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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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 renovation. The stainless ste

Structural steel (FOB India) prices fell YoY in late 2023. From Oct ($598) to Dec ($515), consistent ~11-12% monthly drops were observed.

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

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.

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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

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

After demand for steel dropped during the arrival of the COVID-19 pandemic in 2019, steel prices also took a hit. However, in 2021, hot-rolled coil (HRC) steel prices were projected to rebound to around *** U.S. dollars per metric ton—a ** percent recovery from the dip in prices that had continued into 2020. The U.S. market by the end of 2021 The United States is among the markets where hot-rolled coil (HRC) steel prices are the highest in the world. It was expected that U.S. steel distributors and producers, such as Nucor and United States Steel, would benefit from the steel tariffs on U.S. imports that came into effect in the spring of 2018. At the same time, U.S. imports from the countries subjected to the so-called Section 232 tariffs were projected to decline. By the end of 2021, Canada was the main country of origin for the U.S.’s imports for consumption of steel products. Impact on the Chinese market Even though a large part of China's steel exports to the United States had already been restricted through antidumping or countervailing duties, trade tensions put pressure on steel markets worldwide, including China. Chinese steel product imports amounted to ***** million U.S. dollars, making it the ninth country of origin for steel products in the United States. Overall, rolled steel was the seventh largest category of Chinese export goods in 2021, amounting to almost *** billion yuan (approximately ** billion U.S. dollars). This comes after China's steel sector had a drop in sales to its domestic auto sector in early 2019.

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Steel Market Size 2025-2029

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

Major Market Trends & Insights

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

Market Size & Forecast

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

Market Summary

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

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

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How is the Steel Market Segmented ?

The steel industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Flat steel
  Long steel


Application

  Structural steel
  Automotive steel
  Electrical steel
  Packaging steel


End-user

  Construction
  Transportation
  Machinery
  Metal goods
  Others


Method

  Basic oxygen furnace
  Electric arc furnace
  Open hearth furnace


Geography

  North America

    US
    Mexico


  Europe

    Germany
    Italy
    Russia


  Middle East and Africa

    Turkey


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Type Insights

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

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

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

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

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Regional Analysis

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

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

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

The 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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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

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).

Forecast: Casting of Steel Market Size Value in Austria 2023 - 2027 Discover more data with ReportLinker!

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Steel Manufacturing Market Size 2025-2029

The steel manufacturing market size is valued to increase USD 455.4 billion, at a CAGR of 4.5% from 2024 to 2029. Upsurge in consumption of high-strength steel will drive the steel manufacturing market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 54% growth during the forecast period.
By End-user - Construction segment was valued at USD 793.30 billion in 2023
By Type - Flat segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 35.51 billion
Market Future Opportunities: USD 455.40 billion
CAGR : 4.5%
APAC: Largest market in 2023

Market Summary

The market encompasses the production and distribution of primary steel products, including iron, alloy, and specialty steel. This dynamic industry is driven by several key factors. The upsurge in consumption of high-strength steel, particularly in automotive and construction sectors, is a major growth catalyst. According to the World Steel Association, global steel demand reached 1.8 billion metric tons in 2020, with automotive and construction accounting for approximately 50% of the total consumption. Core technologies, such as electric arc furnaces and continuous casting, are transforming the manufacturing landscape, enabling increased efficiency and productivity. The market also faces challenges, including excess production capacity and growing demand for steel and stainless steel scrap.
Regulations, including environmental and safety standards, continue to evolve, shaping the competitive landscape. In 2021, the European Union's Green Deal aims to make Europe carbon neutral by 2050, potentially impacting the steel industry's production methods and raw material sourcing. Despite these challenges, opportunities abound, particularly in emerging markets and innovative applications. For instance, the increasing adoption of electric vehicles is expected to boost demand for high-strength steel. In 2020, the electric vehicle market share was approximately 3% of global vehicle sales, with projections indicating significant growth in the coming years. As the market continues to unfold, stakeholders must stay informed of these trends and adapt to the evolving landscape.

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

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How is the Steel Manufacturing Market Segmented and what are the key trends of market segmentation?

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-user

  Construction
  Machinery
  Automotive
  Metal products
  Others


Type

  Flat
  Long


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Russia
    UK


  APAC

    China
    India
    Japan


  South America

    Brazil


  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 significant global industry, with the construction sector being its largest consumer in 2024. This sector's growth is driven by the construction of various infrastructure projects such as skyscrapers, tech parks, roads, motorways, and bridges. Steel's popularity in the building industry is due to its exceptional properties, including durability, strength, affordability, and adaptability for prolonged weather exposure. In the manufacturing process, material testing procedures ensure product quality and consistency. Annealing processes refine the steel's microstructure, enhancing its mechanical properties. Robotics in steelmaking streamline production, increasing efficiency and reducing labor costs. Surface treatments protect steel from corrosion and improve its appearance.

