7.5    Middle East and Africa
            8.7.5.1    Historical Trend (2018-2023) 
            8.7.5.2    Forecast Trend (2024-2032)
9    North America Steel Market Analysis
    9.1    Market by Product
    9.2    Market by Type
    9.3    Market by Application
    9.4    Market by Country
        9.4.1    United States of America 
            9.4.1.1    Historical Trend (2018-2023) 
            9.4.1.2    Forecast Trend (2024-2032)
        9.4.2    Canada
            9.4.2.1    Historical Trend (2018-2023) 
            9.4.2.2    Forecast Trend (2024-2032)
10    Europe Steel Market Analysis
    10.1    Market by Product
    10.2    Market by Type
    10.3    Market by Application
    10.4    Market by Country
        10.4.1    United Kingdom
            10.4.1.1    Historical Trend (2018-2023) 
            10.4.1.2    Forecast Trend (2024-2032)
        10.4.2    Germany
            10.4.2.1    Historical Trend (2018-2023) 
            10.4.2.2    Forecast Trend (2024-2032)
        10.4.3    France
            10.4.3.1    Historical Trend (2018-2023) 
            10.4.3.2    Forecast Trend (2024-2032)
        10.4.4    Italy
            10.4.4.1    Historical Trend (2018-2023) 
            10.4.4.2    Forecast Trend (2024-2032)
        10.4.4    Spain
            10.4.4.1    Historical Trend (2018-2023) 
            10.4.4.2    Forecast Trend (2024-2032)
        10.4.5    Others
11    Asia Pacific Steel Market Analysis
    11.1    Market by Product
    11.2    Market by Type
    11.3    Market by Application
    11.4    Market by Country
        11.4.1    China
            11.4.1.1    Historical Trend (2018-2023) 
            11.4.1.2    Forecast Trend (2024-2032)
        11.4.2    Japan
            11.4.2.1    Historical Trend (2018-2023) 
            11.4.2.2    Forecast Trend (2024-2032)
        11.4.3    India
            11.4.3.1    Historical Trend (2018-2023) 
            11.4.3.2    Forecast Trend (2024-2032)
        11.4.4    ASEAN
            11.4.4.1    Historical Trend (2018-2023) 
            11.4.4.2    Forecast Trend (2024-2032)
        11.4.5    South Korea
            11.4.5.1    Historical Trend (2018-2023) 
            11.4.5.2    Forecast Trend (2024-2032)
        11.4.6    Australia
            11.4.6.1    Historical Trend (2018-2023) 
            11.4.6.2    Forecast Trend (2024-2032)
        11.4.7    Others
12    Latin America Steel Market Analysis
    12.1    Market by Product
    12.2    Market by Type
    12.3    Market by Application
    12.4    Market by Country
        12.4.1    Brazil
            12.4.1.1    Historical Trend (2018-2023) 
            12.4.1.2    Forecast Trend (2024-2032)
        12.4.2    Argentina
            12.4.2.1    Historical Trend (2018-2023) 
            12.4.2.2    Forecast Trend (2024-2032)
        12.4.3    Mexico
            12.4.3.1    Historical Trend (2018-2023) 
            12.4.3.2    Forecast Trend (2024-2032)
        12.4.4    Guatemala
            12.4.4.1    Historical Trend (2018-2023) 
            12.4.4.2    Forecast Trend (2024-2032)
        12.4.5    El Salvador
            12.4.5.1    Historical Trend (2018-2023) 
            12.4.5.2    Forecast Trend (2024-2032)
        12.4.6    Honduras
            12.4.6.1    Historical Trend (2018-2023) 
            12.4.6.2    Forecast Trend (2024-2032)
        12.4.7    Others
13    Middle East and Africa Steel Market Analysis
    13.1    Market by Product
    13.2    Market by Type
    13.3    Market by Application
    13.4    Market by Country
        13.4.1    Saudi Arabia
            13.4.1.1    Historical Trend (2018-2023) 
            13.4.1.2    Forecast Trend (2024-2032)
        13.4.2    United Arab Emirates
            13.4.2.1    Historical Trend (2018-2023) 
            13.4.2.2    Forecast Trend (2024-2032)
        13.4.3    Nigeria
            13.4.3.1    Historical Trend (2018-2023) 
            13.4.3.2    Forecast Trend (2024-2032)
        13.4.4    South Africa
            13.4.4.1    Historical Trend (2018-2023) 
            13.4.4.2    Forecast Trend (2024-2032)
        13.4.5    Turkey
            13.4.5.1    Historical Trend (2018-2023) 
            13.4.5.2    Forecast Trend (2024-2032)
        13.4.6    Egypt
            13.4.6.1    Historical Trend (2018-2023) 
            13.4.6.2    Forecast Trend (2024-2032)
        13.4.7    Iran
            13.4.7.1    Historical Trend (2018-2023) 
            13.4.7.2    Forecast Trend (2024-2032)
        13.4.8    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Trade Data Analysis

