Steel fell to 3,112 CNY/T on August 22, 2025, down 0.32% from the previous day. Over the past month, Steel's price has fallen 2.99%, but it is still 3.87% higher 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 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 structural steel market is expected to grow at a CAGR of over 6% from 2022-2027 and is expected to reach $298.12 billion by 2027.

HRC Steel rose to 832.03 USD/T on August 22, 2025, up 0.12% from the previous day. Over the past month, HRC Steel's price has fallen 5.02%, but it is still 13.20% higher than a year ago, 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.

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

The global 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%

Global crude steel production is expected to reach almost 2 billion metric tons by 2022. Apart from being produced by raw materials, steel may be recycled and many countries import scraps in order to do so. Over 60 percent of the worlds scrap steel becomes recycled.

Stagnation in the steel market The economic slowdown due to the Covid-19 pandemic is expected to impact the market in unprecedented ways in 2020 due in part to a sharp reduction in capital investments. Estimates of global steel production indicate a contraction for the first time in five years, and demand will also likely slump by close to five percent that same year. 2021 and 2022 projections showcase a quick steel market recovery dependent on the outcomes of the 2020 health crisis. Steel is one of the most commonly used metals across the globe. This is due to its key role in civil engineering construction and major appliances fabrication, which utilize the alloy’s strength and durability. Steel also plays an important role in discrete manufacturing - from surgical instruments to wristwatches. China leads the global steel market Worldwide production has increased incredibly over the last decade, and this has a lot to do with China’s immense productivity. This country produces roughly half of the world’s crude steel and is a net exporter of crude steel. Capacity additions may lead to increased production of steel; however, global steel demand is expected to dip by 2.4 percent in 2020 and increase by 4.1 percent the following year. China will remain the leading market for finished steel products. China is projected to be a stagnant market Production and consumption in China is expected to stagnate in 2020. Concurrently, steel manufacturers in the United States have been picking up serious pace. Following the 25 percent tariffs on steel imported from certain countries, the cost of steel in the United States had immediately risen, and domestic production became more profitable. The largest steel producer in the United States, Nucor, saw its sales decrease from 25.1 billion U.S. dollars to nearly 22.6 billion between 2018 and 2019.

The Galvanized Steel Market size was valued at USD 98.80 USD Billion in 2023 and is projected to reach USD 147.58 USD Billion by 2032, exhibiting a CAGR of 5.9 % during the forecast period. Zinc-coated steel called galvanized steel is popular for the production of buildings, automobiles, and all kinds of home appliances where durability and being able to resist corrosion are important. Kinds include plated-in dips and electroless that provide variety. Technology innovations enable higher production rates with less waste – which means the overall environmental impact is reduced. It is an extended-use technique that increases the life span of the product, reduces maintenance and improves the structural integrity. One of the benefits herein is the high level of durability and simplicity in maintenance as well as the possibility to recycle it. This makes the material a first choice in most applications across many industries. Recent developments include: December 2023: Nippon Steel entered into an agreement to acquire U. S. Steel Corporation. The company will acquire U. S. Steel in an all-cash transaction for USD 55.00 per share. This acquisition is expected to close in the second or third quarter of 2024., October 2022: ThyssenKrupp Steel introduced a new hot-dip galvanizing line at the Dortmund location, namely FBA 10. With this introduction, the company now has two modern hot-dip galvanizing lines and reached a total production capacity of nearly 1 million metric tons per year., September 2022: Nucor Corporation has announced it is ready to construct two new flat-rolled galvanizing lines at Nucor Steel Berkeley in South Carolina and another one in western U.S. which will commence its operations in mid-2025. The company’s expansion strategy helps it expand its capabilities and grow its participation in the consumer durables and automotive markets., August 2022: Ansteel Group acquired a Benxi Steel Company. This acquisition helps Ansteel Group to expand their steel capacity to 63 mn t/year. With this acquisition, Benxi Steel Company became a second-level subsidiary of Ansteel Group. Such acquisition creates an opportunity to increase the company's share in the market., February 2022: Nucor Corporation acquired California Steel Industries, Inc. (CSI) for a cash purchase price of USD 400 million. The acquired company operates to offer cold rolled, hot rolled, oiled and pickled, galvanized and ERW pipe. Such strategic developments help Nucor Corporation to make a strong presence in the Western region.. Key drivers for this market are: Growing Product Demand from Various End-use Industries to Drive Market Growth. Potential restraints include: High Price Volatility of Raw Types to Restrain Market Growth. Notable trends are: Increasing Trend toward the Use of Electro-Galvanizing Steel in Manufacturing Electric Parts to Present Market Growth.

The EU cold-rolled steel products market was estimated at $26.4B in 2024, surging by 3.8% against the previous year. In general, consumption showed a relatively flat trend pattern. The level of consumption peaked at $36.8B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

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%

In 2024, the global hot-rolled steel products market decreased by -11.3% to $738.9B, falling for the second consecutive year after two years of growth. In general, consumption enjoyed a tangible increase. Global consumption peaked at $1,054.9B in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

The market value of the steel industry in the U.S. amounted to around *** billion U.S. dollars in 2021, and is projected to reach nearly ** billion in 2022, a year-on-year decrease of around **** percent. It is expected to continue decreasing in the following years, reaching approximately ** billion U.S. dollars by 2027.

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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

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.

In 2024, the Chinese hot-rolled steel products market decreased by -12.2% to $383.4B, falling for the second consecutive year after two years of growth. Overall, consumption posted a measured increase. Over the period under review, the market hit record highs at $567B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

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.

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

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

While growth is tempered by fluctuating raw material costs and regional trade policies, the market’s long-term outlook remains stable, with steady demand and incremental advancements in manufacturing processes expected through 2035. In 2025, the global stainless steel market is estimated to be valued at approximately USD 134,337.0 Million. By 2035, it is projected to grow to around USD 173,647.8 Million, reflecting a compound annual growth rate (CAGR) of 2.6%.

Metric	Value
Market Size in 2025	USD 134,337.0 Million
Projected Market Size in 2035	USD 173,647.8 Million
CAGR (2025 to 2035)	2.6%

Country Wise Outlook

Country	CAGR (2025 to 2035)
USA	2.7%

Country	CAGR (2025 to 2035)
UK	2.5%

Region	CAGR (2025 to 2035)
European Union (EU)	2.6%

Country	CAGR (2025 to 2035)
Japan	2.5%

Country	CAGR (2025 to 2035)
South Korea	2.7%

Competitive Outlook

Company Name	Estimated Market Share (%)
Acerinox S.A.	18-22%
Outokumpu Oyj	12-16%
POSCO	10-14%
Jindal Stainless Ltd.	8-12%
Nippon Steel Corporation	5-9%
Other Stainless Steel Manufacturers (combined)	30-40%

The global market for raw steel and steel semi-finished products expanded modestly to $1,483.4B in 2024, growing by 2.1% against the previous year. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2024; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Over the period under review, the global market hit record highs at $1,522.2B in 2022; however, from 2023 to 2024, consumption remained at a lower figure.