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).

Steel fell to 3,188 CNY/T on July 31, 2025, down 1.24% from the previous day. Over the past month, Steel's price has risen 5.21%, and is up 6.27% 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 August of 2025.

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Stainless Steel Market Size 2023-2027

The stainless steel market size is forecasted to increase by 10,299.64 thousand tons at a CAGR of 3.38% between 2022 and 2027. Market growth relies on various factors, notably the increased consumption of high-strength stainless steel, propelled by its corrosion resistance and excellent mechanical properties. Additionally, economic expansion in China and India contributes significantly to market growth. As these nations continue to develop industrially and infrastructurally, the demand for stainless steel, particularly for construction and manufacturing applications, is expected to rise. This confluence of factors positions the market for substantial growth in the foreseeable future. Furthermore, the stainless steel market analysis report includes historic market data from 2017 to 2021. The stainless steel market forecast indicates robust expansion, driven by increasing demand for steel across various industries. The stainless steel market size growth is propelled by advancements in production technologies and the rise of sustainable manufacturing practices. Current stainless steel market trends show a surge in applications, particularly in construction and automotive sectors, underscoring its vital role in modern infrastructure.

What will be the Size of the Stainless Steel Market During the Forecast Period?

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Stainless Steel Market Segmentation

The stainless steel market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in 'USD Million' for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments

End-user Outlook 

  Metal products
  Mechanical engineering
  Automobile and transportation
  Infrastructure and construction
  Electrical engineering





Product Outlook

  Flat
  Long





Region Outlook

  North America

    The US
    Canada


  Europe

    The UK
    Germany
    France
    Rest of Europe


  APAC

    China
    India


  Middle East and Africa

    Saudi Arabia
    South Africa
    Rest of the Middle East and Africa


  South America

    Argentina
    Brazil
    Chile

By End-user

The market share growth by the metal products segment will be significant during the forecast period. The use of stainless steel in metal products provides an aesthetic appeal, extensive textures, strength, functionality, corrosion resistance properties, and ease of cleaning properties such products, driving the growth of steel manufacturing. The demand for stainless steel for manufacturing metal products is high due to its ease of fabrication and mechanical properties.

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The metal products segment showed a gradual increase in the market share of 20,426.71 thousand t in 2017. Stainless steel is used in jewelry, belt buckles, clips, casings, watch straps and backs, cooker hoods, outdoor kitchen cabinets, worktops, drainers, sinks, and others. It is also used in kitchen vessels due to its hygiene properties, durability, and resilience to food discoloration and spoilage. The shift in consumer preference toward hygienic and easy-to-clean products is likely to increase the demand for stainless steel in metal products during the forecast period.

By Region

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APAC is estimated to account for 76% of 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. APAC has some of the largest stainless steel-producing countries in the world, such as China, Japan, South Korea, and India. China was the largest producer and consumer of stainless steel in 2020. Manufacturers are shifting to the consumption of scrap steel and stainless steel as raw materials to reduce pollution as well as manufacturing costs. These factors will drive the growth of the market in APAC during the forecast period.

Stainless Steel Market Dynamics

The market plays a vital role across various sectors, including residential housing, building & construction, railways, and automotive & transportation. Its resistance to corrosion surpasses that of carbon steel, making it a preferred choice. Renowned companies like Jindal Steel and Daido Steel contribute to its production capacities. Stainless steel finds applications in diverse architectural elements such as railings, roofing, and staircases, offering both pliability and appealing aesthetic properties. Moreover, it serves industrial needs like heat exchangers and tubulars, alongside providing swimming pool shades, canopies, and atriums with durability and low maintenance cost during repair and re

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 Europe steel market size reached USD 236.9 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 260.1 Billion by 2033, exhibiting a growth rate (CAGR) of 1.15% during 2025-2033. The widespread product utilization in the construction industry, growing product applications in the automotive industry, increasing product demand for manufacturing home appliances, and the implementation of favorable policies by the regional governments represent some of the key factors driving the market.

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

The global special steel market size in 2020 amounted to ***** billion U.S. dollars, a year-on-year decrease of **** percent. Nonetheless, the special steel market size is expected to increase constantly in the coming years, reaching almost *** billion U.S. dollars by the end of 2027.

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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 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 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.

Country-Wise Outlook

Segmentation Outlook - Automotive Structural Steel Market

Competitive Outlook

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Carbon Steel Market Size 2025-2029

The carbon steel market size is forecast to increase by USD 197.5 billion, at a CAGR of 3.3% between 2024 and 2029.

