"The Global Crude Steel Market Size was valued at USD 1,283.1 billion in 2024 and is projected to reach USD 1,320.6 billion in 2025. Worldwide sales of Crude Steel are expected to grow at a significant CAGR of 3.4%, reaching USD 1,812.2 billion by the end of the forecast period in 2034."
Introduction and Overview of the Crude Steel Market
The global crude steel market is a vital component of the broader industrial landscape, providing the essential raw material for a wide range of industries including construction, automotive, machinery, and infrastructure. Crude steel, which is produced through primary steelmaking processes, serves as a foundational material in the production of steel products like bars, sheets, and rails. The demand for crude steel has seen consistent growth over the years, driven by its versatility, durability, and essential role in the development of both emerging and advanced economies. Moreover, rapid urbanization and industrialization in key regions such as Asia-Pacific and Europe have further amplified its demand, with countries like China and India leading global production.
Crude steel production is highly concentrated, with the top five producers €œ China, India, Japan, the United States, and Russia €œ contributing a substantial share to the global output. This market is closely linked with global economic health, as steel consumption tends to rise in periods of economic expansion and contract during downturns. The advent of sustainable production methods, such as electric arc furnaces (EAF), and the increased recycling of steel have also shaped the market„¢s trajectory, allowing the industry to navigate environmental regulations and shifting consumer demands for greener solutions.
Trade Intelligence for Crude Steel Market
| Global iron and non-alloy steel (excl. remelted scrap ingots Trade, Imports, USD million, 2020-24 | |||||
|
| 2020 | 2021 | 2022 | 2023 | 2024 |
| World | 276 | 317 | 430 | 473 | 170 |
| El Salvador | 15.5 | 51.1 | 62.9 | 27.4 | 39.5 |
| Spain | 17.5 | 17.7 | 18.9 | 21.7 | 18.0 |
| Saudi Arabia | 28.4 | 13.7 | 5.3 | 10.4 | 10.2 |
| India | 11.9 | 8.2 | 10.9 | 7.9 | 9.6 |
| Germany | 6.4 | 12.4 | 11.0 | 9.0 | 6.9 |
| Source: OGAnalysis, International Trade Centre (ITC) | |||||
- El Salvador, Spain, Saudi Arabia, India and Germany are the top five countries importing 49.5% of global iron and non-alloy steel (excl. remelted scrap ingots in 2024
- Global iron and non-alloy steel (excl. remelted scrap ingots Imports decreased by 38.4% between 2020 and 2024
- El Salvador accounts for 23.2% of global iron and non-alloy steel (excl. remelted scrap ingots trade in 2024
- Spain accounts for 10.6% of global iron and non-alloy steel (excl. remelted scrap ingots trade in 2024
- Saudi Arabia accounts for 6% of global iron and non-alloy steel (excl. remelted scrap ingots trade in 2024
| Global iron and non-alloy steel (excl. remelted scrap ingots Export Prices, USD/Ton, 2020-24 |
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| Source: OGAnalysis |
Latest Trends in the Crude Steel Market
The crude steel market is undergoing a transformative phase, primarily driven by technological advancements and sustainability initiatives. One of the most significant trends is the increasing adoption of electric arc furnace (EAF) technology, which uses scrap steel as raw material and emits lower carbon dioxide compared to traditional blast furnace methods. This shift is part of the broader industry„¢s commitment to decarbonization, as governments worldwide implement stricter environmental regulations. Additionally, the integration of artificial intelligence (AI) and automation in production processes has enhanced efficiency, reduced costs, and improved product quality, allowing companies to maintain competitiveness.
Geopolitical dynamics, particularly in regions like Asia and Europe, are also influencing market trends. China, the world„¢s largest steel producer, has implemented production curbs to reduce environmental impact, which has led to price volatility and supply chain adjustments. At the same time, many European countries are pushing for "green steel," leading to investments in hydrogen-based steelmaking technologies. This technological evolution has created opportunities for innovation, with companies increasingly focusing on reducing their carbon footprint while maintaining production capacity.
Market Drivers of the Crude Steel Market
Several key drivers are fueling the growth of the global crude steel market. First and foremost, the ongoing industrialization and urbanization in emerging economies, particularly in Asia-Pacific, continue to boost demand for crude steel. Infrastructure development, housing projects, and industrial expansion are major sectors driving steel consumption. In regions like India and Southeast Asia, governments are investing heavily in infrastructure to support economic growth, further escalating the demand for steel. Moreover, the automotive sector„¢s recovery post-pandemic, especially in North America and Europe, has been a critical driver, as steel is a key material used in vehicle manufacturing.
