Explore the growth potential of Market Research Intellect's Raw Steel Market Report, valued at USD 1,020 billion in 2024, with a forecasted market size of USD 1,300 billion by 2033, growing at a CAGR of 3.2% from 2026 to 2033.

Steel fell to 3,188 CNY/T on July 31, 2025, down 1.24% from the previous day. Over the past month, Steel's price has risen 5.21%, and is up 6.27% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Steel - values, historical data, forecasts and news - updated on August of 2025.

Learn about the forecasted growth of the raw steel and steel semi-finished products market in the United States, with market volume projected to reach 87M tons and market value to reach $215.3B by 2035.

The global raw steel market, a cornerstone of the global economy, is experiencing robust growth, driven by burgeoning infrastructure development, particularly in emerging economies like India and China. The market's substantial size, estimated at approximately $800 billion in 2025, reflects its vital role in various sectors, including construction, automotive manufacturing, and energy. A compound annual growth rate (CAGR) of around 4% is projected for the forecast period of 2025-2033, indicating sustained expansion despite potential headwinds. Key growth drivers include increasing urbanization, rising disposable incomes leading to increased demand for consumer goods, and the ongoing global transition towards renewable energy, which demands significant steel input for infrastructure like wind turbines and solar panel frameworks. However, factors such as fluctuating raw material prices, environmental regulations aimed at reducing carbon emissions in steel production, and potential economic downturns could act as restraints, moderating the market's growth trajectory. The competitive landscape is dominated by major integrated steel producers including ArcelorMittal, China Baowu, and Nippon Steel, along with other significant players like POSCO, Tata Steel, and Nucor, reflecting the industry's high capital intensity and economies of scale. The market's segmentation, likely divided geographically and by steel grade (e.g., carbon steel, stainless steel), reveals diverse opportunities, but requires strategic adaptability to regional regulations and evolving customer preferences. The historical period (2019-2024) likely witnessed fluctuating growth, reflecting global economic shifts and pandemic-related disruptions. The forecast period anticipates continued growth, albeit at a potentially moderated pace, given the inherent cyclical nature of the steel industry and the increasing pressure for sustainable production practices. The future of the raw steel market hinges on technological advancements aimed at carbon reduction and improved efficiency. Companies are investing heavily in research and development to explore greener production methods, such as hydrogen-based steelmaking, to meet growing environmental concerns. Furthermore, the adoption of advanced manufacturing techniques and data analytics is likely to enhance productivity and reduce waste. This technological push will influence the competitive landscape, favoring companies adept at innovation and sustainable practices. Geographic diversification will remain crucial, especially for companies aiming to capitalize on growth opportunities in emerging markets. Strategic collaborations, mergers, and acquisitions are likely to reshape the industry landscape, fostering consolidation and improving operational efficiency. Government policies, trade agreements, and geopolitical factors also play a significant role in shaping the market's trajectory. Overall, a balanced approach that combines strategic investments in innovation, sustainability, and global market expansion is crucial for navigating the complexities and maximizing returns within the raw steel sector.

Raw Steel Market Outlook

The global raw steel market size was valued at USD 1,870 billion in 2023 and is expected to reach approximately USD 2,900 billion by 2032, growing at a CAGR of 4.9% during the forecast period. The growth of the raw steel market is driven by increasing demand in construction and automotive sectors, along with technological advancements in steel production processes, and the expansion of emerging economies.

The construction sector remains one of the primary growth drivers for the raw steel market. As urbanization continues to accelerate, particularly in regions like Asia Pacific and Africa, the demand for steel in infrastructure projects including buildings, bridges, and transportation systems is on the rise. Additionally, government initiatives to boost infrastructure spending, such as the Belt and Road Initiative by China and infrastructural advancements in India, are further propelling market growth.

Another significant factor contributing to the market's expansion is the automotive industry's growing reliance on steel. With the adoption of advanced high-strength steel (AHSS) and ultra-high-strength steel (UHSS) in vehicle manufacturing, automakers are aiming to enhance vehicle safety while reducing weight to improve fuel efficiency. This trend is particularly evident in electric vehicle (EV) manufacturing, where lightweight yet strong materials are crucial for maximizing battery life and performance.

Technological advancements in steel production processes, such as electric arc furnace (EAF) technology, are also playing a crucial role in the market's growth. These advancements not only improve production efficiency and reduce energy consumption but also support sustainability goals by enabling the recycling of scrap steel. The adoption of Industry 4.0 in steel manufacturing, incorporating automation and data exchange technologies, is further enhancing productivity and quality control measures.

