Steel rose to 3,117 CNY/T on December 2, 2025, up 0.23% from the previous day. Over the past month, Steel's price has risen 1.30%, but it is still 7.09% lower than a year ago, 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 December of 2025.

The Crude Steel Market Report is Segmented by Composition (Killed Steel and Semi-Killed Steel), Manufacturing Process (Basic Oxygen Furnace (BOF) and Electric Arc Furnace (EAF)), End-User Industry (Building and Construction, Transportation, and Other End-User Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Volume (Tons).

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%.

The global steel market size is projected to grow from USD 27.84 billion in 2025 to USD 53.48 billion by 2033, exhibiting a CAGR of 8.5%.
Report Scope:

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 valued to increase USD 307.4 billion, at a CAGR of 4.5% from 2024 to 2029. Urbanization and infrastructure development will drive the steel market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 67% growth during the forecast period.
By Type - Flat steel segment was valued at USD 797.80 billion in 2023
By Application - Structural steel segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 28.76 billion
Market Future Opportunities: USD 307.40 billion
CAGR from 2024 to 2029 : 4.5%

Market Summary

The market is a significant player in the industrial sector, with a current size of over 1,300 million metric tons in annual production. This market's expansion is primarily driven by urbanization and infrastructure development, as steel is a crucial component in constructing buildings, bridges, and transportation systems. Additionally, there is a growing trend toward sustainable steel production, as companies seek to reduce their carbon footprint and meet increasing environmental regulations. However, the market faces challenges from trade barriers and protectionist policies, which can disrupt global supply chains and impact pricing. These issues can lead to volatility in the market and create uncertainty for businesses.
Despite these challenges, the steel industry continues to evolve, with innovations in production methods and materials driving efficiency and cost savings. As the world's population grows and urbanizes, the demand for steel is expected to remain strong, making it an essential commodity for businesses across various industries.

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

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How is the Steel Market 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 ever-evolving market, flat steel, a significant sector, is characterized by its versatility and robustness. This category includes hot-rolled coils (HRC), cold-rolled coils (CRC), galvanized steel, tinplate, and steel plates, each designed to meet specific industrial demands. Hot-rolled steel sheets offer high yield strength and tensile strength, while cold-rolled steel sheets provide improved surface finish and formability. Galvanized steel coatings ensure corrosion resistance, making them ideal for harsh environments. The steel industry continues to innovate, with advancements in heat treatment processes, steel weldability, and microalloyed steel grades. Ductile iron properties and stainless steel grades cater to high-strength applications, while steel forming processes enhance production efficiency.

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The Flat steel segment was valued at USD 797.80 billion in 2019 and showed a gradual increase during the forecast period.

Steel quality control is ensured through non-destructive testing and microstructure analysis. The steel industry's focus on research and development has led to the emergence of high-strength low-alloy steel, which boasts impressive strength-to-weight ratios. A notable example of flat steel's impact is its extensive use in the automotive sector, where it contributes to the manufacturing of body panels and structural components. In fact, the automotive industry accounts for approximately 16% of global steel consumption. As the market continues to evolve, the demand for advanced materials and processing technologies will persist, driving innovation and growth within this essential industry.

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Regional Analysis

APAC is estimated to contribute 67% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in the Asia-Pacific (APAC) region is experiencing significant growth, fueled by industrial expansion, infrastructure devel