The market is experiencing significant growth, driven primarily by the expanding construction industry. This sector's increasing demand for durable and cost-effective steel solutions is fueling market expansion. Additionally, there is a rising trend towards sustainable manufacturing practices, as companies seek to reduce their environmental footprint and improve their social responsibility. However, the market faces challenges due to the volatility of raw material prices, which can significantly impact production costs and profitability. Environmental conditions necessitate the use of anti-corrosion coatings, further bolstering market demand.
As such, market participants must navigate this price instability while continuing to meet customer demands and maintain competitive pricing. Companies that successfully manage these dynamics and innovate to meet evolving customer needs will be well-positioned to capitalize on the market's growth opportunities. From the hot rolling process to the final product, every stage of carbon steel production is meticulously controlled to ensure the highest quality and performance. Volatile prices of raw materials, such as iron ore and coal, pose a significant threat to market growth.

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

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The market continues to evolve, driven by advancements in steel manufacturing processes and the diverse applications of this versatile material across various sectors. The hot rolling process and continuous casting technique have revolutionized steel production, enabling the mass production of high strength steel with superior mechanical properties. For instance, the adoption of high strength steel in the automotive industry has led to a significant increase in fuel efficiency and reduced emissions. The steel manufacturing process undergoes rigorous testing to ensure adherence to material specification standards.

Impact toughness testing, surface hardness testing, and corrosion resistance rating assessment are essential to evaluate the steel's performance under various conditions. Carbon steel alloying, annealing temperature control, and heat treatment processes like quenching and tempering are crucial in optimizing the steel's mechanical properties. Non-destructive testing methods, such as ultrasonic testing and X-ray inspection, are employed to ensure product quality and reliability. The electric arc furnace and basic oxygen furnace are integral to the steelmaking process, reducing iron ore to molten steel. Steel microstructure analysis and chemical composition analysis are essential in understanding the steel's behavior during manufacturing and its final properties.

The market is a dynamic and ever-evolving industry, driven by advancements in steel manufacturing processes and the diverse applications of this versatile material.

How is this Carbon Steel Industry segmented?

The carbon 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.

End-user

  Construction
  Shipbuilding
  Automotive
  Transportation
  Others


Type

  Low carbon steel
  Medium carbon steel
  High carbon steel


Form Factor

  Flat products
  Long products
  Tubular products


Geography

  North America

    US


  Europe

    France
    Germany
    Italy
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By End-user Insights

The Construction segment is estimated to witness significant growth during the forecast period. Carbon steel, a key component in various industries, undergoes a intricate manufacturing process that includes hot rolling, steel manufacturing, and alloying with elements like manganese and silicon for high strength steel. Post-production, processes such as galvanizing, impact toughness testing, and surface hardness testing ensure the steel meets specifications. The steel industry's growth is driven by construction, which accounted for the largest market share in 2024, with a steady expansion of residential and commercial buildings globally. High-rise structures, tech parks, and infrastructure projects necessitate carbon steel's use due to its superior mechanical properties, including yield strength and tensile strength. Carbon steel tubes have gained significant traction in Europe due to the increasing demand from various end-user industries, including oil and gas, power generation, and infrastru

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Iron and Steel Market Size 2024-2028

The iron and steel market size is forecast to increase by USD 478.1 billion, at a CAGR of 5.65% between 2023 and 2028.

The market is experiencing significant growth, driven by the increasing consumption of high-strength stainless steel. This trend is fueled by the expanding infrastructure sector, particularly in emerging economies, and the growing demand for stainless steel in various end-use industries such as construction, automotive, and packaging. Furthermore, the rising popularity of stainless steel scrap as a cost-effective alternative to primary steel production is contributing to market expansion. However, the market faces challenges as well. Carbon fiber is increasingly gaining traction in the automotive industry, posing a threat to the demand for steel and stainless steel.
This shift is due to the lightweight and high-strength properties of carbon fiber, making it an attractive alternative for manufacturers seeking to reduce vehicle weight and improve fuel efficiency. Companies in the iron and steel industry must adapt to this trend by focusing on innovation and developing new applications for steel and stainless steel that offer superior performance or cost advantages over carbon fiber. Additionally, ensuring sustainable production methods and addressing environmental concerns will be crucial in maintaining market competitiveness and addressing regulatory pressures.

