In 2023, China was the world leader in steel production, accounting for over half of the global production. While this region represented most of the market, European Union came in third with *** percent of global crude steel production that year.

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Steel Market Size 2025-2029

The steel market size is forecast to increase by USD 307.4 billion at a CAGR of 4.5% between 2024 and 2029.

The market is experiencing significant shifts driven by urbanization and infrastructure development. The increasing demand for steel in construction and infrastructure projects, particularly in emerging economies, is a key growth driver. Steel is used in jewelry, belt buckles, clips, casings, watch straps and backs, cooker hoods, outdoor kitchen cabinets, worktops, drainers, sinks, and others. Moreover, the trend toward sustainable steel production is gaining momentum as companies seek to reduce their carbon footprint and meet evolving consumer preferences. However, the market faces challenges in the form of trade barriers and protectionist policies. These obstacles can hinder the free flow of steel between countries and potentially disrupt global supply chains.
Companies must navigate these challenges by exploring alternative sourcing options and strengthening their relationships with key suppliers. To capitalize on opportunities and mitigate risks, strategic planning and operational agility are essential. Companies that can effectively address these market dynamics will be well-positioned to thrive in the evolving steel landscape. Advanced properties of steel, such as pliability and appealing aesthetic properties in diverse architectural elements such as railings, roofing, and staircases will fuel the market growth inthe coming years.

What will be the Size of the Steel 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.
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The market is a dynamic and intricate industry encompassing various sectors, including steel prices, fabrication, aerospace, automotive, research, and construction. Steel prices fluctuate based on supply and demand, with recent trends pointing towards increased costs due to raw material expenses and logistical challenges in steel transportation. In the realm of innovation, powder metallurgy and advanced steel alloys are gaining traction, offering enhanced properties for high-performance applications. The steel aerospace and automotive industries rely on lightweight, high-strength steel to optimize fuel efficiency and reduce emissions. Steel research continues to push boundaries, with developments in steel composites and 3D printing technology revolutionizing construction and engineering projects.
The steel supply chain is undergoing digital transformation, streamlining processes and improving efficiency. Steel demand remains strong, driven by infrastructure development, energy projects, and the ongoing need for durable, reliable materials. The steel industry's focus on sustainability and energy efficiency is shaping future trends, with steel manufacturing processes becoming more environmentally friendly and energy-intensive operations being optimized. Ultimately, the market's resilience and adaptability ensure its continued relevance in diverse industries and applications.

How is this Steel Industry segmented?

The steel 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.

Type

  Flat steel
  Long steel


Application

  Structural steel
  Automotive steel
  Electrical steel
  Packaging steel


End-user

  Construction
  Transportation
  Machinery
  Metal goods
  Others


Method

  Basic oxygen furnace
  Electric arc furnace
  Open hearth furnace


Geography

  North America

    US
    Mexico


  Europe

    Germany
    Italy
    Russia


  Middle East and Africa

    Turkey


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Type Insights

The flat steel segment is estimated to witness significant growth during the forecast period. In the realm of flat steel, a significant sector within the global market, products are crafted from slabs into sheets, plates, coils, and strips. These materials, renowned for their versatility, strength, and adaptability, underpin numerous industrial applications. Major product categories include hot-rolled coil (HRC), cold-rolled coil (CRC), galvanized steel, tinplate, and steel plates, each customized to meet distinct performance needs, such as surface finish, tensile strength, and corrosion resistance. Flat steel assumes a pivotal role in the automotive industry, where it contributes to the production of body panels and structural components. The steelmaking process involves various techniques, including blast furnace, basic oxygen furnace, and electric arc furnace, while recycling steel scrap is a crucial aspect of sustainable steel production.

Alloying elements

In 2020, the market size of the special steel industry worldwide amounted to ***** billion U.S. dollars, from which almost a quarter came from the high-strength steels segment. The market size of the special steel market is expected to reach almost *** billion U.S. dollars by 2027.

In 2019, the global structural steel market was sized at roughly *** billion U.S. dollars. According to recent projections, the market size of structural steel is expected to top 320 billion U.S. dollars in 2020.

The steel market is valued at USD 2,073.3 billion in 2025 and is projected to reach USD 3,371.7 billion by 2035, expanding at a CAGR of 4.4%.