Another significant driver is the construction industry, which remains one of the largest consumers of crude steel. As urban populations grow and cities expand, the need for steel in high-rise buildings, bridges, railways, and other structures becomes increasingly essential. Additionally, the renewable energy sector, which relies on steel for wind turbines, solar panels, and other energy infrastructures, is expanding rapidly as countries work toward achieving energy transition goals. This growing demand for clean energy solutions is also playing a role in shaping steel market dynamics.
Market Challenges in the Crude Steel Market
Despite the positive outlook, the crude steel market faces several challenges that could hinder its growth in the coming years. One of the most pressing issues is the industry„¢s environmental impact. Steel production is energy-intensive, with traditional blast furnace methods being significant contributors to greenhouse gas emissions. As global awareness of climate change grows, steel producers face mounting pressure to adopt more sustainable production processes, which often require substantial capital investment. The transition to greener technologies, such as hydrogen-based steel production, is costly and requires significant infrastructure changes.
Another challenge is the volatility in raw material prices, particularly iron ore and coking coal, which are critical inputs in steelmaking. Fluctuations in these commodity prices, often driven by geopolitical factors or supply chain disruptions, can significantly impact production costs and profitability. Furthermore, global trade tensions, particularly those involving major producers like China and the United States, have led to tariffs and protectionist measures that affect the flow of steel products across borders, contributing to market uncertainties.
Market Players
ArcelorMittal
China Baowu Steel Group
Nippon Steel Corporation
HBIS Group
POSCO
Ansteel Group
Shagang Group
Jiangsu Shagang Group
Tata Steel
Shougang Group
JFE Steel Corporation
Nucor Corporation
Thyssenkrupp Steel Europe
Report Scope
| Parameter | Crude Steel Market scope Detail |
| Base Year | 2024 |
| Estimated Year | 2025 |
| Forecast Period | 2026-2032 |
| Market Size-Units | USD billion |
| Market Splits Covered | By Type, By Material, By End Use Industry |
| Countries Covered | North America (USA, Canada, Mexico) |
| Analysis Covered | Latest Trends, Driving Factors, Challenges, Trade Analysis, Price Analysis, Supply-Chain Analysis, Competitive Landscape, Company Strategies |
| Customization | 10% free customization (up to 10 analyst hours) to modify segments, geographies, and companies analyzed |
| Post-Sale Support | 4 analyst hours, available up to 4 weeks |
| Delivery Format | The Latest Updated PDF and Excel Data file |
Market Segmentation
By Type
- Slab
- Bloom
- Billet
- Round
- Others
By Material
- Steel alloy
- Carbon Steel
- Stainless Steel
By End Use Industry
- Automotive and Transport
- Infrastructure and Construction Industry
- Aviation & Marine Industry
- Electronic Industry
- Oil & Gas Industry
- Tools and Machinery
- Other
By Geography
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Rest of APAC)
- The Middle East and Africa (Middle East, Africa)
- South and Central America (Brazil, Argentina, Rest of SCA)
Recent Developments
- Thyssenkrupp received a non-binding offer from Jindal Steel International for its steel unit, with plans to maintain operations, complete a green steel facility in Duisburg, and invest in new electric arc furnace capacity.
- Steel Authority of India Limited announced plans to adopt hydrogen-based steelmaking trials, carbon capture technologies, and biochar injection, alongside expanding renewable energy usage and logistics diversification.
- India is planning to impose import tariffs on select steel products to protect domestic producers as its blast furnace-dependent steel exports face challenges under the EU’s Carbon Border Adjustment Mechanism.
- A consortium led by BlueScope, including Nippon Steel, JSW Steel, and POSCO, submitted an expression of interest to acquire the Whyalla steelworks to transform it into a low-emissions iron and steel production hub.
- JSW Steel reported a sharp rise in profits and an increase in crude steel production volumes, supported by strong domestic demand and capacity expansion efforts.
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FAQ's
The Global Crude Steel Market is estimated to generate USD 1283.1 billion in revenue in 2024.
The Global Crude Steel Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.4% during the forecast period from 2025 to 2032.
The Crude Steel Market is estimated to reach USD 1676.6 billion by 2032.
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