Steel rose to 2,962 CNY/T on June 27, 2025, up 0.44% from the previous day. Over the past month, Steel's price has fallen 2.02%, and is down 10.27% 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 June of 2025.

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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

The Crude Steel Market report segments the industry into Composition (Killed Steel, Semi-killed Steel), Manufacturing Process (Basic Oxygen Furnace (BOF), Electric Arc Furnace (EAF)), End-User Industry (Building and Construction, Transportation, Tools and Machinery, Energy, Consumer Goods, Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, Middle East and Africa).

The Steel Market is valued at USD 2,073.3 billion in 2025. As per FMI's analysis, the Steel Industry will grow at a CAGR of 4.4% and reach USD 3,371.7 billion by 2035.

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 Heat-Treated Steel Plates Market Report Segments the Industry by Steel Type (Carbon Steel, Alloy Steel, and Stainless Steel), Heat Treatment Type (Annealing, Tempering, Normalizing, and More), End-Use Sector (Automotive and Heavy Machinery, Building and Construction, Shipbuilding and Off-Shore Structures, and More), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa).

The global steel market size attained a volume of around 1738.39 MMT in 2024. The market is projected to grow at a CAGR of 2.24% between 2025 and 2034 to reach a volume of nearly 2169.48 MMT by 2034. The growing demand in the steel market is due to the increasing infrastructure investments and expanding sectors including automotive and construction. Rising urbanization needs and an increasing need for durable materials in urban development projects have motivated the growth to a great extent. Since the automotive industry requires high-quality steel products to manufacture vehicles, it plays a significant role in steady growth. Steel usage for the production of components that are quantitatively effective is expected to be driven by the renewable energy sectors, particularly the wind and solar energy industries. The steel sector is set to grow as global infrastructure investment rises, with a particular emphasis on developing high-performance materials in line with environmental pledges.

The India Steel Market report segments the industry into Basic Form (Crude Steel), Final Form (Finished Steel), Technology (Blast Furnace-basic Oxygen Furnace (BF-BOF), Electric Arc Furnace (EAF), Other Technologies), End User Industry (Automotive and Transportation, Building and Construction, Tools and Machinery, Energy, Consumer Goods, and more).

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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

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

The global precision stainless steel market is expected to be valued at US$ 2,488 million in 2023 and reach a valuation of US$ 3,754.29 million by 2033. The demand for precision stainless steel is estimated to grow at a steady 4.2% CAGR.

Attributes	Details
Precision Stainless Steel Market CAGR (2023 to 2033)	4.2%
Precision Stainless Steel Market Size (2023)	US$ 2,488 million
Precision Stainless Steel Market Size (2033)	US$ 3,754.29 million

The Steel Market size is expected to reach a valuation of USD 3032.1 billion in 2033 growing at a CAGR of 5%. The Steel market research report classifies market by share, trend, demand, forecast and based on segmentation.

The Stainless Steel Market Report Segments the Industry by Product Type (Flat Products and Long Products), Form (Hot Rolled, Cold Rolled, and Cold Drawn), Grade (200 Series, 300 Series, and More), Application (Building and Construction, Automotive and Transportation, Metal Products, Electrical Machinery, and More), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

The global sales of steel drum are estimated to be worth USD 13,123.2 million in 2025 and anticipated to reach a value of USD 20,379.9 million by 2035. Sales are projected to rise at a CAGR of 4.5% over the forecast period between 2025 and 2035. The revenue generated by steel drum in 2024 was USD 12,412.5 million. The industry is anticipated to exhibit a Y-o-Y growth of 4.3% in 2025.

Metric	Value
Industry Size (2025E)	USD 13,123.2 million
Industry Value (2035F)	USD 20,379.9 million
CAGR (2025 to 2035)	4.5%

Semi-Annual Market Update

Particular	Value CAGR
H1	5.0% (2024 to 2034)
H2	4.1% (2024 to 2034)
H1	5.2% (2025 to 2035)
H2	3.8% (2025 to 2035)

Country-wise Insights

Countries	Value CAGR (2025 to 2035)
USA	4.9%
Canada	3.5%
Brazil	5.3%
Argentina	4.0%
Germany	3.7%
China	6.6%
India	7.4%

Category-wise Insights

Head Type	Value Share (2025)
Tight Head	81.6%

Capacity	Value Share (2025)
55 gallons Steel Drums (Standard Size)	86.2%

The market value of the stainless steel industry in the U.S. is forecast to amount to almost 5.4 billion U.S. dollars in 2022, a year-on-year decrease of around 16 percent. It is expected to continue decreasing, reaching approximately 5.3 billion U.S. dollars by 2027.