Metric	Value
Industry Value (2025E)	USD 2,073.3 billion
Industry Value (2035F)	USD 3,371.7 billion
CAGR (2025 to 2035)	4.4%

The global steel long products market size reached USD 609.8 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 956.2 Billion by 2033, exhibiting a growth rate (CAGR) of 4.87% during 2025-2033. The widespread product adoption in the construction industry, extensive research and development (R&D) activities, and growing infrastructural developments represent some of the key factors driving the market.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 609.8 Billion
Market Forecast in 2033	USD 956.2 Billion
Market Growth Rate ​​​​​​​2025-2033	4.87%

IMARC Group provides an analysis of the key trends in each segment of the global steel long products market report, along with forecasts at the global, regional, and country levels from 2025-2033. Our report has categorized the market based on type and application.

In 2024, the building and infrastructure segment utilized ** percent of the steel produced worldwide. In the same year, the automotive industry accounted for ** percent of the global steel use, whereas electrical equipment made up ***** percent of total steel demand.

The global automotive structural steel market was valued around USD 129,072 Million by 2025 and is expected to reach approximately USD 178,580.9 Million by 2035, at a CAGR of 3.3% between the forecasted years.

Metric	Value
Market Size in 2025	USD 129,072 Million
Projected Market Size in 2035	USD 178,580.9 Million
CAGR (2025 to 2035)	3.3%

Country-Wise Outlook

Country	CAGR (2025 to 2035)
United States	3.5%

Country	CAGR (2025 to 2035)
United Kingdom	3.1%

Region	CAGR (2025 to 2035)
European Union	3.3%

Country	CAGR (2025 to 2035)
Japan	3.0%

Country	CAGR (2025 to 2035)
South Korea	3.4%

Segmentation Outlook - Automotive Structural Steel Market

Manufacturing Process	Market Share (2025)
Hot Rolling Automotive Structural Steel	63.4%

Product Type	Market Share (2025)
High-Strength Automotive Structural Steel	68.9%

Competitive Outlook

Company Name	Estimated Market Share (%)
ArcelorMittal	15-18%
POSCO	12-15%
Nippon Steel Corporation	9-12%
thyssenkrupp AG	7-10%
Tata Steel	6-9%
Other Providers	36-43%

Engineering Machinery Steel Market Outlook

The global engineering machinery steel market size is expected to witness substantial growth from its 2023 valuation of approximately USD 45 billion to an estimated USD 65 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.2%. This growth is primarily driven by the rising demand for robust and durable materials across various industries, including construction, agriculture, mining, and oil & gas sectors. The increasing urbanization and industrialization in emerging economies are propelling infrastructure developments, which in turn, is boosting the demand for engineering machinery steel. Additionally, advancements in steel manufacturing technologies that improve the efficiency and quality of steel products are driving the market forward.

One of the key growth factors of the engineering machinery steel market is the burgeoning construction sector, especially in developing regions. As urban populations expand, the need for modern infrastructure such as bridges, roads, and high-rise buildings is escalating. Engineering machinery steel, known for its strength and durability, is essential in the construction of these structures. Furthermore, government initiatives to upgrade existing infrastructure and invest in new projects are fostering the demand for construction equipment, thereby driving the demand for engineering machinery steel. The continued focus on sustainable building practices also impels the use of high-quality steel that is recyclable and offers longevity, further enhancing market growth.

Additionally, the expanding agriculture and mining industries are significantly contributing to the growth of the engineering machinery steel market. With a growing global population, the demand for agricultural products is rising, thereby necessitating the use of advanced machinery for efficient farming operations. Similarly, as the demand for minerals and resources grows, mining operations are expanding, requiring sophisticated machinery made from high-quality steel to withstand harsh operational conditions. The reliability and strength of engineering machinery steel make it an ideal choice for both these sectors, supporting its market growth.

The oil and gas industry also plays a vital role in driving the engineering machinery steel market. As energy demands increase globally, exploration and production activities are intensifying, requiring robust machinery to operate in extreme environments. Engineering machinery steel is crucial for manufacturing equipment that can endure such conditions, thus propelling market expansion. Moreover, technological advancements in oil and gas extraction, including hydraulic fracturing and deep-sea drilling, necessitate specialized machinery incorporating high-grade steel, augmenting the market's growth trajectory.

