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The global mining steel industry market was valued at $875.7 billion in 2024 and is projected to grow at a CAGR of 4.63%, reaching $1.45 trillion by 2035. This growth has been driven by the increasing demand for steel across various sectors, including construction, automotive, and infrastructure. The market is further strengthened by the industry's shift toward more sustainable practices, such as adopting electric arc furnaces (EAF), direct reduced iron (DRI) technologies, and using renewable energy sources. This report comes with 10% free customization, enabling you to add data that meets your specific business needs.
Additionally, the growing need for raw materials, including iron ore and coking coal, to meet the escalating demand for steel production has been driving investment in mining operations and technological innovations within the steel manufacturing process. The transition to a more efficient steelmaking process positions the global mining steel industry for continued expansion in the years ahead.
Introduction to the Global Mining Steel Industry Market
The global mining steel industry market plays a critical role in the production of steel, which is a foundational material used across various sectors such as construction, automotive, energy, and infrastructure. The market has been driven by the growing demand for steel products and the increasing focus on sustainable steel including recycled and green steel and efficiency in steel production.Advances in technologies, such as electric arc furnaces (EAF), direct reduced iron (DRI) processes, and the use of renewable energy sources, are helping steel manufacturers reduce emissions and improve resource efficiency. The demand for high-performance steel products and the push for decarbonization and circular economy principles position the global mining steel industry market for continued growth and innovation.
Mining Steel Industry Market Introduction
The global mining steel industry market has been experiencing robust growth as demand for steel products continues to rise across various industries. Steel remains a critical material for economic development, driven by its versatility, strength, and essential role in manufacturing. The market is characterized by advancements in production technologies, which are improving efficiency, reducing costs, and increasing the overall quality of steel.Key players in the market are investing heavily in modernizing their production processes, expanding their capacity, and adopting innovative solutions to meet the growing demand. As global infrastructure development continues, the mining steel industry market is set to experience sustained growth, driven by both emerging markets and continued industrial expansion in developed economies.
Mining Steel Industry Market: Industrial Impact
The industrial impact of the global mining steel industry market is vast, influencing a wide range of sectors such as construction, automotive, infrastructure, and energy. As a key player in the production of essential raw materials, the mining steel industry market has been driving advancements in production technologies and enhancing supply chain efficiencies. The growing demand for high-strength and high-quality steel has led to increased investments in automation, advanced smelting processes, and the development of specialized steel grades.The companies involved in the global mining steel industry market include major industry players such as Umicore, ArcelorMittal, thyssenkrupp AG, NIPPON STEEL CORPORATION, China Ansteel Group Corporation Limited, China Jianlong Steel Industriai Co Ltd., Salzgitter AG, Tata Steel, JSW, JFE Steel Corporation, Nucor Corporation, Shandong Lenser materials Co., LTD., HYUNDAI STEEL, Jindal Steel & Power Limited, SAIL, and Cleveland-Cliffs Inc.
These companies are enhancing their capabilities through strategic partnerships, collaborations, and technology advancements to improve the resilience and performance of the mining steel industry in demanding environments. Their continued research and development investments drive the market's growth while supporting the broader trends in the sustainable mining steel industry.
Mining Steel Industry Market Segmentation:
Segmentation 1: by End-Use Application
- Transportation (Automotive and Other Transportation)
- Building, Construction, and Infrastructure
- Consumer Goods and Appliances
- Industrial Equipment and Manufacturing
- Packaging
- Others
Building and Construction to Lead the Mining Steel Industry Market (by End-Use Application)
The building and construction sector is expected to be the leading driver of growth in the mining steel industry market from 2025 to 2035. With rapid urbanization, infrastructure development, and rising global population, steel demand will increase significantly. Due to its durability, flexibility, and strength, Steel's essential role in construction positions it as a key material for housing, bridges, and skyscrapers. Moreover, governments’ investments in large-scale infrastructure projects, especially in emerging economies, will boost steel consumption.In the long term, the emphasis on sustainable construction practices, including green buildings and eco-friendly infrastructure, will further fuel demand for low-carbon steel. Innovations in steel production technologies, such as the development of "green steel," will align with these environmental goals, making it a preferred choice. As the global push for infrastructure development continues, building and construction will remain the dominant sector, propelling the growth of the mining steel industry market throughout the forecast period.