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 Steel Market size was valued at USD 1245.33 Billion in 2024 and is projected to reach USD 2085.37 Billion by 2032, growing at a CAGR of 2.25% from 2026 to 2032.Global Steel Market Drivers Global Economic Growth: As steel is a necessary component of many industries, including manufacturing, infrastructure, and construction, economic growth usually results in higher demand for the metal. Steel has historically been in high demand due to the robust economic expansion in emerging economies, especially in nations like China and India.Infrastructure Development: A significant amount of steel is needed for infrastructure projects like utilities, roads, bridges, railroads, and airports. The construction of infrastructure through government programmes can greatly increase the demand for steel.Urbanisation and Industrialization: The need for steel is driven by the fast-paced urbanisation and industrialization occurring in developing nations. Steel is used in the construction and manufacturing of machinery, equipment, and residential and commercial buildings.Automotive Industry: Especially for car bodywork, chassis, and other components, the automotive industry is a significant consumer of steel. The demand for steel may rise in response to increases in auto sales and manufacturing.Construction Sector: A sizeable amount of steel consumption is accounted for by construction activities, which include residential, commercial, and industrial construction. Government infrastructure expenditure, urbanisation trends, and population expansion all have an impact on demand in the building industry.Energy Sector: Pipelines, offshore platforms, and power generation facilities are just a few examples of the infrastructure in which steel is crucial. Steel consumption may be influenced by an increase in power infrastructure, oil and gas exploration, and renewable energy initiatives.

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.

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Carbon Steel Market Size 2025-2029

The carbon steel market size is valued to increase by USD 197.5 billion, at a CAGR of 3.3% from 2024 to 2029. Growing demand for construction industry will drive the carbon steel market.

Market Insights

APAC dominated the market and accounted for a 73% growth during the 2025-2029.
By End-user - Construction segment was valued at USD 405.20 billion in 2023
By Type - Low carbon steel segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 29.44 billion 
Market Future Opportunities 2024: USD 197.50 billion
CAGR from 2024 to 2029 : 3.3%

Market Summary

Carbon steel, a versatile alloy of iron and carbon, is a cornerstone of global industries due to its exceptional strength, durability, and cost-effectiveness. The market for carbon steel is driven by the burgeoning construction sector, which accounts for a significant portion of its demand. Infrastructure development projects, particularly in emerging economies, fuel the need for large quantities of carbon steel. Moreover, the increasing adoption of sustainable manufacturing practices has led to the steel industry's evolution, with carbon steel being a key material in the production of green steel through the electric arc furnace process. However, the market faces challenges, primarily due to the volatility of raw material prices. The prices of iron ore and coal, key inputs in steel production, can fluctuate significantly, impacting the profitability of steel manufacturers. A real-world business scenario illustrates this challenge. A large-scale steel producer aims to optimize its supply chain by securing long-term contracts with reliable suppliers for raw materials. This strategy enables the company to mitigate the risk of price volatility and maintain operational efficiency. In conclusion, the market is shaped by the growing demand from the construction industry, the adoption of sustainable manufacturing practices, and the challenges posed by raw material price volatility. Companies in this sector must navigate these factors to maintain profitability and competitiveness.

What will be the size of the Carbon Steel Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free SampleCarbon steel, a versatile alloy, continues to dominate various industries due to its strength, durability, and cost-effectiveness. Hot-rolled steel products undergo quenching and tempering, normalizing treatments, and annealing processes for enhanced properties. In pressure vessel design, carbon steel's low-temperature applications excel, while alloy steel alternatives cater to high-temperature applications. Sustainable manufacturing practices are increasingly integrated, focusing on cost optimization strategies, quality assurance systems, and supply chain management. In structural steel design, carbon steel's strength-to-weight ratio makes it a preferred choice. Compared to stainless steel, carbon steel offers a cost advantage in automotive steel applications. Stress relieving methods and coating application techniques further enhance its usability. Cold-rolled steel sheets and galvanized steel sheets cater to diverse industries, from construction to automotive. Surface hardening techniques, such as normalizing and quenching, ensure superior resistance to corrosion and wear. Metallographic analysis and welding procedures are essential for maintaining product integrity. Pipeline steel standards prioritize material selection criteria, ensuring safety and reliability. Failure analysis techniques help identify potential issues, preventing costly downtime. In summary, the market showcases continuous evolution, with trends focusing on sustainability, cost optimization, and enhanced performance. Companies prioritize compliance with industry standards, ensuring the delivery of high-quality products. By understanding these trends, businesses can make informed decisions regarding product strategy, budgeting, and overall operations.

