PUBLISHER: Grand View Research | PRODUCT CODE: 1908589
PUBLISHER: Grand View Research | PRODUCT CODE: 1908589
The global steel market size was estimated at USD 1.49 trillion in 2025 and is projected to reach USD 2.28 trillion by 2033, at a CAGR of 5.9% from 2026 to 2033. The global steel market is anticipated to be driven by rising investments in construction activities.
Infrastructure and construction extensively require massive amounts of steel to enhance the aesthetic appeal and corrosion resistance of the structure. Steel products offer high strength and are 100% recyclable, which makes them applicable in residential, commercial, and infrastructural applications.
The global steel market is witnessing transformative trends and drivers that significantly shape its future. A major trend is the focus on sustainability, as steel manufacturers increasingly invest in green technologies to minimize carbon emissions. This includes adopting electric arc furnaces and developing low-carbon steel production methods to align with environmental standards and consumer preferences for eco-friendly products. Digital transformation is also becoming prevalent, with the industry leveraging IoT, AI, and data analytics to enhance operational efficiency and streamline manufacturing processes.
In addition, the shift towards electric vehicles and the need for durable, energy-efficient building materials are driving this demand. The steel industry is experiencing consolidation and strategic partnerships, as companies merge or join forces with tech firms to boost competitiveness and innovate production processes.
Furthermore, infrastructure development is crucial as global investments in infrastructure are projected to grow notably with steel being a key material in these projects. The automobile industry's growth, especially with the rise of electric vehicles, is also a significant factor, as evidenced by the International Energy Agency's forecast of over 17 million electric car sales in 2024. Moreover, urbanization trends are increasing demand for residential and commercial buildings; the UN estimates that by 2050, 68% of the global population will reside in urban areas, necessitating substantial steel use in construction.
Global Steel Market Report Segmentation
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global steel market report on the basis of product, end use, and region.