US iron and steel manufacturers, who are estimated to generate $108.4 billion in revenue for 2025, face a complex financial landscape after several years of fluctuating performance. While the industry has demonstrated a current period growth of 3.7% CAGR, the current year growth is estimated at 3.6%. Lower revenues in recent years were linked to depressed steel prices, caused by oversupply, sluggish demand in the construction and automotive sectors, and import competition. However, early 2025 has seen an uptick in prices driven partly by tariffs on imported steel, providing a glimmer of hope for improved earnings and profit, even as stricter EPA regulations on air quality and hazardous pollutants raise compliance costs. Characterized by a mix of large integrated producers and smaller specialized mills, the industry's structure is being reshaped by tariffs on foreign steel. While tariffs are boosting domestic manufacturers by creating a more favorable environment for domestic investment and job creation, they are also driving up costs for downstream industries such as automakers and construction firms. These tariffs, imposed to protect domestic producers, have contributed to higher US steel prices, even as manufacturers navigate increasingly stringent environmental regulations. The EPA's tougher air quality standards, targeting emissions from steelmaking processes, require costly investments in new equipment and process upgrades. As a result, the industry faces a complex landscape of trade tensions and varying profit impacts across different sectors. Looking ahead, the industry is expected to see growth stimulated by projected expansion in the domestic economy and large-scale federal infrastructure investments. Government initiatives, particularly those tied to infrastructure projects with “Buy America” provisions, are expected to bolster demand for domestically produced steel. The industry is projected to achieve a 1.7% CAGR through 2030, reaching $117.8 billion in revenue. Rising demand for green steel will also accelerate technology investments and transform production processes. Steelmakers will need to invest in expanding capacity, modernizing facilities and adopting advanced manufacturing technologies to meet anticipated demand and comply with evolving environmental standards.

IF Steel Market Outlook

The global IF steel market size was valued at approximately USD 49 billion in 2023 and is projected to reach around USD 74 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.6% during the forecast period. The primary growth drivers for this market include the increasing demand for lightweight and high-strength materials across various industries, particularly in automotive and construction. As industries continue to focus on sustainability and efficiency, the demand for interstitial free (IF) steel, known for its superior formability and strength, is expected to rise steadily throughout the forecast period.

A significant factor contributing to the growth of the IF steel market is the rising demand from the automotive industry, which seeks materials that can help achieve weight reduction and better fuel efficiency. IF steel is particularly well-suited to meet these demands due to its low carbon content and excellent formability, making it ideal for manufacturing car body parts. The automotive industry's ongoing shift towards electric vehicles further amplifies this demand, as lighter materials are essential for optimizing battery performance and extending vehicle range, thus fueling the growth of the IF steel market.

The construction industry also plays a vital role in driving the IF steel market forward. With increasing urbanization and infrastructure development worldwide, the need for durable and lightweight construction materials is rising. IF steel, known for its high strength-to-weight ratio, is becoming a preferred choice for structural applications, including roofing and cladding. The added benefits of corrosion resistance and long-term durability make IF steel an attractive option for construction projects, especially in regions prone to harsh environmental conditions, thereby supporting market growth.

Additionally, advancements in manufacturing technologies and processes are enhancing the quality and application scope of IF steel products, further propelling market expansion. Innovations such as advanced rolling techniques and heat treatments are improving the mechanical properties of IF steel, enabling its use in a wider range of applications. Moreover, the ongoing research and development activities aimed at reducing production costs and improving material properties are expected to provide new growth opportunities for the market.

Regionally, the Asia Pacific is anticipated to dominate the IF steel market, driven by rapid industrialization and urbanization in countries such as China and India. These nations are witnessing robust growth in automotive and construction sectors, leading to increased demand for high-quality steel products. North America and Europe are also significant markets, with well-established automotive industries and a growing emphasis on sustainable construction practices. Meanwhile, Latin America, the Middle East, and Africa are expected to see moderate growth, as infrastructure development initiatives gain momentum in these regions.

Type Analysis

The IF steel market is segmented by type into ultra-low carbon IF steel and high strength IF steel. Ultra-low carbon IF steel is characterized by its minimal carbon content, which significantly enhances its ductility and formability. This makes it an ideal choice for applications requiring intricate and precise shaping, such as automotive body panels and structural components. The demand for ultra-low carbon IF steel is particularly high in the automotive sector, where manufacturers are continuously seeking materials that enable weight reduction without compromising on safety. The growing adoption of electric vehicles, which require lightweight but strong materials for improved efficiency, is further boosting the demand for ultra-low carbon IF steel.

High strength IF steel, on the other hand, offers a combination of excellent strength and formability, making it suitable for applications that require greater load-bearing capacity. This variant of IF steel is gaining traction in both the automotive and construction industries, where materials with superior mechanical properties are crucial for enhancing performance and safety. With advancements in steel processing techniques and the development of new alloys, high strength IF steel is becoming increasingly versatile, enabling its use in a broader range of applications, from reinforced automotive components to high-strength building frameworks.

The growing emphasis on sustainability and eco-friendly practices is also driving the demand for both types of

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.

Global Alloy Steel Market size was USD 151.42 billion in 2022 and is grow to USD 173.65 billion by 2030 with a CAGR of 1.74%.

The High Speed Steel Market report segments the industry into Type (Tungsten High Speed Steel, Molybdenum High Speed Steel, Other Types (Cobalt High-Speed Steel, Chromium High-Speed Steel, and more.)), Product Type (Metal Cutting Tools, Cold Working Tools, and more.), End-User Industry (Automotive, Aerospace, and more.), and Geography (Asia-Pacific, North America, Europe, and more.).

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...