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).

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 market value of the steel industry in the U.S. amounted to around *** billion U.S. dollars in 2021, and is projected to reach nearly ** billion in 2022, a year-on-year decrease of around **** percent. It is expected to continue decreasing in the following years, reaching approximately ** billion U.S. dollars by 2027.

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.

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.

The Steel Sections Market report segments the industry into By Product Type (Heavy Structural Steel, Light Structural Steel, Rebar), By End-User Industry (Residential, Manufacturing, Aerospace And Automotive, Power And Utilities, Construction, Oil And Gas, Other End-User Industries), and By Geography (Asia-Pacific, North America, Europe, Latin America, Middle East And Africa).

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).

Snapshot img

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 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%

The online sales value of steel in China was forecasted to reach around 329 billion yuan by 2022. Currently, the e-commerce penetration rate in the steel sector stands close to 20 percent and is expected to grow further.

The size of the India Steel Market was valued at USD 135 Million in 2023 and is projected to reach USD 209 Million by 2032, with an expected CAGR of 9.18% during the forecast period. This phenomenal growth stems from modernization and capacity expansion initiatives undertaken by various stakeholders. The country's rising infrastructure spending and automotive sector, coupled with favorable government policies and technological advancements, have propelled the industry's expansion. Industry leaders like JINDAL STEEL & POWER LIMITED, AM/NS India, and TATA STEEL are spearheading innovation and driving the adoption of sustainable practices. Recent developments include: April 2023: AM/NS India received approval from India’s regulatory body (NCLT) to buy Indian Steel Corporation to enhance its downstream capabilities and broaden its product portfolio., November 2022: JSW Group announced that the company intends to invest INR 1 trillion (USD 12.08 billion) in all of its Karnataka-based businesses over the next five years. JSW operates a steel mill in Vijayanagar, Karnataka, near the Ballari-Hospete iron ore region. The production complex in Vijayanagar is India's largest single-location integrated steel-making facility, with an annual capacity of 12 million tons.. Key drivers for this market are: Strong Policy Support by the Indian Government, Strong Influx of Investments in the Steel Sector; Increasing Urbanization and Increased Spending on Construction and Infrastructure Projects. Potential restraints include: Low Percapita Steel Consumption, High Production Costs. Notable trends are: Blast Furnace-Basic Oxygen Furnace (BF-BOF) Technology to Dominate the Market.

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.

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%

Snapshot img

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

The market size of the Russian steel industry was estimated at over ** billion U.S. dollars in 2021. The revenue increased by nearly ** percent compared to the previous year. In 2020, the market value decreased slightly.

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.

The global crude steel and iron market exhibits robust growth potential, driven by the expanding construction and infrastructure sectors, particularly in developing economies. The market, valued at approximately $1.2 trillion in 2025, is projected to experience a Compound Annual Growth Rate (CAGR) of 4.5% from 2025 to 2033, reaching an estimated market size of $1.8 trillion by 2033. This growth is fueled by increasing urbanization, industrialization, and the rising demand for durable goods such as automobiles and appliances. Key trends include the adoption of advanced steelmaking technologies like electric arc furnaces, emphasizing sustainability and reducing carbon emissions. Furthermore, government initiatives promoting infrastructure development in various regions contribute significantly to market expansion. However, fluctuating raw material prices, particularly iron ore, and stringent environmental regulations pose challenges to market growth. The market is segmented by production process (oxygen, electric, others) and application (building & infrastructure, mechanical equipment, automotive, etc.), offering diverse investment opportunities. Competition is intense among major players such as ArcelorMittal, China Baowu, Nippon Steel, and others, who are constantly striving for technological advancements and market share expansion. The geographical distribution of the market shows significant regional variations. Asia Pacific, especially China and India, dominates the market due to their rapid industrialization and infrastructure development. North America and Europe also hold substantial market shares, driven by continuous upgrades in infrastructure and the growing automotive sector. However, the market faces restraints including the volatility in global economic conditions, geopolitical uncertainties impacting raw material supply chains, and the increasing pressure to reduce carbon emissions in the steel industry. The forecast period sees a continued focus on technological innovation to improve efficiency, reduce environmental impact, and meet the rising demand for high-quality steel products in various applications. This dynamic interplay of growth drivers, challenges, and technological advancements shapes the evolving landscape of the crude steel and iron market. This comprehensive report provides an in-depth analysis of the global crude steel and iron market, examining production trends, key players, regional dominance, and future growth prospects. We delve into the intricacies of production methods, end-use applications, and the impact of regulatory changes and technological advancements. The report utilizes data in millions of tons to present a clear and concise picture of this vital industry.

According to Cognitive Market Research, the global Special Steel Market size is USD 199848.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 4.00% from 2024 to 2031.

North America was the major market, accounting for more than 40% of global revenue. With a market size of USD 79939.28 million in 2024, it will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 59954.46 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 45965.09 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 9992.41 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 3996.96 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
The Stainless Steel held the highest Special Steel Market revenue share in 2024.