Unpacking the Carbon Steel Market Landscape

Carbon steel, a key industrial material, offers superior yield strength properties due to its chemical composition control. Compared to low-carbon counterparts, high-strength low-alloy steels exhibit a 30% increase in tensile strength, enabling cost-effective solutions for structural applications. Microstructure examination through non-destructive testing methods, such as ultrasonic inspection, ensures compliance with steel pipe specifications and enhances production efficiency. Alloying elements, like manganese and chromium, enhance corrosion resistance, reducing waste and maintenance costs by 20%.

Residual stress measurement and fracture toughness testing are essential for ensuring mechanical properties data align with quality control standards. Heat treatment processes, including

HRC Steel fell to 891.06 USD/T on December 2, 2025, down 0.88% from the previous day. Over the past month, HRC Steel's price has risen 5.08%, and is up 29.14% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for HRC Steel.

The global steel market, a $1.3 trillion industry, faces a period of slow growth (-1% CAGR). This in-depth analysis explores market trends, challenges (rising costs, environmental regulations), and key players like ArcelorMittal and China Baowu. Discover insights into future projections and the strategic adaptations shaping the industry's future.

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.

Green Steel Market size is estimated to be valued at USD 6.95 Bn in 2025 and is expected to expand at a CAGR of 60.4%, reaching USD 189.82 Bn by 2032.

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).

Content

This company produces several types of coils, steel plates, and iron plates. The information on electricity consumption is held in a cloud-based system. The information on energy consumption of the industry is stored on the website of the Korea Electric Power Corporation (pccs.kepco.go.kr), and the perspectives on daily, monthly, and annual data are calculated and shown.

Attribute Information:

Date Continuous-time data taken on the first of the month Usage_kWh Industry Energy Consumption Continuous kWh Lagging Current reactive power Continuous kVarh Leading Current reactive power Continuous kVarh CO2 Continuous ppm NSM Number of Seconds from midnight Continuous S Week status Categorical (Weekend (0) or a Weekday(1)) Day of week Categorical Sunday, Monday : Saturday Load Type Categorical Light Load, Medium Load, Maximum Load

Acknowledgements

This dataset is sourced from the UCI Machine Learning Repository Relevant Papers:

1. Sathishkumar V E, Changsun Shin, Youngyun Cho, “Efficient energy consumption prediction model for a data analytic-enabled industry building in a smart city†, Building Research & Information, Vol. 49. no. 1, pp. 127-143, 2021.
2. Sathishkumar V E, Myeongbae Lee, Jonghyun Lim, Yubin Kim, Changsun Shin, Jangwoo Park, Yongyun Cho, “An Energy Consumption Prediction Model for Smart Factory using Data Mining Algorithms†KIPS Transactions on Software and Data Engineering, Vol. 9, no. 5, pp. 153-160, 2020. Transactions on Software and Data Engineering, Vol. 9, no. 5, pp. 153-160, 2020.
3. Sathishkumar V E, Jonghyun Lim, Myeongbae Lee, Yongyun Cho, Jangwoo Park, Changsun Shin, and Yongyun Cho, “Industry Energy Consumption Prediction Using Data Mining Techniques†, International Journal of Energy Information and Communications, Vol. 11, no. 1, pp. 7-14, 2020.

Inspiration

Which times of the year is the most energy consumed? What patterns can we identify in energy usage?

The Coated Steel Market Report is Segmented by Product Type (Hot-Dipped, Galvannealed, Electro-Galvanized, Aluminized, and Others), Application (Construction and Building Components, Automotive Components, Appliances, Pipe and Tubular, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Volume (Tons).

The global Steel Market size is valued at $1.16 trillion in 2024 and it is projected to reach $1.46 billion by 2030 with a CAGR of 3.8% from 2025-2030.