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.

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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.

Stainless steel prices fell in 2024 due to oversupply and weak demand; 2025 outlook signals further declines amid market saturation.

Track Stainless Steel 304 price trends with monthly, quarterly, and yearly data for 2024–2025. Get expert forecasts, historical charts, and regional insights to plan your sourcing.

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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?

Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
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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 steelmaking, wh

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.

Monthly and long-term steel (usa) price data (US$/mt): historical series and analyst forecasts curated by FocusEconomics.

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.

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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.

See How Steel Market Demand is Rising in APAC Request Free Sample

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

Monthly and long-term steel (europe) price data (US$/mt): historical series and analyst forecasts curated by FocusEconomics.

Global market analysis for flat-rolled steel products, covering consumption, production, trade, and price trends from 2013-2024, with forecasts to 2035. Includes key country data and market dynamics.

Forecast: Iron and Steel Market Size Volume in Germany 2024 - 2028 Discover more data with ReportLinker!

Get the latest insights on price movement and trend analysis of Stainless Steel in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

In 2024, after two years of growth, there was decline in the UK market for welded and cold-formed sections of steel, when its value decreased by -1.6% to $629M. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Welded and cold-formed steel sections consumption peaked at $705M in 2020; however, from 2021 to 2024, consumption remained at a lower figure.

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Structural Steel Market Size 2024-2028

The structural steel market size is forecast to increase by USD 30.56 billion at a CAGR of 4.9% between 2023 and 2028.

The market is experiencing significant growth due to the increasing demand for housing and the construction of green buildings in various regions. Structural steel, as a sustainable and eco-friendly construction material, is gaining popularity in the development of LEED-certified buildings and high-rise structures. The market is driven by the rising production of steel in developing countries and the inorganic growth strategies adopted by key players. However, stringent regulations regarding the use of structural steel in construction projects pose a challenge to market growth. The trend toward green building construction and the increasing number of high-rise buildings are expected to fuel the demand for structural steel in the coming years. As a result, the market is anticipated to witness steady growth, providing opportunities for companies to expand their customer base and increase their market share. Key players in the market are focusing on strategic collaborations and product innovations to meet the evolving needs of their customers and stay competitive.

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

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The market is experiencing significant growth due to various factors, with a focus on energy conservation, waste reduction, and sustainable practices becoming increasingly prominent. These trends are driven by the need to minimize carbon emissions, reduce deforestation, and promote eco-friendly products in both residential and non-residential applications. In the residential sector, the demand for green building construction is on the rise. Structural steel's high strength-to-weight ratio makes it an ideal choice for constructing energy-efficient and eco-friendly houses. Additionally, the use of steel in modular construction reduces the amount of raw materials required and minimizes waste. Stainless steel, a type of structural steel, is gaining popularity due to its durability and recyclability. It is widely used in high-rise buildings and industrial applications, where strength and longevity are essential. The non-residential sector, particularly in the construction of LEED-certified buildings, is a significant consumer of structural steel. Eco-friendly steel, produced using computer-aided design (CAD), is becoming increasingly popular due to its reduced carbon footprint. This steel is manufactured using recycled raw materials, such as scrap metal, and produces fewer emissions during production compared to traditional steel.


Furthermore, the use of structural steel in green buildings not only helps in energy conservation but also contributes to improved housing conditions. Green buildings, which are designed to minimize the overall impact on the environment, are becoming a preferred choice for both residential and non-residential applications. The structural steel market is also witnessing a shift towards the use of lighter sectional steel, such as steel angles, in place of heavier alternatives. This trend is driven by the need to reduce the overall weight of structures, which in turn leads to lower transportation costs and reduced carbon emissions. In conclusion, the structural steel market is witnessing a significant shift towards eco-friendly and sustainable practices. The use of structural steel in energy-efficient and green buildings, along with the production of eco-friendly steel, is expected to drive the market's growth in the coming years. The demand for structural steel in both residential and non-residential applications, particularly in the industrial sector, is expected to remain strong due to its strength, durability, and recyclability

How is this market segmented and which is the largest segment?

The market 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.

Product

  Beams
  Angles
  Channels
  Round
  Others


End-user

  Non-residential
  Residential


Geography

  APAC

    China
    India
    Japan
    South Korea


  Europe

    Germany
    UK
    France


  North America

    US


  Middle East and Africa



  South America

    Brazil

By Product Insights

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

The market holds significance in the construction sector due to its superior strength-to-weight ratio, making it an ideal choice for various infrastructure projects. A notable development occurred in the new terminal, encompassing 1.0 million square feet, which is being constructed in two phases. The first phase, which involves the building of the arrivals and departures ha

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 North America Structural Steel Fabrication Market Report is Segmented by Product Type (Heavy Section, Light Sectional & Cold-Formed Members, and More), by End-User Industry (Construction, Power & Energy, Manufacturing & Industrial Equipment, and More), by Fabrication Process (Cutting, Bending, Welding, and More), and by Geography (United States, Canada, Mexico). The Market Forecasts are Provided in Terms of Value (USD).

The steel rebar prices in the United States for Q3 2024 reached 860 USD/MT in September. The region experienced notable price drops amid declining demand and excess supply. Prices consistently trended downward, with a minor decrease at the end of the quarter. This persistent bearish sentiment highlighted ongoing challenges in stabilizing the market as excess supply continued to weigh heavily on pricing dynamics.

The Canada steel market attained a volume of 12.80 MMT in 2024. The market is expected to grow at a CAGR of 2.60% during the forecast period of 2025-2034. By 2034, the market is expected to reach 16.55 MMT.

Major public investments under federal and provincial infrastructure programs, including transit, bridges, highways, and energy, are fuelling healthy demand for structural and rebar-grade steel in Canada. Projects like the Ontario Line subway, Montréal’s REM network, and BC’s highway expansions are driving steel-intensive construction. Additionally, the Canada Infrastructure Bank and green public transit funding are accelerating steel usage in low-carbon infrastructure. This sustained pipeline of infrastructure builds ensures long-term demand stability for domestic steel producers, particularly in fabricated, coated, and reinforced forms.

The Canada steel market value is growing with rapidly adoption of electric arc furnaces (EAF) and exploration of hydrogen-based direct reduction to reduce emissions. These low-carbon approaches support Canada’s net-zero ambition by 2050. Investments in carbon capture further demonstrate the efforts of manufacturers to offer green steel that meets evolving regulatory and market demands. For instance, in October 2023, Swedish firm H2 Green Steel negotiated with Canadian officials to establish a green steel plant utilizing renewable energy and hydrogen in northern Quebec with a €3–6 billion investment.