Market Dynamics of Special Steel Market

Key Drivers for Special Steel Market

Automotive Sector Demand to Increase the Demand Globally

The increasing demand for special steel products in the automotive sector is expected to be a significant driver of global market growth. As the automotive industry continues to evolve, there is a growing emphasis on lightweight materials, enhanced safety features, and improved fuel efficiency in vehicle design. Specialized steel alloys play a crucial role in meeting these requirements by offering high strength-to-weight ratios, superior crashworthiness, and corrosion resistance. Furthermore, the shift towards electric vehicles (EVs) and hybrid vehicles necessitates the use of special steels for battery enclosures, chassis components, and structural reinforcements to ensure optimal performance and safety standards.

Energy Sector Requirements to Propel Market Growth

The increased availability of Special Steel through diverse distribution channels is expected to propel market growth significantly. With expansion into supermarkets, health food stores, and online platforms, Special Steel has become more accessible to consumers globally. This enhanced accessibility, coupled with strategic distribution partnerships and efficient supply chains, facilitates greater reach and penetration into new markets. As a result, manufacturers are poised to capitalize on this expanded distribution network to drive sales and meet the rising demand for healthier beverage options, thereby fueling the growth of the Special Steel Market.

Restraint Factor for the Special Steel Market

Volatility in Raw Material Prices to Limit the Sales

The burgeoning energy sector, encompassing oil and gas exploration, power generation, and renewable energy projects, is anticipated to propel significant growth in the global special steel market. Specialized steel products play a vital role in supporting the energy industry's infrastructure and operations, particularly in harsh and demanding environments. In oil and gas exploration and production, special steels are utilized in critical applications such as offshore platforms, pipelines, drilling equipment, and subsea components. These materials are chosen for their resistance to corrosion, high-pressure performance, and reliability under extreme conditions, ensuring the integrity and safety of energy infrastructure.

Impact of Covid-19 on the Special Steel Market

The COVID-19 pandemic had a multifaceted impact on the global special steel market, presenting both challenges and opportunities for industry stakeholders. Initially, widespread lockdowns, disruptions in supply chains, and reduced industrial activity resulted in a slowdown in demand for special steel products across various end-use sectors such as automotive, construction, and manufacturing. The temporary closures of automotive plants, construction sites, and industrial facilities led to a decline in orders and production volumes, affecting the revenue streams of steel manufacturers. Introduction of the Special Steel Market

The special steel market represents a dynamic and crucial segment within the broader steel industry, catering to the demanding requirements of various high-performance applications acro...

The global steel market, currently valued at approximately $XX million (estimated based on available data and market trends), is projected to experience steady growth, exhibiting a compound annual growth rate (CAGR) of 2.17% from 2025 to 2033. Several key drivers fuel this expansion. Robust infrastructure development projects globally, particularly in emerging economies, necessitate substantial steel consumption. The burgeoning automotive and construction sectors, along with the increasing demand for durable goods, further stimulate market growth. Technological advancements in steel production, leading to enhanced efficiency and cost-effectiveness, contribute to market expansion. However, fluctuating raw material prices, particularly iron ore and coking coal, present a significant challenge. Moreover, stringent environmental regulations aimed at reducing carbon emissions pose constraints on the industry's growth trajectory. The market is segmented by end-user, with construction, machinery, transportation, and metal goods accounting for significant shares. Leading players like ArcelorMittal, POSCO, and Tata Steel are strategically focusing on diversification, technological innovation, and geographical expansion to maintain a competitive edge in this dynamic landscape. Competitive strategies involve mergers and acquisitions, joint ventures, and strategic partnerships to capture market share and optimize production processes. The industry faces risks related to geopolitical instability, trade wars, and economic downturns, each capable of influencing demand and prices. The regional distribution of the steel market is diverse. North America, Europe, and Asia-Pacific constitute the major market segments, driven by their strong industrial bases and infrastructure development activities. Within these regions, specific countries like China, India, the United States, and Japan are key consumers due to their robust manufacturing sectors and large-scale infrastructure projects. The market is characterized by the presence of both established multinational corporations and regional players. These companies compete on various factors including price, quality, technological capabilities, and geographic reach, leading to a competitive market dynamics. The forecast period (2025-2033) expects continued growth, although the rate may fluctuate based on macroeconomic conditions and geopolitical factors. Sustained growth hinges upon consistent infrastructure investments and advancements in steel production technologies that address environmental concerns.

The global flat steel industry value reached USD 558 billion in 2023. Over the forecast period, the value is anticipated to rise at 5.9% CAGR. The sector is predicted to increase from USD 586 billion in 2024 to USD 1037 billion in 2034.

Attributes	Description
Estimated Global Flat Steel Market Size (2024E)	USD 586 billion
Projected Global Flat Steel Market Value (2034F)	USD 1037 billion
Value-based CAGR (2024 to 2034)	5.9%

Country-wise Insights

Countries	CAGR 2024 to 2034
United States	3.3%
Germany	2.8%
China	6.6%
Japan	2.5%
India	8.7%

Category-wise Insights

Segment	Hot Rolled Coil (Type)
Value Share (2024)	35.7%

Segment	Construction (Application)
Value Share (2024)	36.3%