Global Steel Market Size & Outlook, 2023-2030
The steel industry worldwide is expected to reach a projected revenue of US$ 2,121,457.9 million by 2030. A compound annual growth rate of 2.5% is expected of the worldwide steel industry from 2024 to 2030.
Revenue, 2023 (US$M)
$1,787,910.3
Forecast, 2030 (US$M)
$2,121,457.9
CAGR, 2024 - 2030
2.5%
Report Coverage
Worldwide
Global steel market, 2018-2030 (US$M)
Global steel market highlights
- The global steel market generated a revenue of USD 1,775.0 million in 2023 and is expected to reach USD 2,109.0 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 2.5% by 2030.
- In terms of segment, building & construction accounted for a revenue of USD 889.0 million in 2023.
- Consumer Goods is the most lucrative end use segment registering the fastest growth during the forecast period.
- In terms of region, Asia Pacific was the largest revenue generating market in 2023.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 1,775.0 million |
| Market revenue in 2030 | USD 2,109.0 million |
| Growth rate | 2.5% (CAGR from 2024 to 2030) |
| Largest segment | Building & construction |
| Fastest growing segment | Consumer Goods |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Building & Construction, Automotive & Transportation, Heavy Industry, Consumer Goods |
Other key industry trends
- In terms of revenue, the North America accounted for 7.4% of the global steel market in 2023.
- By country, the China is projected to lead the global market in terms of revenue in 2030.
- By country, Mexico is the fastest growing regional market and is projected to reach USD 30.0 million by 2030.
No credit card required*
Horizon in a snapshot
- 30K+ Global Market Reports
- 120K+ Country Reports
- 1.2M+ Market Statistics
- 200K+ Company Profiles
- Industry insights and more
Steel Market Scope
Steel market segmentation & scope
Countries
U.S.
Canada
Mexico
Germany
UK
France
Spain
Italy
Russia
China
India
Japan
South Korea
Brazil
Argentina
Iran
Steel Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Global steel market size, by regions, 2018-2030 (US$M)
Top 10 countries: Steel market size, 2023 (US$M)
Global steel market share, by end use, 2023 & 2030 (%, US$M)
Steel market: Opportunity assessment by country
Global steel market, by region, 2023 (US$M)
| End Use | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 139,900.0 | 135,200.0 | 113,900.1 | 137,100.1 | 132,800.0 | 134,137.0 | 136,278.6 | 138,632.6 | 141,794.1 | 145,295.3 | 149,470.0 | 153,921.1 | 158,826.6 | 2.4% |
| Europe | 260,700.0 | 249,800.0 | 234,799.9 | 248,900.1 | 224,700.0 | 230,670.3 | 236,017.3 | 242,226.2 | 249,108.3 | 257,151.7 | 266,278.5 | 276,156.6 | 285,339.5 | 3.1% |
| Asia Pacific | 1,180,100.1 | 1,258,400.1 | 1,302,700.0 | 1,301,100.1 | 1,263,300.0 | 1,285,566.3 | 1,303,609.5 | 1,326,173.7 | 1,353,019.7 | 1,385,802.3 | 1,422,290.6 | 1,466,024.1 | 1,503,032.4 | 2.3% |
| Latin America | 42,900.2 | 41,900.0 | 38,600.0 | 45,700.0 | 41,100.1 | 42,954.0 | 43,970.2 | 45,142.6 | 46,514.3 | 47,763.0 | 49,558.5 | 51,552.6 | 54,111.5 | 3.4% |
| MEA | 87,900.0 | 89,600.0 | 81,600.0 | 89,200.0 | 91,300.0 | 94,582.7 | 96,544.4 | 98,881.5 | 101,592.5 | 104,727.2 | 109,079.4 | 113,965.1 | 120,147.9 | 3.5% |
| Overall | 1,711,500.3 | 1,774,900.1 | 1,771,600.0 | 1,822,000.3 | 1,753,200.1 | 1,787,910.3 | 1,816,420.0 | 1,851,056.6 | 1,892,028.9 | 1,940,739.5 | 1,996,677.0 | 2,061,619.5 | 2,121,457.9 | 2.5% |
Related regional statistics
Sign up - it's easy, and free!
Sign up and get instant basic access to databook, upgrade
when ready, or enjoy our
free plan indefinitely.
Included in Horizon account
- 30K+ Global Market Reports
- 120K+ Country Reports
- 1.2M+ Market Statistics
- 200K+ Company Profiles
- Industry insights and more