Waste management strategies minimize environmental impact, aligning with industry sustainability goals. Stainless steel production represents a growing segment due to its resistance to corrosion and high strength. Heat treatment processes further refine the steel's properties, while inventory management systems optimize production schedules. Basic oxygen furnaces and electric arc furnaces are essential in steel production, with the latter offering increased flexibility and energy efficiency. Defect detection methods employ advanced technologies like digital twin technology and mechanical properties testing to minimize production downtime and improve product quality. Alloy steel production caters to various industries, with process optimization techniques ensuring optimal yield and energy efficiency.

Energy efficiency metrics are crucial in the industry, with galvanizin

The global high-strength steel market was valued at USD 35.80 billion in 2022 and is projected to reach USD 65.28 billion by 2030, registering a CAGR of 7.8% for the forecast period 2023-2030. Factors Affecting High Strength Steel Market Growth

Increasing demand from the automotive industry: 

Increasing demand from the automotive industry for high-strength steel drives the market. As the population and income rise, the demand for automobiles or vehicles is also boosting. According to data from the Ministry of Industry and Information Technology, passenger vehicles sold in China in 2021 show an increase of 7.1 % from 2020. This growth in vehicle manufacturing directly translates into higher demand for high-strength steel. High-strength steel offers a superior strength-to-weight ratio, improved crashworthiness, and fuel efficiency. High-strength steel has properties useful in automotives such as improved toughness properties even at low temperatures, improved weldability, and excellent formability. As automotive manufacturers strive to meet stringent safety regulations and enhance fuel economy, the demand for high-strength steel in the production of lightweight vehicles is growing, surging the high-strength steel market growth.

Growing infrastructure and construction activities:

As the population is rising, the demand for construction activities such as the construction of new buildings and houses is also increasing. People are investing in construction due to urbanization, and population growth. In China, according to estimates, during the 14th five-year plan period from 2021 to 2025, the overall investment in new infrastructure will roughly reach around $ 4.2 trillion. High-strength steel is widely used in construction projects, such as bridges, buildings, and stadiums. High-strength steel reduces material consumption, lowering the erection and transportation costs. HSS is used widely in tall structures and is incorporated in bars to exhibit a specific quantity of deformation under heavy-loaded actions due to its inelastic ability. Thus, the demand for high-strength steel in these sectors is driven by factors like urbanization, population growth, and the need for durable and structurally sound constructions.

The Restraining Factor of High Strength Steel:

High cost of production of high-strength steel:

High-strength steel tends to be more expensive compared to conventional steel and other materials like aluminum. Iron ore is the major material that is used in the production of high-strength steel. Also, other materials such as nickel, chromium, and copper are of importance in the production of high-strength steel. As the cost of these materials like iron ore and other materials is high it directly impacts the cost of high-strength steel by making it expensive. This higher cost can make it less affordable for certain industries, especially those operating on tight budgets or in cost-sensitive markets. Manufacturers and end-users may opt for lower-cost alternatives, consisting of the potential benefits of high-strength steel which may hinder the market of high-strength steel.

Impact of the COVID-19 Pandemic on the High-Strength Steel Market:

The outbreak of COVID-19 hurt the high-strength steel market. The government-imposed lockdowns across various countries disturbed the supply chain and decreased the activities such as the production and utilization of high-strength steel by various industries as the industries’ activities were also paused. Construction projects and infrastructure developments were significantly affected by the pandemic. Many projects were delayed or put on hold due to labor shortages, supply chain disruptions, and financial uncertainties. As a result, the demand for high-strength steel used in construction applications, such as buildings, bridges, and infrastructure was negatively affected. Vehicle production was disrupted due to factory shutdowns, reduced consumer demand, and supply chain interruptions. As a result, the demand for high-strength steel used in automotive applications, such as body frames and components, was significantly impacted. As the pandemic situation improved and the pandemic situation improved and countries began to reopen their economies, the high-strength steel market started to recover. The resumption of construction projects, infrastructure investments, and automotive production contributed to t...

Forecast: Casting of Steel Market Size Value in Spain 2023 - 2027 Discover more data with ReportLinker!

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).

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.

In 2024, the global hot-rolled steel products market decreased by -8.9% to $758.1B, falling for the second consecutive year after two years of growth. Over the period under review, consumption saw a perceptible increase. Over the period under review, the global market attained the maximum level at $1,054.8B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.