Regionally, the Asia Pacific holds a significant share in the engineering machinery steel market owing to rapid industrialization and urbanization in countries like China and India. The region is experiencing a surge in infrastructure projects, and with government initiatives supporting industrial growth, the demand for construction and manufacturing equipment is climbing, consequently boosting the market. North America and Europe follow suit, driven by technological advancements and the need for energy-efficient and sustainable machinery. The Middle East & Africa, with its thriving oil and gas sector, also presents a promising outlook for market growth, while Latin America shows potential through its burgeoning mining activities.

Product Type Analysis

The engineering machinery steel market is segmented by product type into carbon steel, alloy steel, stainless steel, and tool steel. Carbon steel, being cost-effective and readily available, is widely used for general engineering purposes, especially in construction and infrastructure projects. Its high tensile strength and affordability make it the material of choice for manufacturing a variety of engineering machinery. With increasing urban development projects and infrastructure redevelopment activities worldwide, the demand for carbon steel is poised for a robust uptrend. Furthermore, innovations in carbon steel processing are enhancing its quality and durability, expanding its applications in more demanding engineering tasks.

Alloy steel, known for its superior properties such as high strength, toughness, and resistance to wear and tear, is crucial in manufacturing machinery that operates under strenuous conditions. Alloying elements such as chromium, nickel, and molybdenum enhance these properties

The global stainless steel market reached a value of almost USD 153.26 Billion in 2024. The industry is further expected to grow at a CAGR of 6.80% in the forecast period of 2025-2034 to reach a value of nearly USD 295.90 Billion by 2034. The stainless steel market is witnessing rapid growth worldwide as demand grows in various industries, including engineering, electronics and construction. Asia Pacific is a prominent region due to the high production and consumption levels. The U.S. market is also increasing at a steady rate due to increasing infrastructure development and manufacturing activities. These properties give stainless steel excellent corrosion resistance and a wide range of applications, which are particularly useful for automotive, electronics, architecture. The global stainless steel market is anticipated to shoot up further as higher production technology and the diversification of stainless steel usage into new sectors will continue to drive the market. It has a good growth potential, with rising worldwide usage.

The global flat steel market size was valued at USD 520.03 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 781.30 Billion by 2033, exhibiting a CAGR of 4.40% from 2025-2033. Asia Pacific currently dominates the market, holding a market share of 41.2% in 2024. The market is experiencing steady growth driven by demand from construction, automotive, and manufacturing industries. The material’s strength, formability, and cost-efficiency make it ideal for structural applications, vehicle components, and machinery. Technological advancements and regional industrialization are further accelerating adoption thereby contributing to a notable increase in global flat steel market share.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 520.03 Billion
Market Forecast in 2033	USD 781.30 Billion
Market Growth Rate 2025-2033	4.40%

IMARC Group provides an analysis of the key trends in each sub-segment of the global flat steel market report, along with forecasts at the global, regional and country level from 2025-2033. Our report has categorized the market based on product, material and application.

While growth is tempered by fluctuating raw material costs and regional trade policies, the market’s long-term outlook remains stable, with steady demand and incremental advancements in manufacturing processes expected through 2035. In 2025, the global stainless steel market is estimated to be valued at approximately USD 134,337.0 Million. By 2035, it is projected to grow to around USD 173,647.8 Million, reflecting a compound annual growth rate (CAGR) of 2.6%.

Metric	Value
Market Size in 2025	USD 134,337.0 Million
Projected Market Size in 2035	USD 173,647.8 Million
CAGR (2025 to 2035)	2.6%

Country Wise Outlook

Country	CAGR (2025 to 2035)
USA	2.7%

Country	CAGR (2025 to 2035)
UK	2.5%

Region	CAGR (2025 to 2035)
European Union (EU)	2.6%

Country	CAGR (2025 to 2035)
Japan	2.5%

Country	CAGR (2025 to 2035)
South Korea	2.7%

Competitive Outlook

Company Name	Estimated Market Share (%)
Acerinox S.A.	18-22%
Outokumpu Oyj	12-16%
POSCO	10-14%
Jindal Stainless Ltd.	8-12%
Nippon Steel Corporation	5-9%
Other Stainless Steel Manufacturers (combined)	30-40%

