Global Steel Market Size & Outlook, 2023-2030

The steel industry worldwide is expected to reach a projected revenue of US$ 2,121,457.9 million by 2030. A compound annual growth rate of 2.5% is expected of the worldwide steel industry from 2024 to 2030.
Revenue, 2023 (US$M)
$1,787,910.3
Forecast, 2030 (US$M)
$2,121,457.9
CAGR, 2024 - 2030
2.5%
Report Coverage
Worldwide

Global steel market highlights

  • The global steel market generated a revenue of USD 1,787,910.3 million in 2023 and is expected to reach USD 2,121,457.9 million by 2030.
  • The market is expected to grow at a CAGR (2024 - 2030) of 2.5% by 2030.
  • In terms of segment, building & construction accounted for a revenue of USD 891,849.9 million in 2023.
  • Consumer Goods is the most lucrative end use segment registering the fastest growth during the forecast period.
  • In terms of region, Asia Pacific was the largest revenue generating market in 2023.
  • Country-wise, India is expected to register the highest CAGR from 2024 to 2030.

Global data book summary

Market revenue in 2023USD 1,787,910.3 million
Market revenue in 2030USD 2,121,457.9 million
Growth rate2.5% (CAGR from 2024 to 2030)
Largest segmentBuilding & construction
Fastest growing segmentConsumer Goods
Historical data covered2018 - 2022
Base year for estimation2023
Forecast period covered2024 - 2030
Quantitative unitsRevenue in USD million
Market segmentationBuilding & Construction, Automotive & Transportation, Heavy Industry, Consumer Goods

Other key industry trends

  • In terms of revenue, the North America accounted for 7.5% of the global steel market in 2023.
  • By country, the China is projected to lead the global market in terms of revenue in 2030.
  • By country, India is the fastest growing regional market and is projected to reach USD 154,745.5 million by 2030.

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Steel Market Companies

Name Profile # Employees HQ Website

Global steel market size, by regions, 2018-2030 (US$M)

Top 10 countries: Steel market size, 2023 (US$M)

Global steel market share, by end use, 2023 & 2030 (%, US$M)

Steel market: Opportunity assessment by country

Global steel market, by region, 2023 (US$M)

Global steel market size, by regions, 2018-2030 (US$M)

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