Steel Market to Reach USD 1,289.7 Billion by 2033, Growing at a CAGR of 3.14%

# Steel Market to Reach USD 1,289.7 Billion by 2033, Growing at a CAGR of 3.14% Market Overview: The Steel Market is experiencing steady expansion, driven by Significant Growth in the Automotive Industry Across the Globe, Rising Product Demand for Manufacturing Military Aircraft and Rapid Technological Advancements. According to IMARC Group's latest research publication, "Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025–2033", The global <a href="https://www.imarcgroup.com/steel-market">steel market size</a> was valued at USD 974.4 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 1,289.7 Billion by 2033, exhibiting a CAGR of 3.14% during 2025-2033. This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis. Grab a sample PDF of this report: <a href="https://www.imarcgroup.com/steel-market/requestsample">https://www.imarcgroup.com/steel-market/requestsample</a> Our Report Includes: <ul> <li>Market Dynamics</li> <li>Market Trends and Outlook</li> <li>Competitive Analysis</li> <li>Industry Segmentation</li> <li>Strategic Recommendations</li> </ul> Growth Factors in the Steel Industry: <ul> <li>Significant Growth in the Automotive Industry Across the Globe</li> </ul> This high level of growth can be attributed to the overall growth of the automobile industry worldwide. Steel consumption in the automobile industry will continue to see an upward trend since steel is used in cars in the most core applications for structural integrity and safety in automobiles besides achieving a lightweight structure to improve efficiency and reduce cost. OEMs are likely to build more than USD 500 Billion EV factories by 2030. In November 2023, Hyundai announced an investment of more than USD 1.5 Billion to refurbish its Ulsan factory in South Korea and build a new EV factory at the site. As regulations and consumer demand require better fuel economy and reduced emissions, manufacturers increasingly rely on advanced high strength and lightweight steel alloys for weight reduction. <ul> <li>Rising Product Demand for Manufacturing Military Aircraft</li> </ul> Another factor driving this market is the increased use of steel in the manufacture of military aircraft. Steel exhibits high strength and durability, along with resistance to extreme weather, which is essential for military aircraft. Steel is mainly used owing to its tensile strength and reliability, in the fuselage, among other components. World military spending increased by 3.7% in 2022 due to the Russo-Ukrainian War relative to the previous year. In 2022, the United States, China, Russia, India and Saudi Arabia were the five highest military spenders that together accounted for 63% of total world military spending. The aircraft categorized as military aircraft include fighter planes, transport aircraft, and helicopters. Steel is used not only for airframes but also for landing gear, engine parts, etc. <ul> <li>Rapid Technological Advancements</li> </ul> Emerging technologies drive innovation in fast-growing economies and create new opportunities for development in health, electronics, and transportation, with breakthroughs in emerging technologies including artificial intelligence, automation technologies, new material discovery and smart manufacturing processes. Electric and autonomous vehicles potentially reshape personal and public transportation while decreasing global damage for the natural environment. In 2022 electric vehicles were 14% of all new car sales. China was 60% of all EV sales worldwide. Over 15% growth occurred regarding electric vehicle sales in Europe during 2022. In 2022 electric vehicle sales in the United States had 55% growth. Electric vehicle sales reached to an 8% sales share in the United States. Key Trends in the Steel Market <ul> <li>Adoption of Green Steel Production Technologies</li> </ul> Green steelmaking is seen as a potential means by which the steel industry can cut its greenhouse gas emissions and meet international targets. The Indian JSW Group and South Korean steelmaker POSCO understood to sign a memorandum for setting up an integrated steel mill in India that can produce 5 million tonnes of steel each year. The project seeks to promote green technology in accordance with the companies' sustainability objectives and to promote the Indian steel industry. Trends in packaging technology for food and beverages, durable and recyclable, support predictions for the global steel market. <ul> <li>Integration of Advanced Materials and High-Strength Steel</li> </ul> The production and use of AHSS and lightweight steel alloys for automotive and aerospace applications have greatly increased in recent years, which has increased demand for new and tailored steel products for and among various end-use industries. In the steel industry, high-strength low-alloy steel enables the automotive industry to transition to electric vehicles because of environmental regulations and the global effort for a more sustainable transport system. <ul> <li>Expansion of Circular Economy and Recycling Practices</li> </ul> Major steel producers invest in improved recycling technology and in a circular economy making steel more cost efficient and environmentally friendly improving the outlook of the steel industry. Businesses alter their practices to align with environmental laws and to respond to global concerns about climate change. Effective recycling processes and methods for carbon emission reduction exist as some examples of sustainable practices. Leading Companies Operating in the Global Steel Industry: <ul> <li>ArcelorMittal S.A.</li> <li>EVRAZ plc</li> <li>Gerdau S.A.</li> <li>Hyundai Steel Co. Ltd</li> <li>JFE Steel Corporation (JFE Holdings Inc.)</li> <li>Jiangsu Shagang Group Co. Ltd</li> <li>Nippon Steel Corporation</li> <li>Nucor Corporation</li> <li>Shougang Group Co. Ltd.</li> <li>Tata Steel Ltd. (Tata Group)</li> <li>thyssenkrupp AG</li> <li>United States Steel Corporation</li> </ul> Steel Market Report Segmentation: Breakup By Type: <ul> <li>Flat Steel</li> <li>Long Steel</li> </ul> Flat steel exhibits a clear dominance in the market accredited to its versatility, strength, and durability. Breakup By Product: <ul> <li>Structural Steel</li> <li>Prestressing Steel</li> <li>Bright Steel</li> <li>Welding Wire and Rod</li> <li>Iron Steel Wire</li> <li>Ropes</li> <li>Braids</li> </ul> Structural steel represents the largest segment owing to its ability to offer high strength, sustainability, and speed of erection for large-scale buildings and structures. Breakup By Application: <ul> <li>Building and Construction</li> <li>Electrical Appliances</li> <li>Metal Products</li> <li>Automotive</li> <li>Transportation</li> <li>Mechanical Equipment</li> <li>Domestic Appliances</li> </ul> Building and construction hold the biggest market share attributed to the utilization of steel in structural frameworks, reinforcements, and external cladding. Breakup By Region: <ul> <li>North America (United States, Canada)</li> <li>Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)</li> <li>Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)</li> <li>Latin America (Brazil, Mexico, Others)</li> <li>Middle East and Africa</li> </ul> Asia Pacific dominates the market owing to the growing demand for steel in construction, automotive, and infrastructure projects in the region. Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations. 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