PUBLISHER: MarketLine | PRODUCT CODE: 2137309
PUBLISHER: MarketLine | PRODUCT CODE: 2137309
Global Steel industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume , and forecast to 2030). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
The 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 by 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 average exchange rates. The USD values may show a declining trend for a few countries such as Argentina, Turkey, Nigeria, Egypt, and Russia. This is primarily because of the impact of the exchange rates considered.
The global steel market recorded a value of $1,363.1 billion in 2025, representing a compound annual growth rate (CAGR) of 4.8% between 2020 and 2025.
Market production volumes declined with a negative CAGR of 0.3% between 2020 and 2025, reaching a total of 1,767.2 million tonnes in 2025.
The production volume decline during 2020-25 was primarily driven by the downturn in the Chinese market during 2024 and 2025, given that China is the world's largest producer of steel, accounting for over 50% of total global crude steel production.