Steel Service Centers Market size was valued at USD 673.66 Million in 2024 and is projected to reach USD 893.96 Million by 2031, growing at a CAGR of 4% during the forecast period 2024-2031.Global Steel Service Centers Market DriversThe market drivers for the Steel Service Centers Market can be influenced by various factors. These may include:Demand from End-Use Industries: As a result of the expansion of sectors including manufacturing, construction, and automotive, there is a greater need for steel and steel service centers.Supply Chain Efficiency: Value-added services like cutting, slitting, and coating are provided by steel service centers, which maintain inventories and are essential for companies that need bespoke steel products. This increases supply chain efficiency.Cost-Effectiveness: Steel service centers can save producers money by allowing them to outsource inventory management and processing, which lowers operating expenses.Globalization and Trade: Because steel service centers handle the processing and distribution of both imported and exported steel, international trade in steel products has an impact on the need for these facilities.Technological Advancements: Steel service centers become more capable and efficient when they implement cutting-edge technologies like automation, robotics, and digitalization. This increases their appeal to industries.Environmental rules: The adoption of steel service centers that provide environmentally friendly processing and recycling services might be influenced by the growing emphasis on sustainability and environmental rules.Infrastructure Development: The construction of buildings, bridges, and railroads increases demand for steel, which is good for the market for steel service centers.Urbanization and Construction: The need for steel is fueled by urbanization trends and construction activity, especially in developing nations. This leads to the expansion of steel service centers.Market Consolidation: Increased market share and competitiveness from mergers and acquisitions in the steel service centers sector can spur industry expansion.Steel Industry Trends: The market for steel service centers may be impacted by general trends in the steel industry, such as raw material pricing, worldwide steel production, and steel recycling rates.

The global steel grating market size reached USD 218.91 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 308.27 Billion by 2033, exhibiting a growth rate (CAGR) of 3.68% during 2025-2033. The expanding transportation industries, such as airports, train stations, and ports, ongoing innovations in manufacturing technologies, and continual fluctuations in oil prices and energy demand across the industrial sector are some of the major factors propelling the market.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 218.91 Billion
Market Forecast in 2033	USD 308.27 Billion
Market Growth Rate (2025-2033)	3.68%

IMARC Group provides an analysis of the key trends in each segment of the global steel grating market report, along with forecasts at the global, regional and country levels from 2025-2033. Our report has categorized the market based on material type, fabrication, surface type, application and end use industry.

Global Steel Products market size is expected to reach $609.09 billion by 2029 at 4.5%, increasing urbanization is fuelling steel product market

According to Cognitive Market Research, the global Stainless Steel market size will be USD 208154.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 83261.80 million in 2024 and will rise at the compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 62446.35 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 47875.54 million in 2024 and will rise at the compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 10407.73 million in 2024 and will rise at the compound annual growth rate (CAGR) of 6.4% from the year 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 4163.09 million in 2024 and will rise at the compound annual growth rate (CAGR) of 6.7% from the year 2024 to 2031.
The automotive & transportation category is the fastest growing segment of the Stainless Steel industry

Market Dynamics of Stainless Steel Market

Key Drivers for Stainless Steel Market

Growing Demand in Construction and Infrastructure Development to Boost Market Growth

The construction industry is a major driver of the stainless steel market, with the increasing demand for stainless steel across infrastructure projects globally. The durability, low maintenance requirements and corrosion resistance of stainless steel make it ideal for structural applications, bridges, and building facades. Urbanization and population growth, mainly in developing regions, are fueling the need for more residential, commercial, and public infrastructure, driving significant consumption of stainless steel. Moreover, as governments worldwide invest heavily in infrastructure modernization—especially for green and smart city projects—the demand for sustainable and resilient construction materials like stainless steel continues to grow. Stainless steel also aligns with sustainability goals as it is highly recyclable, supporting its rising application in eco-conscious construction practices. For instance, Acerinox acquired Haynes International. The latter is a leading developer in the US. It is a manufacturer and marketer of technologically modern high-performance alloys. Such acquisition improves Acerinox’s position in the high-performance alloy segment.

Rising Use in Automotive and Transportation Sectors to Drive Market Growth

The automotive and transportation industries are key drivers for the stainless steel market as manufacturers increasingly prefer this material for vehicle frames, exhaust systems, fuel tanks, and other critical components. Stainless steel’s high strength-to-weight ratio and corrosion resistance contribute to vehicle safety, fuel efficiency, and long-term durability, which are essential for both traditional and electric vehicles. As the electric vehicle (EV) market expands, demand for stainless steel also rises due to its application in battery casings and components that must withstand high temperatures and corrosion. In public transportation, high-speed trains and metro systems benefit from stainless steel’s lightweight and durable properties, contributing to reduced maintenance costs and operational efficiency.