Segmentation 2: by Production Methodology
- Blast Furnace-Basic Oxygen Furnace (BF-BOF)
- Direct Reduced Iron - Electric Arc Furnace (DRI-EAF)
- Other Emerging Technologies
The blast furnace-basic oxygen furnace (BF-BOF) process is expected to dominate the mining steel industry market during the forecast period from 2025 to 2035. This traditional steelmaking method continues to be the most widely used due to its ability to produce large volumes of steel at lower operational costs. The BF-BOF process is favored for its efficiency in utilizing iron ore, coke, and limestone to produce high-quality steel, particularly for construction, automotive, and infrastructure sectors.
Despite the increasing shift toward electric arc furnaces (EAF) for sustainability, BF-BOF remains integral due to its established infrastructure, reliable output, and economies of scale. The continued demand for steel in emerging markets and technological advancements aimed at reducing carbon emissions in the BF-BOF process will maintain its market leadership. Furthermore, the adoption of carbon capture technologies and improvements in furnace design are expected to enhance the environmental performance of this method, ensuring its dominance in the steel production industry.
Segmentation 3: by End Products
- Carbon Steel
- Alloy Steel
- Stainless Steel
- High-Strength Steel
- Others
Carbon Steel to Lead the Mining Steel Industry Market (by End-Products)
Carbon steel is expected to lead the mining steel industry market during the forecast period of 2025-2035 due to its versatile properties, cost-effectiveness, and widespread applications. As the backbone of the construction, automotive, and infrastructure industries, carbon steel continues to drive market demand. Its strength, durability, and malleability make it ideal for heavy-duty structures, machinery, and equipment used in mining operations.Moreover, the ongoing trend toward industrial modernization and infrastructural development, particularly in emerging markets, will boost the demand for carbon steel. Technological advancements in production methods, such as electric arc furnaces and innovations in recycling, are making carbon steel production more sustainable, contributing to its dominance.
Additionally, carbon steel’s ability to be used in various grades and forms caters to diverse industry needs, ensuring its continued relevance in the mining sector. With increasing investments in construction and mining activities globally, carbon steel is positioned to remain the preferred material, securing its market leadership over the forecast period 2025-2035.
Segmentation 4: by Region
- North America: U.S., Canada, and Mexico
- Europe: Germany, France, Austria, Italy, U.K., Rest-of-Europe
- Asia-Pacific: China, Japan, India, South Korea, Australia, Rest-of-Asia-Pacific
- Rest-of-the-World: Middle East and Africa, South America
Recent Developments in the Global Mining Steel Industry Market
- In April 2025, Japan steelmaker NIPPON STEEL CORPORATION announced an investment of approximately $58.4 million through its Thailand-based subsidiary NS-Siam United Steel Co., Ltd. to expand the capacity of its electric plating line (EPL). This investment aims to meet the growing demand for tinplate steel used in container manufacturing. The expansion aims to increase the annual production capacity of EPL lines Nos. 1 and 2 from 280,000 metric tons to 350,000 metric tons. The project is scheduled for completion by March 2027.
- In March 2025, the government of Morocco approved several large-scale green projects worth $32.76 million aimed at producing ammonia, steel, and industrial fuel. A consortium led by U.A.E.-based Taqa and Spain-based Cepsa aims to focus on producing green ammonia and industrial fuel, while Morocco’s Nareva will invest in a project for green steel and industrial fuel production. Saudi Arabia-based Acwa Power is expected to be involved in producing green steel.
- In January 2025, thyssenkrupp completed the sale of its India electrical steel business, thyssenkrupp Electrical Steel India Private Ltd. The transaction was closed with a joint venture between India's largest steelmaker, JSW Steel Limited, and Japan's JFE Steel Corporation. Located in Nashik, India, the plant produces grain-oriented electrical steel used in transformers and high-performance generators. The sale, valued at approximately $479.8 million, was driven by high transportation costs from Germany to India, making the site uncompetitive in the long term. The sale strengthens thyssenkrupp's capital base and aligns with its strategic goals.