From a regional perspective, Asia Pacific is expected to remain the largest market for raw steel, driven by rapid industrialization, urbanization, and infrastructural developments in countries like China, India, and Japan. North America and Europe are also significant markets, with demand driven by the automotive and construction sectors, albeit at a slower growth rate compared to Asia Pacific. Emerging markets in Latin America and the Middle East & Africa are anticipated to witness robust growth due to increased infrastructure projects and industrial activities.

Product Type Analysis

In the raw steel market, product types such as carbon steel, alloy steel, stainless steel, and tool steel play crucial roles. Carbon steel, known for its versatility and cost-effectiveness, dominates the market. It finds extensive applications in construction, automotive, and machinery industries due to its properties like strength and ductility. The construction industry, in particular, relies heavily on carbon steel for its structural components, reinforcing bars, and pipelines.

Alloy steel, which includes various combinations of metals for specific properties, is gaining popularity for specialized applications. Automotive and machinery manufacturers prefer alloy steels for their enhanced strength, toughness, and resistance to wear and tear. The energy sector also utilizes alloy steel in the production of pipelines and drilling equipment, where durability and performance under extreme conditions are paramount. Ongoing research and development efforts are expected to introduce new alloy compositions, further expanding their application scope.

Stainless steel, known for its corrosion resistance and aesthetic appeal, is extensively used in consumer goods, construction, and healthcare sectors. The growth of stainless steel in the consumer goods segment, including appliances and kitchenware, is driven by its long-lasting nature and ability to maintain a polished look. In the construction industry, stainless steel is increasingly used for architectural facades, roofing, and interior design due to its aesthetic and structural benefits.

Tool steel, characterized by its hardness and ability to retain a cutting edge, is indispensable in manufacturing tools and dies. It is utilized in industries ranging from automotive to aerospace for making cutting tools, molds, and dies. The ongoing advancements in tool steel grades are enabling manufacturers to produce more efficient and durable tools, thereby meeting the increasing demand for high-precision components across various indu

Global Raw Steel Market Report 2024 comes with the extensive industry analysis of development components, patterns, flows and sizes. The report also calculates present and past market values to forecast potential market management through the forecast period between 2024-2030. The report may be the best of what is a geographic area which expands the competitive landscape and industry perspective of the market.

Global Raw Steel market size 2025 was XX Million. Raw Steel Industry compound annual growth rate (CAGR) will be XX% from 2025 till 2033.

HRC Steel rose to 847.04 USD/T on August 1, 2025, up 0.84% from the previous day. Over the past month, HRC Steel's price has fallen 4.29%, but it is still 24.38% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for HRC Steel.

Statistics illustrates market overview of raw steel and steel semi-finished products in the World from 2007 to 2024.

This statistic shows China's raw steel production from 2013 through 2021. Asia's largest economy produced over one billion metric tons of raw steel in 2021, a year-on-year dip of approximately three percent. In that year, under two billion metric tons were produced globally. Being the main resource for the production of raw steel, the mining of iron ore in China is closely linked to production output.

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Stainless Steel Market Size 2023-2027

The stainless steel market size is forecasted to increase by 10,299.64 thousand tons at a CAGR of 3.38% between 2022 and 2027. Market growth relies on various factors, notably the increased consumption of high-strength stainless steel, propelled by its corrosion resistance and excellent mechanical properties. Additionally, economic expansion in China and India contributes significantly to market growth. As these nations continue to develop industrially and infrastructurally, the demand for stainless steel, particularly for construction and manufacturing applications, is expected to rise. This confluence of factors positions the market for substantial growth in the foreseeable future. Furthermore, the stainless steel market analysis report includes historic market data from 2017 to 2021. The stainless steel market forecast indicates robust expansion, driven by increasing demand for steel across various industries. The stainless steel market size growth is propelled by advancements in production technologies and the rise of sustainable manufacturing practices. Current stainless steel market trends show a surge in applications, particularly in construction and automotive sectors, underscoring its vital role in modern infrastructure.

What will be the Size of the Stainless Steel Market During the Forecast Period?