Restraint Factor for the Stainless Steel Market

Environmental Regulations and Sustainability Concerns Will Limit Market Growth

Stringent environmental regulations aimed at reducing industrial pollution and greenhouse gas emissions pose a challenge to the stainless steel industry. The production of stainless steel emits significant CO? and other pollutants, making it subject to rigorous compliance standards, especially in developed regions with strict environmental policies. As global sustainability demands increase, the stainless steel industry faces pressure to adopt eco-friendly practices, which may require significant investment in cleaner technologies or carbon offset strategies. These regulatory pressures increase operational costs and compliance burdens, potentially impacting profitability and discouraging small and medium enterprises from entering or expandi...

The global steel sections market, valued at $220.70 million in 2025, is projected to experience robust growth, driven by a compound annual growth rate (CAGR) of 6.59% from 2025 to 2033. This expansion is fueled by several key factors. The burgeoning construction sector, particularly in developing economies across Asia-Pacific, significantly boosts demand for steel sections in residential and commercial buildings, infrastructure projects, and industrial facilities. Furthermore, the increasing adoption of steel in manufacturing, aerospace, automotive, and energy sectors contributes to market growth. Advancements in steel production techniques, leading to lighter, stronger, and more cost-effective steel sections, further enhance market appeal. While fluctuating raw material prices and global economic uncertainties present potential restraints, the long-term outlook remains positive, driven by ongoing urbanization, infrastructure development initiatives worldwide, and the inherent strength and versatility of steel as a construction material. The market is segmented by product type (heavy structural steel, light structural steel, rebar) and end-user industry (residential, manufacturing, aerospace and automotive, power and utilities, construction, oil and gas, other end-user industries). Major players like Tata Steel, ArcelorMittal, and POSCO Holdings are actively shaping market dynamics through strategic investments and technological innovations. Regional variations in growth rates are expected, with Asia-Pacific maintaining a significant market share due to its high construction activity and industrialization. The competitive landscape is characterized by both established global players and regional manufacturers. The market is witnessing increased consolidation through mergers and acquisitions, with companies focusing on expanding their product portfolios and geographic reach. The trend towards sustainable steel production, incorporating recycled materials and reducing carbon emissions, is also gaining momentum. This drive for eco-friendly practices is expected to influence both consumer demand and manufacturer strategies. Overall, the global steel sections market presents a compelling investment opportunity, with significant potential for growth and innovation in the coming years. Continued focus on technological advancements, sustainable practices, and strategic partnerships will be crucial for maintaining a competitive edge in this dynamic market. Recent developments include: April 2023: Tata Steel signed a business cooperation agreement with A&B Global Mining Pvt. Ltd (ABGM) to develop new business opportunities. It aims to focus on delivering mine technical services in areas like exploration, resource evaluation, mine planning and scheduling, digitalization, owner engineering, and project management. It also aims to provide clean/hybrid energy solutions while conducting pre-feasibility and bankable feasibility studies, investment thesis, and due diligence. ABGM also plans to collaborate with Tata Steel to deliver competitive integrated business solutions to the worldwide mining industry.January 2023: Vallourec signed a long-term agreement with Petrobras for OCTG (Oil Country Tubular Goods) solutions. The three-year agreement covers the supply of OCTG Premium products, associated accessories, and specialized physical and digital services, representing a volume above 110 kiloton of products and accessories.. Notable trends are: By Region, Asia-Pacific is Expected to Lead the Market with More Opportunities.