Mining Steel Industry Market Demand - Drivers, Limitations, and Opportunities
Mining Steel Industry Market Drivers: Urbanization and Infrastructure Growth
Urbanization and infrastructure growth are key drivers in the mining steel industry market, driving significant demand for steel. As cities expand and economies industrialize, the need for steel to support infrastructure projects such as roads, bridges, buildings, and energy plants becomes essential. Steel’s strength, durability, and versatility make it the material of choice for modern urbanization and infrastructure development. It directly influences the demand for raw materials used in steel production, such as iron ore and coal. This increased demand stimulates both mining and steel manufacturing sectors, expanding production capacities worldwide.Several industries have already capitalized on the trend of rapid urbanization. In countries such as India and China, substantial investments are being made in the construction, transportation, and energy sectors. China's Belt and Road Initiative has been driving significant steel consumption to support the development of roads, railways, and ports. In Africa, nations such as Nigeria and South Africa are making major infrastructure investments to accommodate their growing urban populations, further increasing steel demand.
Mining Steel Industry Market Challenges: Volatility in Raw Material Prices
Volatility in raw material prices poses a significant challenge to the mining steel industry, directly impacting steel manufacturers' cost structure and profitability. Fluctuations in the prices of key raw materials such as iron ore, coal, and scrap steel can lead to unpredictable production costs, making it difficult for steel producers to maintain stable profit margins. This price volatility is largely driven by global supply chain disruptions, geopolitical factors, and shifts in demand from key industries, creating an unstable environment for producers who rely on consistent pricing to plan production and investment strategies.In recent years, the mining steel industry has experienced significant price volatility, driven largely by geopolitical uncertainties and shifts in the global economy. For example, in 2021, iron ore prices hit record highs, driven by China's booming construction sector and anticipated supply constraints from Brazil. However, in 2022, prices fell as demand weakened and global steel production decelerated.
These price fluctuations have placed considerable pressure on steel producers, forcing them to constantly adapt their pricing and production strategies to manage the financial impact of rising or falling raw material costs. Companies such as ArcelorMittal and Tata Steel have struggled to pass on higher raw material expenses to customers, impacting their profitability.
Mining Steel Industry Market Opportunities: Growing Demand for Specialty Steel Products
The growing demand for specialty steel products presents a significant opportunity for the mining and steel industry. As industries such as automotive, aerospace, and energy evolve, the need for advanced steel products with specific properties, such as high strength, durability, and resistance to extreme conditions, has increased. Specialty steels, including high-alloy steels, tool steels, and stainless steels, are in high demand due to their ability to meet stringent performance standards in sectors that require precision and reliability.In response to this opportunity, countries have been making substantial investments in the production of specialty steel products. For instance, in January 2025, India launched the second phase of its production linked incentive (PLI) scheme for specialty steel, with a budget of approximately $737.4 million. The revised scheme introduces changes to attract more industry participation, such as lowering investment and capacity thresholds for cold-rolled grain-oriented (CRGO) steel, allowing for the carry-forward of excess production to subsequent years for claiming incentives and reducing the minimum investment required for capacity augmentation.
How can this report add value to an organization?
Product/Innovation Strategy: The global mining steel industry market is segmented based on various applications, production methodology, and end-products, which provides valuable insights. By end-use application segment includes transportation (automotive and other transportation), building, construction, and infrastructure, consumer goods and appliances, industrial equipment and manufacturing, packaging, and others. By production methodology, the market is categorized into a blast furnace-basic oxygen furnace (BF-BOF), direct reduced iron-electric arc furnace (DRI-EAF), and other emerging technologies. Lastly, the end products include carbon steel, alloy steel, stainless steel, high-strength steel, and others.Growth/Marketing Strategy: The global mining steel industry market has been growing. The market offers enormous opportunities for existing and emerging market players. Some of the strategies covered in this segment are mergers and acquisitions, product launches, partnerships and collaborations, business expansions, and investments. The strategies preferred by companies to maintain and strengthen their market position primarily include product development.
Competitive Strategy: The key players in the global mining steel industry market analyzed and profiled in the study include professionals with expertise in the mining and steel industry. Additionally, a comprehensive competitive landscape such as partnerships, agreements, and collaborations are expected to aid the reader in understanding the untapped revenue pockets in the market.