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Stainless Steel Market Segmentation

The stainless steel market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in 'USD Million' for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments

End-user Outlook 

  Metal products
  Mechanical engineering
  Automobile and transportation
  Infrastructure and construction
  Electrical engineering





Product Outlook

  Flat
  Long





Region Outlook

  North America

    The US
    Canada


  Europe

    The UK
    Germany
    France
    Rest of Europe


  APAC

    China
    India


  Middle East and Africa

    Saudi Arabia
    South Africa
    Rest of the Middle East and Africa


  South America

    Argentina
    Brazil
    Chile

By End-user

The market share growth by the metal products segment will be significant during the forecast period. The use of stainless steel in metal products provides an aesthetic appeal, extensive textures, strength, functionality, corrosion resistance properties, and ease of cleaning properties such products, driving the growth of steel manufacturing. The demand for stainless steel for manufacturing metal products is high due to its ease of fabrication and mechanical properties.

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The metal products segment showed a gradual increase in the market share of 20,426.71 thousand t in 2017. Stainless steel is used in jewelry, belt buckles, clips, casings, watch straps and backs, cooker hoods, outdoor kitchen cabinets, worktops, drainers, sinks, and others. It is also used in kitchen vessels due to its hygiene properties, durability, and resilience to food discoloration and spoilage. The shift in consumer preference toward hygienic and easy-to-clean products is likely to increase the demand for stainless steel in metal products during the forecast period.

By Region

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APAC is estimated to account for 76% of the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC has some of the largest stainless steel-producing countries in the world, such as China, Japan, South Korea, and India. China was the largest producer and consumer of stainless steel in 2020. Manufacturers are shifting to the consumption of scrap steel and stainless steel as raw materials to reduce pollution as well as manufacturing costs. These factors will drive the growth of the market in APAC during the forecast period.

Stainless Steel Market Dynamics

The market plays a vital role across various sectors, including residential housing, building & construction, railways, and automotive & transportation. Its resistance to corrosion surpasses that of carbon steel, making it a preferred choice. Renowned companies like Jindal Steel and Daido Steel contribute to its production capacities. Stainless steel finds applications in diverse architectural elements such as railings, roofing, and staircases, offering both pliability and appealing aesthetic properties. Moreover, it serves industrial needs like heat exchangers and tubulars, alongside providing swimming pool shades, canopies, and atriums with durability and low maintenance cost during repair and re

Discover the projected growth of the steel market from 2024 to 2035, driven by increasing demand for raw steel and steel semi-finished products worldwide. Market volume is expected to reach 1,966M tons by 2035, with a value of $1,712.8B in nominal prices.

Dive into Market Research Intellect's Steel Making Raw Materials Market Report, valued at USD 165 billion in 2024, and forecast to reach USD 220 billion by 2033, growing at a CAGR of 4.2% from 2026 to 2033.

The global steel market, valued at approximately $908.68 billion in 2025, is projected to experience steady growth, exhibiting a compound annual growth rate (CAGR) of 2.8% from 2025 to 2033. This growth is fueled by several key drivers. Increased infrastructure development, particularly in emerging economies, necessitates substantial steel consumption for construction projects like bridges, buildings, and transportation networks. The burgeoning automotive industry, with its continuous demand for high-strength steel in vehicle manufacturing, further bolsters market expansion. Furthermore, the renewable energy sector's reliance on steel for wind turbine construction and solar panel infrastructure contributes significantly to market demand. However, fluctuations in raw material prices, particularly iron ore and coking coal, represent a significant challenge. Environmental regulations aimed at reducing carbon emissions from steel production also present restraints, potentially impacting production costs and profitability. While the market faces these challenges, technological advancements in steel production, such as the adoption of more efficient and environmentally friendly processes, are mitigating some of these concerns. The market is segmented by various steel types (e.g., carbon steel, stainless steel, alloy steel), application areas (e.g., construction, automotive, energy), and geographical regions. Major players like ArcelorMittal, Nippon Steel, and Baowu Steel Group dominate the market landscape, engaging in intense competition through technological innovation, cost optimization, and strategic acquisitions. The forecast period anticipates a steady rise in market size, driven by consistent global infrastructure investment and continued industrialization in developing nations. The competitive landscape is characterized by both large multinational corporations and regional players. The leading companies are constantly seeking to optimize production efficiency, diversify their product portfolio to cater to specific industry demands, and expand their geographic reach. Strategic mergers and acquisitions are prevalent, reflecting the consolidation trend within the industry. The global nature of the market necessitates navigating varying regulatory landscapes and economic conditions across different regions. Effective supply chain management, and technological advancements are crucial for companies to maintain competitiveness and profitability in the long term. Maintaining a sustainable approach to production, minimizing environmental impact, and adapting to shifting global economic conditions will be critical factors in determining success in this dynamic market.

