PUBLISHER: MarketLine | PRODUCT CODE: 1815930
PUBLISHER: MarketLine | PRODUCT CODE: 1815930
Global Steel industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume , and forecast to 2029). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Steel market includes the production of crude steel in the stated country or region. Crude steel production refers to the production of the first solid steel products upon solidification of liquid steel. It includes ingots (in conventional mills) and semis (in modern mills with continuous casting facilities). Crude steel also includes liquid steel, which goes into the production of steel castings.
Market volume refers to the production volume. Market value is calculated by multiplying market volume with the production price.
All market data and forecasts are based on nominal prices and all currency conversions used in the creation of this report have been calculated using yearly annual average exchange rates. The USD values may show a declining trend for few countries such as Argentina, Turkey, Nigeria, Egypt, and Russia. This is primarily because of the impact of exchange rates considered.
The global steel market recorded revenues of $1,383.1 billion in 2024, representing a compound annual growth rate (CAGR) of 4.4% between 2019 and 2024.
Market production volume increased with a CAGR of 0.1% between 2019 and 2024, reaching a total of 1,802.8 million tonnes in 2024.
Asia-Pacific dominated the global steel market, commanding the largest share of 75.9% in 2024, followed by Europe, capturing the second largest share of 13.2%.