Product Code: GVR-1-68038-863-3
Steel Market Growth & Trends:
The global steel market size is expected to reach USD 1.92 trillion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.6% from 2025 to 2030. Rising need for sustainable, durable, and low cost materials in construction industry is aiding steel consumption in the increasing residential and commercial activities.
Long steel is a vital product segment of the market. Long steel products are widely used in the manufacturing of different components such as large machines, farm equipment, pipelines, bearings, springs, chains, ropes, cables, fencing, and wire mesh, among others. These find applications in various industries such as machine engineering, energy, automotive, and chemicals. Thus, increasing investments in the aforementioned industries are expected to increase the consumption of long steel products during the forecast period.
The Asia Pacific market displays high growth owing to exponential growth in developing countries of the region. Asia's real GDP growth was 5.0% in 2023 and is forecasted to grow by 4.5% and 4.3% in 2024 and 2025, respectively, according to IMF. Increasing manufacturing activities and surging foreign investments are the key drivers fueling the market growth in the region. The flourishing end-use industries such as automotive, electronics, machinery & equipment, and building & construction are aiding steel demand in Asia Pacific.
The competitive landscape of the global steel industry is evolving, with companies adapting to shifting economic and environmental priorities. Recent trends indicate a mix of consolidation, technological advancements, and sustainability initiatives shaping the competitive scenario. Establishment of new facilities to expand regional presence and customer reach is one of the key strategic initiatives opted by market players.
Steel Market Report Highlights:
- Based on product, flat steel held the largest revenue share of 4.6% in 2024. The growth in this segment is attributed to wide penetration of steel products in construction and other end use sectors.
- The building & construction applications led the market and held the largest revenue share of 45.5% in 2024 and the consumer goods segment is expected to grow at a CAGR of 5.7% from 2025 to 2030.
- Asia Pacific dominates the steel market and is anticipated to maintain its position over the forecast period owing to its large manufacturing base and high demand from end use industries.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Insights
- 2.2. Segmental Outlook
- 2.3. Competitive Outlook
Chapter 3. Steel Market Variables, Trends & Scope
- 3.1. Global Steel Market Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Average Price Trend Analysis
- 3.4. Supply-Demand Gap Analysis, 2024
- 3.5. Regulatory Framework
- 3.5.1. Policies and Incentive Plans
- 3.5.2. Standards and Compliances
- 3.5.3. Regulatory Impact Analysis
- 3.6. Market Dynamics
- 3.6.1. Market Driver Analysis
- 3.6.2. Market Restraint Analysis
- 3.6.3. Industry Challenges
- 3.7. Porter's Five Forces Analysis
- 3.7.1. Supplier Power
- 3.7.2. Buyer Power
- 3.7.3. Substitution Threat
- 3.7.4. Threat from New Entrant
- 3.7.5. Competitive Rivalry
- 3.8. PESTEL Analysis
- 3.8.1. Political Landscape
- 3.8.2. Economic Landscape
- 3.8.3. Social Landscape
- 3.8.4. Technological Landscape
- 3.8.5. Environmental Landscape
- 3.8.6. Legal Landscape
Chapter 4. Steel Market: Product Outlook Estimates & Forecasts
- 4.1. Steel Market: Product Movement Analysis, 2024 & 2030
- 4.1.1. Flat Steel
- 4.1.1.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 4.1.2. Long Steel
- 4.1.2.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
Chapter 5. Steel Market: Application Outlook Estimates & Forecasts
- 5.1. Steel Market: Application Movement Analysis, 2024 & 2030
- 5.1.1. Building & Construction
- 5.1.1.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 5.1.2. Automotive & Transportation
- 5.1.2.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 5.1.3. Heavy Industry
- 5.1.3.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 5.1.4. Consumer Goods
- 5.1.4.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 5.1.5. Others
- 5.1.5.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
Chapter 6. Steel Market Regional Outlook Estimates & Forecasts
- 6.1. Regional Snapshot
- 6.2. Steel Market: Regional Movement Analysis, 2024 & 2030
- 6.3. North America
- 6.3.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4. U.S.