Cold Rolled Structural Steel Market Outlook

The global cold rolled structural steel market size was valued at around USD 135 billion in 2023 and is projected to reach approximately USD 210 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.1% during the forecast period. The market is driven primarily by the increasing demand for high-strength and lightweight materials in various applications, especially in the automotive and construction sectors. The rise in urbanization and industrialization across emerging economies further fuels the growth of the cold rolled structural steel market.

One of the major growth factors for the cold rolled structural steel market is the burgeoning construction industry. The rapid infrastructure development in developing countries like China, India, and Brazil has led to a significant upsurge in the demand for cold rolled structural steel. These countries are witnessing a boom in both commercial and residential construction projects, thereby necessitating the use of high-quality steel that offers durability and strength. Additionally, government initiatives aimed at improving urban infrastructure and promoting smart cities are expected to create lucrative opportunities for market growth.

Another critical driver is the expanding automotive industry. Cold rolled structural steel is extensively used in the manufacturing of automotive body parts due to its high tensile strength and excellent surface quality. The global push towards the production of lightweight vehicles, aimed at improving fuel efficiency and reducing carbon emissions, has augmented the demand for cold rolled steel. Moreover, advancements in automotive manufacturing technologies and the growing adoption of electric vehicles are anticipated to further bolster the market during the forecast period.

The industrial machinery sector also contributes significantly to the growth of the cold rolled structural steel market. This type of steel is used in the production of various industrial machines and equipment due to its superior mechanical properties and surface finish. The ongoing trend of industrial automation and the increasing investments in the modernization of manufacturing facilities are expected to drive the demand for cold rolled structural steel. Additionally, the rising need for precision-engineered components in various industries, such as aerospace and energy, further propels the market.

Raw Steel serves as the foundational material for various steel products, including cold rolled structural steel. The production of raw steel involves the melting of iron ore and other elements in a blast furnace, creating a molten mixture that is subsequently refined and formed into different shapes. This process is crucial as it determines the quality and properties of the final steel products. The demand for raw steel is closely linked to the growth of industries such as construction, automotive, and machinery, which rely heavily on steel for their operations. As these industries expand, the need for raw steel increases, driving advancements in steel production technologies to improve efficiency and reduce environmental impact.

Regionally, Asia Pacific holds the largest market share and is anticipated to maintain its dominance throughout the forecast period. The rapid industrialization, urbanization, and increasing infrastructure spending in countries like China, India, and Japan are the primary factors driving the market in this region. North America and Europe are also significant markets due to the presence of well-established automotive and industrial machinery sectors. The Middle East & Africa and Latin America are expected to witness moderate growth, driven by ongoing infrastructure projects and industrial expansions.

Product Type Analysis

The cold rolled structural steel market is segmented into sheets, strips, coils, and others based on product type. Sheets hold a significant share of the market due to their extensive use in the construction and automotive industries. Cold rolled sheets offer excellent surface quality, high strength, and uniform thickness, making them ideal for structural applications in buildings and vehicle bodies. The increasing demand for lightweight and high-strength materials in construction projects and automobile manufacturing is expected to drive the growth of the sheets segment.

Coils are another crucial product type in the cold rolled structural steel market. These

Graph and download economic data for Producer Price Index by Commodity: Metals and Metal Products: Cold Rolled Steel Sheet and Strip (WPU101707) from Jun 1982 to Jun 2025 about steel, metals, commodities, PPI, inflation, price index, indexes, price, and USA.

Steel Market Outlook 2032

The global steel marketsize was USD 955.45 Billion in 2023 and is likely to reach USD 1247.154 Billion by 2032, expanding at a CAGR of 3% during 2024–2032. The market growth is attributed to the increasing development of green steel making processes and the integration of AI, IoT, and big data analytics.



The steel market encompasses the production, distribution, and sale of steel in various forms and compositions, catering to various industries and applications. Steel, an alloy primarily composed of iron and carbon, is distinguished into several categories based on its composition and properties, including carbon steel, alloy steel, stainless steel, tool steel, and others. Each type serves distinct purposes across diverse sectors such as construction, automotive, manufacturing, and infrastructure. The market's scope extends from raw material processing and steel making to the distribution and end-use of finished products, covering a broad spectrum of activities in the global industrial landscape.