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

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The market continues to evolve, driven by advancements in steel production technologies and the diverse applications of various steel types across numerous sectors. High-strength low-alloy steel, for instance, is increasingly sought after for its enhanced yield strength and hardness, making it suitable for use in automotive and construction industries. Impact testing and hardness testing are crucial in ensuring the quality and durability of these high-performance steels. Stainless steel, with its excellent corrosion resistance, is another key player in the market. The production of stainless steel involves processes such as pig iron production, coke making, and sintering, followed by electric arc furnace melting and continuous casting.

The industry anticipates a steady growth of around 4% annually, fueled by increasing demand from sectors like aerospace and healthcare. An example of this market's continuous dynamism can be seen in the implementation of advanced high-strength steel in the automotive industry. A major automaker reported a 15% increase in fuel efficiency by using this steel in vehicle production. The steel's superior properties, such as increased tensile strength and fatigue resistance, contribute to the overall improvement in vehicle performance and sustainability. Quality control systems, steel scrap recycling, and steel microstructure analysis are essential components of the steel manufacturing process.

They ensure the consistent production of steel grades that meet specific customer requirements. The integration of coating lines and galvanizing lines further enhances the versatility of steel products. Alloy steel and carbon steel undergo various processes, including blast furnace operation, basic oxygen furnace, hot rolling mill, and cold rolling mill, to achieve their desired properties. Heat treatment and pickling line processes further refine these steels for specific applications. The ongoing innovation in steelmaking technologies, such as secondary steelmaking and yield optimization techniques, continues to shape the market landscape.

How is this Iron and Steel Industry segmented?

The iron and steel industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Construction
  Machinery
  Transportation
  Metal goods
  Others


Type

  Steel
  Iron


Geography

  North America

    US


  Europe

    Russia


  APAC

    China
    India
    Japan


  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 critical sector in the construction industry, supplying essential components for structural integrity, durability, and versatility. High-strength low-alloy steel, for instance, undergoes impact testing and hardness testing to ensure its robustness in various applications. Stainless steel, another key player, offers corrosion resistance and is extensively used in galvanizing lines and coating lines. Pig iron production and coke making are fundamental processes in steelma

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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

Steel Market Outlook 2032

The global steel marketsize was USD 955.45 Billion in 2023 and is likely to reach USD 1247.154 Billion by 2032, expanding at a CAGR of 3% during 2024–2032. The market growth is attributed to the increasing development of green steel making processes and the integration of AI, IoT, and big data analytics.



The steel market encompasses the production, distribution, and sale of steel in various forms and compositions, catering to various industries and applications. Steel, an alloy primarily composed of iron and carbon, is distinguished into several categories based on its composition and properties, including carbon steel, alloy steel, stainless steel, tool steel, and others. Each type serves distinct purposes across diverse sectors such as construction, automotive, manufacturing, and infrastructure. The market's scope extends from raw material processing and steel making to the distribution and end-use of finished products, covering a broad spectrum of activities in the global industrial landscape.

The steel industry is poised to be transformed by several emerging technologies that promise to further revolutionize production processes and product capabilities. One of the most promising areas is the development of green steelmaking processes, such as hydrogen-based steel production, which aims to eliminate carbon emissions by using hydrogen instead of coal as a reduction agent. This technology is still in the experimental and pilot stages but has the potential to drastically reduce the steel industry's environmental footprint.



The integration of digital technologies such as the Internet of Things (IoT), big data analytics, and artificial intelligence (AI) is expected to enhance operational efficiency, predictive maintenance, and supply chain management. These technologies enable real-time monitoring and optimization of production processes, leading to higher productivity and reduced downtime. The ongoing research in nanotechnology and materials science holds the potential to create new steel alloys with unprecedented properties, opening up new applications and markets for the steel industry.

Steel Market Dynamics

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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 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.

North America Structural Steel Fabrication Market is Segmented by End-user Industries (Manufacturing, Power and Energy, Construction, Oil and Gas, and Other End-user Industries) and Product Types (Heavy Sectional Steel, Light Sectional Steel, and Other Product Types). The report offers market sizes and forecasts in value (USD billion) for all the above segments.

The carbon steel market is valued at USD 1,140.16 billion in 2025 and is expected to reach USD 1,687.72 billion by 2035, reflecting a compound annual growth rate (CAGR) of 4% over the forecast period.

Semi-annual Market Update

Analyzing Carbon Steel Market by Top Investment Segments

Country-wise Insights

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.

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.

