Steel fell to 3,019 CNY/T on September 11, 2025, down 0.76% from the previous day. Over the past month, Steel's price has fallen 7.19%, and is down 1.98% 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 September of 2025.

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 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 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 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).

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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?

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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 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.).

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.

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%.

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Steel Manufacturing Market Size 2025-2029

The steel manufacturing market size is valued to increase USD 455.4 billion, at a CAGR of 4.5% from 2024 to 2029. Upsurge in consumption of high-strength steel will drive the steel manufacturing market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 54% growth during the forecast period.
By End-user - Construction segment was valued at USD 793.30 billion in 2023
By Type - Flat segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 35.51 billion
Market Future Opportunities: USD 455.40 billion
CAGR : 4.5%
APAC: Largest market in 2023

Market Summary

The market encompasses the production and distribution of primary steel products, including iron, alloy, and specialty steel. This dynamic industry is driven by several key factors. The upsurge in consumption of high-strength steel, particularly in automotive and construction sectors, is a major growth catalyst. According to the World Steel Association, global steel demand reached 1.8 billion metric tons in 2020, with automotive and construction accounting for approximately 50% of the total consumption. Core technologies, such as electric arc furnaces and continuous casting, are transforming the manufacturing landscape, enabling increased efficiency and productivity. The market also faces challenges, including excess production capacity and growing demand for steel and stainless steel scrap.
Regulations, including environmental and safety standards, continue to evolve, shaping the competitive landscape. In 2021, the European Union's Green Deal aims to make Europe carbon neutral by 2050, potentially impacting the steel industry's production methods and raw material sourcing. Despite these challenges, opportunities abound, particularly in emerging markets and innovative applications. For instance, the increasing adoption of electric vehicles is expected to boost demand for high-strength steel. In 2020, the electric vehicle market share was approximately 3% of global vehicle sales, with projections indicating significant growth in the coming years. As the market continues to unfold, stakeholders must stay informed of these trends and adapt to the evolving landscape.

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

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How is the Steel Manufacturing Market Segmented and what are the key trends of market segmentation?

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-user

  Construction
  Machinery
  Automotive
  Metal products
  Others


Type

  Flat
  Long


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Russia
    UK


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By End-user Insights

The construction segment is estimated to witness significant growth during the forecast period.

The market is a significant global industry, with the construction sector being its largest consumer in 2024. This sector's growth is driven by the construction of various infrastructure projects such as skyscrapers, tech parks, roads, motorways, and bridges. Steel's popularity in the building industry is due to its exceptional properties, including durability, strength, affordability, and adaptability for prolonged weather exposure. In the manufacturing process, material testing procedures ensure product quality and consistency. Annealing processes refine the steel's microstructure, enhancing its mechanical properties. Robotics in steelmaking streamline production, increasing efficiency and reducing labor costs. Surface treatments protect steel from corrosion and improve its appearance.

Waste management strategies minimize environmental impact, aligning with industry sustainability goals. Stainless steel production represents a growing segment due to its resistance to corrosion and high strength. Heat treatment processes further refine the steel's properties, while inventory management systems optimize production schedules. Basic oxygen furnaces and electric arc furnaces are essential in steel production, with the latter offering increased flexibility and energy efficiency. Defect detection methods employ advanced technologies like digital twin technology and mechanical properties testing to minimize production downtime and improve product quality. Alloy steel production caters to various industries, with process optimization techniques ensuring optimal yield and energy efficiency.

Energy efficiency metrics are crucial in the industry, with galvanizin

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

The India Steel Report is Segmented by Technology (Blast Furnace–Basic Oxygen Furnace, Electric Arc Furnace, and Other Technologies), Basic Form (Crude Steel), Final Form (Finished Steel), and End-User Industry (Automotive and Transportation, Building and Construction, Tools and Machinery, Consumer Goods, Energy, and Other End-User Industries). The Market Forecasts are Provided in Terms of Volume (Million Tons).

The Coated Steel Market report segments the industry into Product Type (Hot-dipped, Electro Galvanized, Aluminized, Galvannealed, Other Product Types), Application (Automotive Components, Appliances, Construction and Building Components, Pipe and Tubular, Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, Middle East and Africa).

The Mexico stainless steel market size is projected to grow at a CAGR of 6.30% between 2025 and 2034. The market is being driven by the robust growth of different end-use sectors, including HoReCa, construction, and manufacturing, among others.

The Sustainable Steel Market size is expected to reach a valuation of USD 708.2 million in 2033 growing at a CAGR of 8.80%. The Sustainable Steel market research report classifies market by share, trend, demand, forecast and based on segmentation.

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...

Steel Market size was USD 1354 Billion in 2022 and is expected to reach a value of USD 1927.16 Billion in 2034 and register a revenue CAGR of 4% during the forecast period.

The global stainless steel market is anticipated to reach a value of XX million by 2033, expanding at a CAGR of 4.69% during the forecast period (2025-2033). The growth of this market is primarily attributed to the increasing demand for stainless steel in various end-use industries, including automotive, construction, and manufacturing. The growing popularity of stainless steel in architectural applications, owing to its corrosion resistance and aesthetic appeal, is further driving market expansion. The stainless steel market is segmented based on product, application, and region. In terms of product, the market is categorized into cold flat, hot coils, cold bars, hot bars, hot plate and sheet, and other products. By application, the market is divided into automotive and transportation, building and construction, metal products, electrical machinery, mechanical engineering, and other applications. Geographically, the market is analyzed across Asia Pacific, North America, Europe, South America, and the Middle East and Africa. Key players in the global stainless steel market include Outokumpu, ArcelorMittal, thyssenkrupp Stainless GmbH, POSCO, TSINGSHAN HOLDING GROUP, Aperam, Acciai Speciali Terni S p A, Baosteel Group, China Baowu Steel, Jindal Stainless Limited, NIPPON STEEL CORPORATION, JFE Steel Corporation, and Acerinox. Recent developments include: January 2023: North American Stainless (NAS), the largest fully-integrated stainless steel producer in the United States, confirmed the USD 244 million expansion of its Ghent, Kentucky facility in Carroll County. This expansion will increase NAS' total capacity by 200,000 tons annually, representing a 20% growth to meet the rising demand for top-of-the-line stainless products from customers., December 2022: Jindal Stainless received regulatory approval for its merger with Jindal Stainless (Hisar) from the National Company Law Tribunal (NCLT).. Key drivers for this market are: Growing Demand from Construction Industry, Increasing Demand from Automotive Industry; Other Drivers. Potential restraints include: Availability of Substitutes, Other Restraints. Notable trends are: Increasing Usage in the Construction Industry.

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%

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.