The steel industry is poised to be transformed by several emerging technologies that promise to further revolutionize production processes and product capabilities. One of the most promising areas is the development of green steelmaking processes, such as hydrogen-based steel production, which aims to eliminate carbon emissions by using hydrogen instead of coal as a reduction agent. This technology is still in the experimental and pilot stages but has the potential to drastically reduce the steel industry's environmental footprint.



The integration of digital technologies such as the Internet of Things (IoT), big data analytics, and artificial intelligence (AI) is expected to enhance operational efficiency, predictive maintenance, and supply chain management. These technologies enable real-time monitoring and optimization of production processes, leading to higher productivity and reduced downtime. The ongoing research in nanotechnology and materials science holds the potential to create new steel alloys with unprecedented properties, opening up new applications and markets for the steel industry.

Steel Market Dynamics

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Steel Manufacturing Market Size 2025-2029

The steel manufacturing market size is forecast to increase by USD 455.4 billion, at a CAGR of 4.5% between 2024 and 2029.

The market is driven by the increasing consumption of high-strength steel, which is increasingly preferred in various industries due to its superior properties. This trend is further fueled by the growing demand for steel and stainless steel scrap, serving as crucial raw materials in steel production. However, the market faces challenges from excess production capacity, leading to intense competition and price pressures. Companies must navigate these dynamics to capitalize on opportunities and maintain profitability. Strategic initiatives such as innovation, operational efficiency, and geographic expansion can help steel manufacturers stay competitive and thrive in this dynamic market.

What will be the Size of the Steel Manufacturing Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free SampleThe market continues to evolve, driven by dynamic market conditions and shifting applications across various sectors. Basic oxygen furnaces and blast furnaces remain the cornerstone of steel production, transforming iron ore into molten steel for further processing. The resulting steel is then shaped through continuous casting, hot rolling, and cold rolling into various forms such as bars, slabs, sheets, tubes, pipes, and plates. Steel consumption patterns are influenced by the demands of industries like consumer goods, automotive, construction, and energy. Stainless steel, with its superior strength and resistance to corrosion, finds extensive use in these sectors. Steel imports and exports shape global supply chains, with electric arc furnaces playing a crucial role in steel recycling and the production of alloy steel and high-strength steel. Steel grades and quality standards are continually evolving to meet the specific requirements of various applications. Carbon steel, galvanized steel, and prepainted steel are some of the many grades available. Steel pricing remains a critical factor, influenced by production costs, supply and demand, and market trends. The ongoing development of steel manufacturing technology further enhances the industry's ability to meet the evolving needs of its diverse customer base.

How is this Steel Manufacturing Industry segmented?

The steel manufacturing industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userConstructionMachineryAutomotiveMetal productsOthersTypeFlatLongGeographyNorth AmericaUSCanadaEuropeFranceGermanyRussiaUKAPACChinaIndiaJapanSouth AmericaBrazilRest of World (ROW).

By End-user Insights

The construction segment is estimated to witness significant growth during the forecast period.The market is driven by the construction sector, which accounted for the largest share in 2024. This growth can be attributed to the construction of infrastructure projects such as skyscrapers, tech parks, roads, motorways, and bridges. Steel's strength and ductility make it an ideal choice for the building industry. It is commonly used in the production of high-strength plates for roads and bridges, rectangular tubing for welded frames, and beams for structural frameworks. Rebar and hollow structural components are also manufactured using steel. Additionally, steel is utilized in sign poles, fences, caissons, columns, culverts, pilings, and handrails due to its properties of durability, affordability, and adaptability for prolonged exposure to weather. Steel manufacturing processes include the use of electric arc furnaces, basic oxygen furnaces, and blast furnaces. Steel grades such as carbon steel, alloy steel, stainless steel, and high-strength steel are produced using these processes. Steel production capacity is increased through continuous casting, hot rolling, cold rolling, and continuous annealing. Steel scrap is recycled and reused in the manufacturing process, contributing to the sustainability of the industry. Steel applications extend beyond the construction industry to consumer goods, transportation, packaging, and industrial machinery. Prepainted steel, galvanized steel, and steel coatings are used in the production of appliances, automobiles, and packaging materials. Steel tubes and pipes are utilized in the oil and gas industry for transportation and storage. Steel wires are used in various applications such as fencing, wire ropes, and electrical conductors. Steel exports and imports play a significant role in the global steel market. Steel production and consumption vary across regions, leading to fluctuations in prices. Steel qu