Type:Flat steel: Used in various applications, including construction, automotive, and manufacturing.Long steel: Includes rebars, wires, and beams, primarily used in construction and infrastructure.Product:Structural: Steel used in construction for supporting structures, such as beams and columns.Prestressing: High-strength steel used in concrete structures for reinforcing and reducing cracking.Application:Building & Construction: The largest application for steel, used in residential, commercial, and industrial buildings.Automotive: Steel is used in vehicle frames, bodies, and components.Electrical Appliances: Steel is used in transformers, motors, and other electrical equipment. Recent developments include: February, 2023: ArcelorMittal accelerates Fos’ decarbonisation through hydrogen - ArcelorMittal France is accelerating the decarbonisation of its steel processing through hydrogen. Spanish engineering company Idom has been contracted by “GravitHy”, the joint venture created last year by a consortium of energy and steel-related companies, to produce the pre-feasibility studies to build a green hydrogen-based direct reduced and hot briquetted iron (DRI/HBI) facility at the steelmaker’s plant in Fos-sur-Mer, southern France, Kallanish notes.The plant will generate green and low-carbon hydrogen to produce DRI that will be used either on-site as a feedstock for green steelmaking or traded globally as HBI. Construction is set to begin in 2024 for commissioning in 2027. The future facility is planned to have an annual throughput of 2 million tonnes of DRI. Located on the Mediterranean coast, the plant will have direct access to European trading markets.February, 2023: India’s Essar Group to re-enter steel business through organic and inorganic routes - India’s Essar Group has drawn up to re-enter the steel industry through organic and inorganic routes, company sources said on Monday, February 27.Essar Steel’s assets located in the western state of Gujarat were acquired by the combination of ArcelorMittal and Nippon Steel through the bankruptcy resolution process and has since 2019 been operated by ArcelorMittal Nippon Steel Limited (AMNS).Essar Group sources said that, while it has been shortlisted among bidders for NMDC Steel Limited’s 3 million mt greenfield steel mill project nearing completion in Chhattigarh state, the group is also exploring options to construct a greenfield steel mill in Odisha and Karnataka. The sources said that land is being actively sought in these two states as the latter offers sufficient supplies of iron ore.For starters, Essar Group would be looking to set up greenfield steel mills in a capacity range of 3-4 million mt per year, with the option to ramp it up to levels of 8-10 million mt per year in subsequent phases.February, 2023: Saudi Arabia announces another mega construction project - Saudi Arabian crown prince Mohammed bin Salman Al Saud announced the establishment of the New Murabba Development Company to construct the world's biggest modern downtown development in Riyadh. With the launch of this new development, Saudi Arabia's list of 15 upcoming mega projects has been increased by one.According to reports, the completion of the downtown area is anticipated for 2030, and it is projected to contribute SAR 180 billion ($48.6 billion) to non-oil GDP. 334,000 direct and indirect employment opportunities are anticipated to be generated by the project.Furthermore, the city, which will cover 19 square kilometers and be located at the intersection of King Salman and King Khalid roads to the northwest of Riyadh, will also be constructed with a focus on sustainability and featuring green areas as well as walking and cycling paths that aim to encourage productive lifestyles. Besides, it will also include a well-known museum, a university of technology and design, an immersive multi-purpose theater, and over 80 entertainment and cultural venues., February 2022: Severstal, a Russian alloy and mining company, revealed its ambitions to provide various bands of "green alloy" products with reduced emissions, citing rising consumer demand for goods made with sustainable manufacturing practices and the need for more information on carbon emissions reductions. Olga Kalashnikova, Severstal's head of environment, stated during the webinar on green alloy making that her department worked closely with the steel marketing team to meet growing customer demand for low-emissions alloy and had developed a green alloy methodology for its product line., July 2022: Outokumpu and Marcegaglia Group, a large industrial organization active in the alloy processing industry, agreed to the sale of the majority of Long Products' business operations. Outokumpu will concentrate on its primary industry, flat alloy goods. The deal includes the melting, rod, and bar activities of Long Products in Sheffield, the United Kingdom; the bar operations in Richburg, the United States; and the wire rod mill in Fagersta, Sweden. Outokumpu Long Products AB's operations in Sweden's Degerfors and Storfors are excluded from the transaction., March 2020: VDM Metals was officially acquired by Acerinox for USD 534.0 million. VDM Metals is a leader in R+D+I in the industry and specializes in creating and manufacturing unique alloys.. Notable trends are: Growing Prevalence of the automotive industry boosts the market growth.

The Green Steel Market is projected to grow at a CAGR of around 12.22% during 2025-2030 says MarkNtel.