Steel Market By Steel Type (Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel, High-Strength Low-Alloy Steel), By Product Form (Steel Sheets, Steel Plates, Steel Bars & Rods, Steel Coils, Steel Pipes & Tubes), By End-User Industry (Construction, Automotive, Industrial Machinery, Shipbuilding, Energy & Power, Packaging, Consumer Goods), By Process Type (Electric Arc Furnace, Basic Oxygen Furnace, Open-Hearth Furnace); Global Insights & Forecast (2023 – 2030)

As per Intent Market Research, the Steel Market was valued at USD 943.5 Billion in 2024-e and will surpass USD 1206.8 Billion by 2030; growing at a CAGR of 4.2% during 2025-2030.

The global steel market is one of the most essential sectors in the manufacturing industry, serving as a backbone for industries ranging from construction to automotive. Steel is used in a variety of forms, including carbon steel, stainless steel, alloy steel, and more, with diverse applications across multiple industries. The industry has witnessed significant growth in recent years driven by increasing demand in emerging markets, advancements in steel-making technologies, and the expanding industrial and infrastructural needs globally. This growth is further bolstered by innovations in processes such as Electric Arc Furnace (EAF) and Basic Oxygen Furnace (BOF) production methods, which contribute to more efficient and sustainable steel production.

This report explores the key segments in the steel market, focusing on the largest and fastest-growing subsegments. These include the dominant types of steel, product forms, end-user industries, and steel-making processes, offering a comprehensive overview of the industry dynamics.

Steel Type Segment is Largest Owing to Carbon Steel's Dominance

Among the steel types, carbon steel is the largest and most widely used segment globally. Carbon steel accounts for the largest share of production due to its broad range of applications, cost-effectiveness, and excellent mechanical properties. It is primarily used in the construction, automotive, and manufacturing industries. Carbon steel is an essential material due to its strength, durability, and relatively low cost compared to other steel types. It is commonly used for structural applications, pipes, bars, and plates, which makes it the go-to choice for manufacturers aiming to balance performance and cost.

The growth of the carbon steel segment is driven by the rising demand in developing economies, particularly in construction and infrastructure projects. As urbanization increases, especially in Asia and Africa, the need for carbon steel in structural and industrial applications continues to expand. Carbon steel's versatility and cost-efficiency position it as a critical material for meeting the growing demands of global industries.

Product Form Segment is Largest in Steel Sheets

In the product form category, steel sheets hold the largest market share. Steel sheets are widely used across multiple industries, including automotive, construction, and packaging. They are essential in the manufacturing of car bodies, structural components in buildings, and packaging materials. Steel sheets are favored for their versatility, as they can be easily formed, welded, and cut to meet specific design requirements, making them a key product in the steel supply chain.

The demand for steel sheets is particularly high in the automotive and construction industries, where they are used for vehicle bodies, roofing, and structural elements. As the automotive sector moves towards lightweight vehicles to improve fuel efficiency and reduce emissions, the need for high-quality steel sheets continues to increase. Additionally, the increasing global infrastructure spending drives demand for steel sheets in construction, further cementing their position as the largest subsegment in the steel product form category.

End-User Industry Segment is Fastest Growing in Automotive

The automotive industry is the fastest-growing end-user sector for steel. As the automotive sector shifts towards more sustainable and energy-efficient solutions, the demand for advanced high-strength steel (AHSS) has surged. This trend is particularly driven by the rising popularity of electric vehicles (EVs), which require lightweight yet durable materials to improve energy efficiency. Steel is a critical material in the automotive industry due to its strength, recyclability, and relatively low cost compared to alternatives such as aluminum.

The automotive industry's transition towards electric mobility has accelerated the adoption of high-strength steels, which offer better performance and safety characteristics at a lower weight. In addition, stricter government regulations on emissions and fuel economy are prompting manufacturers to use more advanced steel to meet these standards. As a result, the automotive sector is expected to continue being the fastest-growing end-user industry in the steel market, with an increasing emphasis on lightweight, durable, and sustainable steel products.

Process Type Segment is Largest in Electric Arc Furnace (EAF)

Among the various steel-making processes, the Electric Arc Furnace (EAF) is the largest and most widely used method for steel production. The EAF process is favored due to its energy efficiency and ability to recycle scrap steel, making it an environmentally friendly option compared to traditional methods. The EAF method uses electrical energy to melt scrap steel, allowing for the production of high-quality steel while significantly reducing the carbon footprint. This is especially important in the context of rising demand for sustainable manufacturing processes.

EAF steel production has grown in popularity due to its lower energy consumption, cost-effectiveness, and the ability to produce high-strength steels used in the automotive and construction industries. The process also allows for more precise control over the chemical composition of the steel, which enhances its quality and performance. As industries continue to push for greener production methods, the EAF process is expected to maintain its dominance in the steel market.

Asia Pacific is Largest Region for Steel Market

The Asia Pacific region dominates the global steel market, accounting for the largest share of production and consumption. Countries like China, India, Japan, and South Korea are major steel producers and consumers due to their extensive industrial base, large-scale infrastructure projects, and growing manufacturing sectors. China, in particular, is the world’s largest producer of steel, and its steel industry continues to expand with an emphasis on increasing production efficiency and reducing environmental impact.

The region’s robust economic growth, along with its leading position in industries like construction, automotive, and manufacturing, drives the demand for steel. Additionally, the increasing demand for electric vehicles and infrastructure development in emerging economies like India further supports growth. As a result, Asia Pacific is expected to continue dominating the global steel market, both in terms of production and consumption.

Leading Companies and Competitive Landscape

The global steel market is highly competitive, with several major players leading the industry. Companies such as ArcelorMittal, Nippon Steel, POSCO, and Tata Steel are the key players driving innovation and expanding their market reach. These companies are focusing on enhancing steel production technologies, such as the Electric Arc Furnace (EAF) method, to meet the growing demand for high-quality, sustainable steel. Additionally, partnerships and acquisitions are common strategies in the steel industry, as companies seek to expand their production capabilities and strengthen their market presence.

The competitive landscape in the steel market is shaped by the continuous push for innovation, cost efficiency, and sustainability. As the industry faces increasing pressure to reduce its carbon footprint, leading companies are investing in greener technologies and practices, such as using hydrogen in steel-making processes and increasing recycling rates. The evolution of the market will depend on how well companies can adapt to the changing demands of consumers and governments, especially in terms of eco-friendly production and meeting industry-specific needs

Recent Developments:

• ArcelorMittal announced the launch of a new line of sustainable steel products designed to meet growing demand for eco-friendly materials in construction and automotive sectors.
• Nippon Steel completed an acquisition of a leading steel plant in the United States to increase its manufacturing footprint and boost production capacity for high-performance steel products.
• POSCO unveiled a new advanced steel-making technology aimed at reducing carbon emissions during production by incorporating hydrogen in the steel-making process.
• Tata Steel is investing in a new steel mill in India, expected to boost their output of premium-grade steel for automotive and industrial applications.
• Thyssenkrupp received approval for a major restructuring plan to streamline operations and focus on higher-margin products, including stainless steel and advanced alloys.

List of Leading Companies:

• ArcelorMittal
• Nippon Steel Corporation
• Baosteel Group Corporation
• POSCO
• JFE Steel Corporation
• Tata Steel Limited
• HBIS Group
• China Steel Corporation
• United States Steel Corporation
• Thyssenkrupp AG
• Ansteel Group Corporation
• Nucor Corporation
• Steel Authority of India Limited (SAIL)
• South Korean Steel (POSCO SS)
• Hyundai Steel

Report Scope: