Steel Products Global Market Report 2024

The steel products market size has grown strongly in recent years. It will grow from $452.66 billion in 2023 to $479.07 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed during the historical period can be attributed to factors such as economic cycles, the impact of globalization, government policies, and technological advancements. These elements have played significant roles in shaping the steel products industry.

The steel products market size is expected to see strong growth in the next few years. It will grow to $582.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.

Anticipated growth in the forecast period can be attributed to various factors, including increased infrastructure development, the expansion of the automotive industry, the availability of raw materials, a growing emphasis on sustainable practices, and the influence of global economic trends. Major trends expected in the forecast period include the adoption of electrification and lightweight materials, advancements in materials science, the integration of additive manufacturing, the use of digitalization and connectivity in the industry, and a heightened focus on collaboration and partnerships within the steel products sector.

The primary categories within the steel products industry include rolled and drawn steel, as well as iron and steel pipes and tubes. Rolled and drawn steel refers to steel materials that are formed through the rolling process during metal casting. These products come in various forms, including flat steel, long steel, tubular steel, steel pipes, and steel tubes, and find applications in sectors such as construction, automotive, energy, packaging, and various other industries.

The steel products market research report is one of a series of new reports that provides steel products market statistics, including steel products industry global market size, regional shares, competitors with a steel products market share, detailed steel products market segments, market trends and opportunities, and any further data you may need to thrive in the steel products industry. This steel products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The expected growth in urban populations is anticipated to drive the demand for steel products in the forecast period. A significant number of people from rural areas are relocating to urban centers in search of improved living conditions. This demographic shift is projected to lead to an increased need for housing and infrastructure development. The demand for infrastructure is expected to experience significant growth in Asian countries like China, India, Vietnam, and the Philippines. As per the United Nations' World Urbanization Prospects Report, 55% of the global population resided in urban areas, and this rate is expected to rise to 68% by 2050. Additionally, the World Bank reports that the urban population in South Asia grew by 130 million and is forecasted to reach 250 million by 2030.

The expansion of the manufacturing sector is poised to stimulate the growth of the steel products market in the coming years. The manufacturing sector encompasses a wide range of economic activities involved in converting raw materials, components, or parts into finished goods or products. Steel serves as a fundamental raw material in numerous manufacturing processes, finding extensive use in machinery, automobiles, construction materials, consumer appliances, and various other products. For example, according to a report from the National Association of Manufacturers (NAM), manufacturing value-added output increased from an all-time high of $2.905 trillion in the first quarter to $2.895 trillion in 2023, growing at an annual pace in the fourth quarter. Manufacturing contributed 10.9% of the value-added output in the first quarter of the US economy. Hence, the expansion of the manufacturing sector is a driving force behind the growth of the steel products market.

The steel product manufacturing industry faces constraints due to the escalating power tariffs. Globally, there is a growing emphasis on utilizing alternative sources of electric power, such as solar, wind, and nuclear energy. Various initiatives by non-governmental organizations (NGOs), multilateral organizations, and governments aim to boost the production and use of alternative power sources, impacting overall power tariffs across different industries. The steel goods industry, being energy-intensive, experiences increased production costs when power tariffs rise, affecting the steel product manufacturing market.

Companies in the metal manufacturing sector are allocating more resources to research and development (R&D) to introduce new product lines. They are focusing on launching advanced products, moving away from standard commodities. For instance, the US government's FY 2023 budget proposal included a significant increase in R&D spending, allocating $111 billion for basic and applied research, a 29% rise over FY 2021 levels, marking the first time it exceeded $100 billion. The total R&D spending was $205 billion, up by 28% compared to FY 2021 and surpassing the $200 billion mark for the first time. The introduction of new product lines through heightened R&D investment is a noteworthy trend in the metal manufacturing industry.

Leading companies in the steel products market are actively developing innovative products, such as heavy gauge steel plates, to expand their customer bases, increase sales, and boost revenue. Heavy gauge steel plates are steel plate materials that are 3 inches thick or thicker. For example, Nucor Corporation, a US-based steel production company, introduced 'Elcyon' in January 2023. Elcyon is an environmentally friendly thick gauge steel plate product designed to meet the rising demands of American offshore wind energy producers involved in constructing vital infrastructure for the green economy. This product stands out due to its creation using Nucor's clean and modern steel manufacturing process, utilizing recycled scrap as the primary raw material. A comparison with competitors' products reveals that Elcyon offers larger plate dimensions, superior weldability, and exceptional fracture toughness. It is set to play a pivotal role in the supply chain for building the nation's offshore wind infrastructure.

Major companies operating in the steel products market include Angang Steel Company Limited, Steel Authority of India Limited, SSAB AB, Nucor Corp, Compagnie de Saint-Gobain S.A., Saint-Gobain S.A., Nippon Steel & Sumitomo Metal Corporation, Kobe Steel Ltd., Vallourec SA, Voestalpine AG, Mechel PAO, Nippon Steel Corporation, HBIS Group, POSCO, Shagang Group, Ansteel Group, JFE Steel Corporation, Tata Steel, Shougang Group Co. Ltd., Shandong Iron and Steel Group Co Ltd., Baosteel Group, Wuhan Iron and Steel Corporation, Maanshan Iron and Steel Company Limited, Gerdau S.A., Steel Dynamics Inc., ThyssenKrupp AG, United States Steel Corporation, JSW Steel Limited, Severstal, Evraz PLC, Novolipetsk Steel, Hyundai Steel, Essar Steel, Rizhao Steel, CITIC Limited, China Fangda Group, Guangxi Liuzhou Iron and Steel Group, Inner Mongolia Baotou Steel Union Co. Ltd.

The Asia-Pacific was the largest region in the steel products market in 2023. Western Europe was the second-largest region in the steel products market. The regions covered in the steel products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the steel products market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The steel products market consists of sales of steel plates, steel wire rope, structural steel, hot-rolled steel, and cold-rolled steel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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