The Steel Market is being driven by Urbanization and infrastructure development
The Steel 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 307.4 billion. The global steel market is witnessing a significant shift towards sustainable production, with a growing emphasis on environmental regulations, industry decarbonization commitments, and technological innovation. Notably, Hyundai Steel announced on March 25, 2025, a USD5.8 billion investment in a new Electric Arc Furnace (EAF)-integrated steel mill in Louisiana. This state-of-the-art facility, set to commence operations in 2029, will produce 2.7 million metric tons of automotive-grade steel annually. Its full-cycle integration of low-carbon EAF technology marks a departure from traditional blast furnace methods, underscoring the industry's commitment to reducing carbon emissions and fostering a more sustainable future for steel production.
Get more information on Steel Market by requesting a sample report
The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
Rich Experience: 20+ years leading global market research, trusted insights across industries.
Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.
Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
252 |
|
Base year |
2024 |
|
Historic period |
2019-2023 |
|
Forecast period |
2025-2029 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
|
Market growth 2025-2029 |
USD 307.4 billion |
|
Market structure |
fragmentation |
|
YoY growth 2024-2025(%) |
4.3 |
|
Key countries |
China, India, US, Japan, South Korea, Russia, Italy, Turkey, Germany, and Mexico |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
The steel market encompasses various sectors, including high-strength steel and advanced steel, steel composites and alloys, produced through techniques like powder metallurgy and 3D printing. Steel's applications span from fabrication and design in engineering and construction, to infrastructure, transportation, automotive, aerospace, energy, and manufacturing. Innovation and research drive trends in steel technology, influencing steel prices and demand, while the supply chain ensures efficient steel production and trade.
The global diversified metals and mining industry encompasses businesses involved in the production or extraction of a range of metals and minerals, including non-ferrous metals such as lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium, as well as salt, borate, phosphate rock, and other diversified mining operations. According to Technavio's market analysis, the industry size is determined by the combined revenue generated by these companies through their metal and mineral production and diversified mining activities. Key processes in the industry include blast furnace, electric arc furnace, and basic oxygen furnace operations, which utilize iron ore and scrap metal as primary inputs.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
