Steel Market To Reach $1,158.15 Billion By 2030 | CAGR: 2.8%

Steel Market Growth & Trends

The global steel market size is expected to reach USD 1,158.15 billion by 2030, registering a CAGR of 2.8% during the forecast period, according to a new report by Grand View Research, Inc.. Growing inclination of contractors towards sustainable, low cost and durable building materials is driving steel demand in upcoming residential projects & industrial infrastructure.

Technological advancements have made pre-engineered metal buildings with high structural integrity a reality, where steel plays an essential function in lending stability, aesthetic appeal and design flexibility. Stringent regulations promoting green & energy-efficient buildings is also contributing to steel demand, especially in industrial structures.

The Asia Pacific market is relatively subdued, but displays high growth owing to exponential growth in the Indian market on account of protectionist measures & rising demand. About 1/3rd of Chinese exports are shipped to countries in Southeast Asia owing to anti-dumping policies by western countries, which has contributed to economic growth and infrastructure development in these countries.

Hot rolled products dominated the steel market with over 74.6% of the volume share in 2022. These products are widely utilized in automobile structures such as frames, wheel and other parts as well as welding and construction trades among others.

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Steel Market Report Highlights

• The global steel market size was valued at USD 927.66 billion in 2022 and is expected to grow at a CAGR of 2.8% from 2023 to 2030.

• Steel tubes are anticipated to grow at above 3.8% CAGR in terms of volume, owing to high demand for underground pipelines in fuel & water transportation.

• In 2022, hot rolled steel segment accounted for the largest revenue share of 74.6%, owing to its relatively economical production and exceptional characteristics such as superior weldability, formidability, high residual strain during baking, and good adhesion ability.

• Pre-engineered metal building (PMB) structures are increasingly replacing other conventional structures since they are over 30% lighter, providing simpler and lightweight designs.

• The steel panels segment is expected to expand at a CAGR of 2.9% during the forecast period.

• North America & Europe are expected to remain dominant yet mature steel-consuming regions, owing to market saturation and low construction spending as compared to emerging economies; however, rising housing starts in the U.S. may offer lucrative opportunities for innovative producers & distributors.

Steel Market Segmentation

Grand View Research has segmented the global steel market based on product, end-use, and region:

Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Hot Rolled Steel

• Cold Rolled Steel

• Direct Rolled Steel

• Tubes

• Other Profiles

End-use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Pre-engineered Metal Buildings

• Primary Members

• Secondary Members

• Roofs & Walls

• Panels

• Bridges

• Industrial Structures

Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Thailand

  • Indonesia

  • Malaysia

  • Australia

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • United Arab Emirates

  • Oman

  • Qatar

  • Egypt

  • South Africa

List of Key Players in the Steel Market

• NIPPON STEEL CORPORATION

• Baosteel

• POSCO

• ArcelorMittal S.A.

• Hyundai Steel Co., Ltd.

• JFE Steel Corporation (JFE Holdings Inc.)

• Jiangsu Shagang Group Co., Ltd.

• Tata Steel Ltd. (Tata Group)

• ThyssenKrupp AG