- 6.3.4.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.5. Canada
- 6.3.5.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.5.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.5.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.6. Mexico
- 6.3.6.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.6.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.6.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4. Europe
- 6.4.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4. Germany
- 6.4.4.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5. UK
- 6.4.5.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6. France
- 6.4.6.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.7. Spain
- 6.4.7.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.7.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.7.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.8. Italy
- 6.4.8.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.8.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.8.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.9. Russia
- 6.4.9.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.9.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.9.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.10. Turkey
- 6.4.10.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.10.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.10.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.5. Asia Pacific
- 6.5.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.4. China
- 6.5.4.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.4.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.4.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.5. India
- 6.5.5.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.5.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.5.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.6. Japan
- 6.5.6.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.6.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.6.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.7. South Korea
- 6.5.7.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.7.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.7.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.6. Latin America
- 6.6.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.4. Brazil
- 6.6.4.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.4.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.4.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.5. Argentina
- 6.6.5.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.5.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.5.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.7. Middle East & Africa
- 6.7.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.7.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.7.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.7.4. Iran
- 6.7.4.1. Market Estimates and Forecast, 2018 - 2030 (Kilotons) (USD Million)
- 6.7.4.2. Market Estimates and Forecast, By Product, 2018 - 2030 (Kilotons) (USD Million)
- 6.7.4.3. Market Estimates and Forecast, By Application, 2018 - 2030 (Kilotons) (USD Million)
Chapter 7. Competitive Landscape
- 7.1. Recent Developments & Impact Analysis, By Key Market Participants
- 7.2. Vendor Landscape
- 7.2.1. Company Categorization
- 7.2.2. List of Key Distributors and Channel Partners
- 7.2.3. List of Potential Customers/End Users
- 7.3. Competitive Dynamics
- 7.3.1. Competitive Benchmarking
- 7.3.2. Strategy Mapping
- 7.3.3. Heat Map Analysis
- 7.4. Company Profiles/Listing
- 7.4.1. ArcelorMittal
- 7.4.1.1. Participant's Overview
- 7.4.1.2. Financial Performance
- 7.4.1.3. Product Benchmarking
- 7.4.1.4. Strategic Initiatives
- 7.4.2. Baosteel Group
- 7.4.2.1. Participant's Overview
- 7.4.2.2. Financial Performance
- 7.4.2.3. Product Benchmarking
- 7.4.2.4. Strategic Initiatives
- 7.4.3. Emirates Steel
- 7.4.3.1. Participant's Overview
- 7.4.3.2. Financial Performance
- 7.4.3.3. Product Benchmarking
- 7.4.3.4. Strategic Initiatives
- 7.4.4. JFE Steel Corporation
- 7.4.4.1. Participant's Overview
- 7.4.4.2. Financial Performance
- 7.4.4.3. Product Benchmarking
- 7.4.4.4. Strategic Initiatives
- 7.4.5. Nippon Steel Corporation
- 7.4.5.1. Participant's Overview
- 7.4.5.2. Financial Performance
- 7.4.5.3. Product Benchmarking
- 7.4.5.4. Strategic Initiatives
- 7.4.6. NUCOR
- 7.4.6.1. Participant's Overview
- 7.4.6.2. Financial Performance
- 7.4.6.3. Product Benchmarking
- 7.4.6.4. Strategic Initiatives
- 7.4.7. Outokumpu
- 7.4.7.1. Participant's Overview
- 7.4.7.2. Financial Performance
- 7.4.7.3. Product Benchmarking
- 7.4.7.4. Strategic Initiatives
- 7.4.8. POSCO
- 7.4.8.1. Participant's Overview
- 7.4.8.2. Financial Performance
- 7.4.8.3. Product Benchmarking
- 7.4.8.4. Strategic Initiatives
- 7.4.9. Tata Steel
- 7.4.9.1. Participant's Overview
- 7.4.9.2. Financial Performance
- 7.4.9.3. Product Benchmarking
- 7.4.9.4. Strategic Initiatives
- 7.4.10. Thyssenkrupp
- 7.4.10.1. Participant's Overview
- 7.4.10.2. Financial Performance
- 7.4.10.3. Product Benchmarking
- 7.4.10.4. Strategic Initiatives