Latest News- Steel Manufacturing Market: Construction is expected to lead the End-user segment during 2025-2029

The Steel Manufacturing Market is being driven by Upsurge in consumption of high-strength steel

The Steel Manufacturing Market is expected to grow at a CAGR of 4.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 455.4 billion. In the global steel manufacturing sector, there is a growing trend towards the utilization of scrap steel and stainless steel in production. This shift is driven by both economic and environmental considerations. The recycling of these materials significantly enhances the industry's economic viability, as it reduces the need for iron ore extraction and lowers production costs. Moreover, the use of scrap steel and stainless steel scrap leads to substantial CO2 emissions savings, with an average of 2.9 metric tons of CO2 emissions avoided for each metric ton of scrap steel produced. This eco-friendly approach also minimizes energy and water consumption, as well as air pollution. Consequently, stainless steel producers increasingly prefer to use iron ore and steel or stainless-steel scrap in combination as their primary raw materials. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Construction
  • Machinery
  • Automotive
  • Metal products
  • Others
• Type
  • Flat
  • Long
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Upsurge in consumption of high-strength steel
• Growing demand from construction industry
• Corrosion resistance and excellent mechanical properties

However, the market also witnesses some limitations, which are as follows:

• Excess production capacity
• Stringent government regulations
• High raw material and energy costs

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Market Scope in Steel Manufacturing Market Research Report

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Research Analysis Overview

The steel manufacturing market is experiencing significant growth due to rapid industrialization in emerging economies. The demand for steel products is driven by the need for raw materials such as iron ore and minerals. However, volatile prices and environmental challenges, including greenhouse gas emissions, pose business risks. The industry is responding with initiatives like net zero steel, lightweight building materials, energy savings, and recycled metals. Consumer safety, construction costs, and poor quality welding are other concerns. Steel is used extensively in shipbuilding, agriculture, processing industries, building and construction, automobile production, industrial infrastructure, and the construction sector, including roads.

Market Research Overview

The global steel market encompasses businesses involved in the manufacturing and production of steel and related products. According to Technavio, the metals and mining industry's size is determined by the consolidated revenue generated from aluminum, copper, gold, silver, steel, diversified metals and mining, and precious metals and minerals, including platinum. The steel sector specifically includes iron and steel producers, as well as metallurgical coal mining for steel production. Factors driving growth in this market include the expanding demand for steel, particularly in emerging economies, and the subsequent stimulus measures to boost construction activity in China. Additionally, volatile raw material prices, such as iron ore and minerals, pose challenges for market participants. Furthermore, the steel industry faces environmental concerns, with a growing focus on net zero emissions and the need to address greenhouse gas emissions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/