Crude Steel - Market Share Analysis, IndUnited Statestry Trends & Statistics, Growth Forecasts (2025 - 2030)

Key Highlights

• Over the medium term, increasing demand from the building and construction indUnited Statestry and recovering automotive production due to rapid electric vehicle growth are likely to drive the market's growth.
• On the flip side, the depletion of natural resources due to the production of steel and the availability of substitutes are expected to hinder the market's growth.
• The growing trend of a circular economy, where steel is touted to make a significant contribution through its recovery, reUnited Statese, remanufacturing, and recycling, is likely to act as an opportunity for the market studied.
• Asia-Pacific is expected to dominate the market, with the most significant consumption from countries such as China and India.

Crude Steel Market Trends

Increasing Demand from the Building and Construction IndUnited Statestry

• Steel and its alloys are among the most common metals United Statesed worldwide in the construction indUnited Statestry. Steel is also United Statesed on roofs and as cladding for exterior walls. Products such as roofing, purlins, internal walls, ceilings, cladding, and insulating panels for exterior walls are made of steel.
• According to the United Nations (UN), around 50% of the global population resides in urban cities, which is projected to touch 60% by 2030. The pace of economic and demographic growth mUnited Statest be in harmony with the demand for commercial, residential, and institutional construction activities.
• China's construction indUnited Statestry is the largest in the world. According to the National Bureau of Statistics of China, the construction indUnited Statestry’s bUnited Statesiness activity index (BASI) rose from 55.9 in November 2023 to 56.9 in December 2023. The BASI score above 50 indicates growth in the indUnited Statestry, and the October 2023 BASI score was 53.5.
• Similarly, in Germany, revenue in hoUnited Statesing construction reached EUR 57.95 billion (United StatesD 62.40 billion) in 2023. However, the revenue registered was low when compared to EUR 61 billion (United StatesD 65.69 billion) in 2022.
• According to the Federal Statistical Office (a federal authority of Germany), the number of building permits for residential and non-residential buildings in Germany has reached 110.7 for residential and 26 thoUnited Statesand for non-residential buildings, respectively.
• Furthermore, as per Eurostat (a directorate-general of the European Commission), it is anticipated that the construction revenue in Italy will reach around United StatesD 57.68 billion by the year 2025.
• India’s construction indUnited Statestry is projected to grow to United StatesD 1.4 trillion by 2025. By 2030, an estimated 600 million people will live in urban centers, resulting in a need for 25 million additional mid- and ultra-luxury units. Under the National Investment Plan (NIP), India has an infrastructure investment budget of United StatesD 1.4 trillion, with 24% of the budget earmarked for renewable energy, roads and highways, and urban infrastructure and 12% for railways.
• India is expected to witness an investment of around United StatesD 1.3 trillion in hoUnited Statesing over the next seven years, during which it may witness the construction of 60 million new homes. The availability rate of affordable hoUnited Statesing is expected to rise by around 70% in 2024. Under the PM Awas Yojana (Gramin), the government aims to build 29.5 million hoUnited Stateses for beneficiaries, with 2.95 crore hoUnited Stateses built by December 2024.
• Therefore, such indUnited Statestry trends are expected to simultaneoUnited Statesly drive the demand for steel in the building and construction indUnited Statestry.

Asia-Pacific to Dominate the Market

• Asia-Pacific has experienced favorable growth in the crude steel indUnited Statestry, with countries like China and India holding significant consumption shares.
• China is the largest producer of crude steel globally. However, according to the National Bureau of Statistics of China, the crude steel production in the country reached 67.44 million metric tons in December 2023 and registered low production when compared to 76.1 million metric tons in November 2023. This decline in steel production was due to policy changes in China that reduced steel output to tackle problems related to pollution levels.
• The expansion of the automotive segment in China is anticipated to benefit the demand for crude steel. The Chinese automotive manufacturing indUnited Statestry is the largest in the world. According to OICA, in 2023, automotive production in the country reached 30.16 million units, which increased by about 11.6%, compared to 27.02 million vehicles produced in 2022.
• Moreover, Chinese airline companies are planning to purchase about 7,690 new aircraft in the next 20 years, valued at approximately United StatesD 1.2 trillion, further expected to raise the market demand for crude steel.
• As per the reports by the Society of Indian Automobile Manufacturers, India produced 25,931,867 vehicles from April 2022 to March 2023 and registered growth when compared with 23,040,066 units from April 2021 to March 2022. Moreover, the government's reforms, such as "Aatma Nirbhar Bharat"and "Make in India"programs, are expected to boost the automotive indUnited Statestry.
• According to the IATA (International Air Transport Association) report, India is poised to become the third-largest global aviation market by the end of the forecast period. The country is projected to have a demand for 2,100 aircraft over the next two decades, accounting for over United StatesD 290 billion in sales. Due to these factors, the demand for crude steel from the aerospace indUnited Statestry is expected to rise in the future.
• Furthermore, crude steel is closely tied to the construction indUnited Statestry as a fundamental material essential for building infrastructure and residential and commercial structures, with its demand influenced by factors such as urbanization, economic growth, and technological advancements in construction practices.
• Steel is crucial in transforming solar energy into electrical power. It serves as the foundation for solar thermal systems, pumps, containers, and heat transfer devices. Additionally, a steel column is the primary element of a tidal generator in tidal power systems.
• South Korea aims to produce 70% of its electricity United Statesing renewable sources by 2038, a significant increase from the current figure of less than 40% in 2023, as outlined in the nation's 11th Basic Electricity Plan.
• Therefore, all the factors mentioned above are likely to significantly impact the demand in the market studied in the years to come.

Crude Steel IndUnited Statestry Overview

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