    16.1    Major Importing Countries
        16.1.1    By Volume
        16.1.2    By Value
    16.2    Major Exporting Countries
        16.2.1    By Volume
        16.2.2    By Value
17    Price Analysis
18    Competitive Landscape

    18.1    Market Structure
    18.2    Company Profiles
        18.2.1    ArcelorMittal S.A.
            18.2.1.1    Company Overview
            18.2.1.2    Product Portfolio
            18.2.1.3    Demographic Reach and Achievements
            18.2.1.4    Certifications
        18.2.2    Ansteel Group Corporation Limited
            18.2.2.1    Company Overview
            18.2.2.2    Product Portfolio
            18.2.2.3    Demographic Reach and Achievements
            18.2.2.4    Certifications
        18.2.3    Nippon Steel Corporation
            18.2.3.1    Company Overview
            18.2.3.2    Product Portfolio
            18.2.3.3    Demographic Reach and Achievements
            18.2.3.4    Certifications
        18.2.4    HBIS Group Co., Ltd.
            18.2.4.1    Company Overview
            18.2.4.2    Product Portfolio
            18.2.4.3    Demographic Reach and Achievements
            18.2.4.4    Certifications
        18.2.5    Jiangsu Shagang Group
            18.2.5.1    Company Overview
            18.2.5.2    Product Portfolio
            18.2.5.3    Demographic Reach and Achievements
            18.2.5.4    Certifications
        18.2.6    POSCO Holding Inc.
            18.2.6.1    Company Overview
            18.2.6.2    Product Portfolio
            18.2.6.3    Demographic Reach and Achievements
            18.2.6.4    Certifications
        18.2.7    JFE Steel Corporation
            18.2.7.1    Company Overview
            18.2.7.2    Product Portfolio
            18.2.7.3    Demographic Reach and Achievements
            18.2.7.4    Certifications
        18.2.8    Tata Steel Limited
            18.2.8.1    Company Overview
            18.2.8.2    Product Portfolio
            18.2.8.3    Demographic Reach and Achievements
            18.2.8.4    Certifications
        18.2.9    Hyundai Steel Co., Ltd
            18.2.9.1    Company Overview
            18.2.9.2    Product Portfolio
            18.2.9.3    Demographic Reach and Achievements
            18.2.9.4    Certifications
        18.2.10    China Baowu Steel Group Corporation
            18.2.10.1    Company Overview
            18.2.10.2    Product Portfolio
            18.2.10.3    Demographic Reach and Achievements
            18.2.10.4    Certifications
        18.2.11    Others
19    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Steel Market: Key Industry Highlights, 2018 and 2032
2.    Global Steel Historical Market: Breakup by Product (USD Million), 2018-2023
3.    Global Steel Market Forecast: Breakup by Product (USD Million), 2024-2032
4.    Global Steel Historical Market: Breakup by Type (USD Million), 2018-2023
5.    Global Steel Market Forecast: Breakup by Type (USD Million), 2024-2032
6.    Global Steel Historical Market: Breakup by End Use (USD Million), 2018-2023
7.    Global Steel Market Forecast: Breakup by End Use (USD Million), 2024-2032
8.    Global Steel Historical Market: Breakup by Region (USD Million), 2018-2023
9.    Global Steel Market Forecast: Breakup by Region (USD Million), 2024-2032
10.    North America Steel Historical Market: Breakup by Country (USD Million), 2018-2023
11.    North America Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
12.    Europe Steel Historical Market: Breakup by Country (USD Million), 2018-2023
13.    Europe Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Asia Pacific Steel Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Asia Pacific Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Latin America Steel Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Latin America Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Middle East and Africa Steel Historical Market: Breakup by Country (USD Million), 2018-2023
19.    Middle East and Africa Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
20.    Major Importing Countries by Value
21.    Major Exporting Countries by Value
22.    Major Importing Countries by Volume
23.    Major Exporting Countries by Volume
24.    Global Steel Market Structure

Key Questions Answered in the Report

In 2023, the market volume was approximately 1799.6 MMT.

The market is projected to grow at a CAGR of 1.63% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around 2086.8 MMT by 2032.

The major drivers include the growth in infrastructural activities, construction of railways, ports, roads, airports and housing globally, and recyclability of steel.

The key trends aiding the market include technological developments such as Industry 4.0, digitalisation, automation, and additive manufacturing in steel production and the growing demand for light weighted steel in automotive sector.

The different types of steel include carbon steel, alloy steel, stainless steel, and tool steel.

The major applications of steel include construction, mechanical engineering, automotive, metalware, domestic appliances, and agricultural, among others.

The major players in the market include 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.

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