Market Size, Share Global Outlook and Forecast 2025-2032 Publication Date: April 14, 2025
Steel Market Overview
Steel industry is a fundamental sector supporting various industries and played a pivotal role in the European industrial revolution
China Baowu Group is the world's largest steel manufacturer, accounting for over 8% of the market share.
Steel production involves three main routes: integrated steel production, secondary processing, and direct reduction, each with its unique process and outputs.
The major markets for steel are in the Americas, Europe, and Asia Pacific, collectively accounting for more than 94% market share. Asia Pacific is the largest market region, representing 67% of the market.
Market Value & Growth Projections
Market Value & Growth Projections:
• Global Market Value (2024): US$ 1,214,150 Million
• Projected Market Value (2031): US$ 1,127,140 Million
• CAGR (2025-2031): -1.1%
Key Market Drivers:
Growing Urbanization and Infrastructure Development
Technological Advancements in Steel Production
Others
China Baowu Group
Key Market Players
HBIS Group
ArcelorMittal
Regional Market Analysis
North America
The North American steel market is driven by demand from the US, Canada, and Mexico. The region has a well-established steel industry, with a focus on automotive and infrastructure projects.
Europe
Europe, with key markets in Germany, France, the UK, Italy, and other countries, plays a significant role in the global steel market.
Asia-Pacific
Asia-Pacific, led by China, Japan, South Korea, and other Southeast Asian countries, is the largest market for steel globally.
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