Steel rose to 3,228 CNY/T on July 24, 2025, up 0.62% from the previous day. Over the past month, Steel's price has risen 9.54%, and is up 2.93% 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 July of 2025.

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

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

The 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.

Attributes	Key Insights
Estimated Carbon Steel Market Size (2025)	USD 1,140.16 billion
Projected Carbon Steel Market Value (2035)	USD 1,687.72 billion
Value-based CAGR (2025 to 2035)	4%

Semi-annual Market Update

articular	Value CAGR
H1 (2024 to 2034)	3.5%
H2 (2024 to 2034)	3.7%
H1 (2025 to 2035)	3.9%
H2 (2025 to 2035)	4.1%

Analyzing Carbon Steel Market by Top Investment Segments

Carbon Content Segment	Market Share (2025)
Low Carbon Content Steel	58.4%

Product Type Segment	Market Share (2025)
Flat Product Type	72.5%

End Use Segment	CAGR (2025 to 2035)
Automotive	3.8%

Country-wise Insights

Countries	Value CAGR (2025 to 2035)
United States	4.6%
South Korea	4.5%
Japan	3.9%
India	3.8%
China	3.4%

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.

Global Green Steel Market reached US$ 201.3 million in 2022 and is expected to reach US$ 140,435.7 million by 2031

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 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.

In 2019, the global structural steel market was sized at roughly *** billion U.S. dollars. According to recent projections, the market size of structural steel is expected to top 320 billion U.S. dollars in 2020.

Snapshot img

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?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free Sample

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

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

The 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 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 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.

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 flat steel market volume was 729000.00 Kilo Tons in 2024 & expected to grow at a CAGR of 2.70% to reach a volume of 951550.75 Kilo Tons by 2034.

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.
Request Free Sample

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