Research Methodology
Factors for Data Prediction and Modelling
- The base currency considered for the market analysis is US$. Currencies other than the US$ have been converted to the US$ for all statistical calculations, considering the average conversion rate for that particular year.
- The currency conversion rate was taken from the historical exchange rate on the Oanda website.
- Nearly all the recent developments from January 2022 to March 2025 have been considered in this research study.
- The information rendered in the report is a result of in-depth primary interviews, surveys, and secondary analysis.
- Where relevant information was not available, proxy indicators and extrapolation were employed.
- Any economic downturn in the future has not been taken into consideration for the market estimation and forecast.
- Technologies currently used are expected to persist through the forecast with no major technological breakthroughs.
Market Estimation and Forecast
This research study involves the usage of extensive secondary sources, such as certified publications, articles from recognized authors, white papers, annual reports of companies, directories, and major databases to collect useful and effective information for an extensive, technical, market-oriented, and commercial study of the global mining steel industry market.The market engineering process involves the calculation of the market statistics, market size estimation, market forecast, market crackdown, and data triangulation (the methodology for such quantitative data processes is explained in further sections). The primary research study has been undertaken to gather information and validate the market numbers for segmentation types and industry trends of the key players in the market.
Primary Research
The primary sources involve industry experts from the global mining steel industry market and various stakeholders in the ecosystem. Respondents such as CEOs, vice presidents, marketing directors, and technology and innovation directors have been interviewed to obtain and verify both qualitative and quantitative aspects of this research study.The key data points taken from primary sources include:
- validation and triangulation of all the numbers and graphs
- validation of reports segmentation and key qualitative findings
- understanding the competitive landscape
- validation of the numbers of various markets for market type
- percentage split of individual markets for geographical analysis
Secondary Research
This research study of the global mining steel industry market involves the usage of extensive secondary research, directories, company websites, and annual reports. It also makes use of databases, such as Hoovers, Bloomberg, Businessweek, and Factiva, to collect useful and effective information for an extensive, technical, market-oriented, and commercial study of the global market. In addition to the aforementioned data sources, the study has been undertaken with the help of other data sources and websites, such as IRENA and IEA.Secondary research was done in order to obtain crucial information about the industry’s value chain, revenue models, the market’s monetary chain, the total pool of key players, and the current and potential use cases and applications.
The key data points taken from secondary research include:
- segmentations and percentage shares
- data for market value
- key industry trends of the top players of the market
- qualitative insights into various aspects of the market, key trends, and emerging areas of innovation
- quantitative data for mathematical and statistical calculations
Key Mining Steel Industry Market Players and Competition Synopsis
The companies that are profiled in the global mining steel industry market have been selected based on inputs gathered from primary experts who have analyzed company coverage, product portfolio, and market penetration.Some of the prominent names in this market are:
- ArcelorMittal
- thyssenkrupp AG
- NIPPON STEEL CORPORATION
- China Ansteel Group Corporation Limited
- China Jianlong Steel Industriai Co Ltd.
- Salzgitter AG
- Tata Steel
- JSW
- JFE Steel Corporation
- Nucor Corporation
- Shandong Lenser materials Co.,LTD.
- HYUNDAI STEEL
- Jindal Steel & Power Limited
- SAIL
- Cleveland-Cliffs Inc.
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Table of Contents
Executive SummaryScope and Definition
1 Markets
2 Application
3 Products
4 Regions
5 Markets - Competitive Benchmarking and Company Profiles
6 Research Methodology
List of Figures
List of Tables
Companies Mentioned
- ArcelorMittal
- thyssenkrupp AG
- NIPPON STEEL CORPORATION
- China Ansteel Group Corporation Limited
- China Jianlong Steel Industriai Co Ltd.
- Salzgitter AG
- Tata Steel
- JSW
- JFE Steel Corporation
- Nucor Corporation
- Shandong Lenser materials Co.,LTD.
- HYUNDAI STEEL
- Jindal Steel & Power Limited
- SAIL
- Cleveland-Cliffs Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 260 |
| Published | April 2025 |
| Forecast Period | 2025 - 2035 |
| Estimated Market Value ( USD | $ 922.2 Billion |
| Forecasted Market Value ( USD | $ 1450 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