The global market size of Low-alloy High-strength Tempered Steel is $XX million in 2018 with XX CAGR from 2014 to 2018, and it is expected to reach $XX million by the end of 2024 with a CAGR of XX% from 2019 to 2024.
Global Low-alloy High-strength Tempered Steel Market Report 2019 - Market Size, Share, Price, Trend and Forecast is a professional and in-depth study on the current state of the global Low-alloy High-strength Tempered Steel industry. The key insights of the report:
1.The report provides key statistics on the market status of the Low-alloy High-strength Tempered Steel manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
2.The report provides a basic overview of the industry including its definition, applications and manufacturing technology.
3.The report presents the company profile, product specifications, capacity, production value, and 2013-2018 market shares for key vendors.
4.The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
5.The report estimates 2019-2024 market development trends of Low-alloy High-strength Tempered Steel industry.
6.Analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out
7.The report makes some important proposals for a new project of Low-alloy High-strength Tempered Steel Industry before evaluating its feasibility.
There are 4 key segments covered in this report: competitor segment, product type segment, end use/application segment and geography segment.
For competitor segment, the report includes global key players of Low-alloy High-strength Tempered Steel as well as some small players. At least 12 companies are included:
* ArcelorMittal
* Hebei Iron and Steel Group
* Baosteel Group
* Wuhan Iron& Steel Group
* Anshan Iron& Steel Group
* Jiangsu Shagang Group
For complete companies list, please ask for sample pages.
The information for each competitor includes:
* Company Profile
* Main Business Information
* SWOT Analysis
* Sales, Revenue, Price and Gross Margin
* Market Share

For product type segment, this report listed main product type of Low-alloy High-strength Tempered Steel market
* Product Type I
* Product Type II
* Product Type III

For end use/application segment, this report focuses on the status and outlook for key applications. End users sre also listed.
* Application I
* Application II
* Application III

For geography segment, regional supply, application-wise and type-wise demand, major players, price is presented from 2013 to 2023. This report covers following regions:
* North America
* South America
* Asia & Pacific
* Europe
* MEA (Middle East and Africa)
The key countries in each region are taken into consideration as well, such as United States, China, Japan, India, Korea, ASEAN, Germany, France, UK, Italy, Spain, CIS, and Brazil etc.

Reasons to Purchase this Report:
* Analyzing the outlook of the market with the recent trends and SWOT analysis
* Market dynamics scenario, along with growth opportunities of the market in the years to come
* Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
* Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
* Market value (USD Million) and volume (Units Million) data for each segment and sub-segment
* Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
* Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
* 1-year analyst support, along with the data support in excel format.
We also can offer customized report to fulfill special requirements of our clients. Regional and Countries report can be provided as well.

The worldwide high carbon bearing steel market will be valued at USD 159,529.4 Million in 2025, and is predicted to develop commonly, attaining a market value of USD 296,658.7 Million by 2035. This equates to a CAGR of 6.4% across the forecast period.

Metric	Value
Market Size (2025E)	USD 159,529.4 Million
Market Value (2035F)	USD 296,658.7 Million
CAGR (2025 to 2035)	6.4%

Country-wise Insights

Country	CAGR (2025 to 2035)
United States	6.6%

Country	CAGR (2025 to 2035)
United Kingdom	6.2%

Region	CAGR (2025 to 2035)
European Union	6.5%

Country	CAGR (2025 to 2035)
Japan	6.3%

Country	CAGR (2025 to 2035)
South Korea	6.4%

Segmentation Outlook - High Carbon Bearing Steel Market

By Product Type	Market Share (2025)
High Carbon Chromium Bearing Steel	61.2%

By Application	Market Share (2025)
Deep Groove Ball Bearing	38.7%

Competitive Outlook

Company Name	Estimated Market Share (%)
OVAKO	12 - 14%
Sanyo Special Steel	10 - 12%
CITIC Special Steel Group	8 - 10%
Dongbei Special Steel Group	6 - 8%
JFE Steel Corporation	5 - 7%
Other Companies (combined)	49 - 59%

In 2023, China was the leading country of origin for steel exports, exporting **** million metric tons of its production. It dwarfed all other countries, including Japan, which ranked second, shipping **** million metric tons of steel. The United States, which was the leading importer of steel worldwide, ranked **th for steel exports. China is dominating the steel marketChina has the largest steel industry in the world, manufacturing more than **** of all crude steel globally produced. It had substantial expansion over the last few decades and still controls most of the world's steel production. In 2023, six of the ten largest steel-producing companies were Chinese. That year, China Baowu Group produced around *** million metric tons of crude steel, which was significantly higher than the other producers. Ansteel Group, the second-largest Chinese company, had just below ** million metric tons of crude steel that year. Worldwide steel importsDespite being the largest steel exporter, China is also one of the leading steel-importing countries due to its high demand. In 2022, apparent steel use in China was equal to about ***** million tons of finished steel products. China was the leading market for steel scrap consumption in that year. The country's steel scrap consumption came to over ***** million metric tons.