PUBLISHER: The Business Research Company | PRODUCT CODE: 1928091
PUBLISHER: The Business Research Company | PRODUCT CODE: 1928091
Steel products encompass items produced from steel and iron, including alloys formed through the solidification of hot metal in a pig casting machine to create various shapes. These products can also be obtained through the rolling or drawing of purchased iron or steel, resulting in the production of steel wire.
The primary categories within the steel products industry include rolled and drawn steel, as well as iron and steel pipes and tubes. Rolled and drawn steel refers to steel materials that are formed through the rolling process during metal casting. These products come in various forms, including flat steel, long steel, tubular steel, steel pipes, and steel tubes, and find applications in sectors such as construction, automotive, energy, packaging, and various other industries.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs on imported steel products have influenced the market by increasing costs and disrupting supply chains, particularly for rolled, drawn, and tubular steel in north america, europe, and asia-pacific. While these tariffs have raised operational expenses for importers and manufacturers in construction, automotive, and energy sectors, they have also promoted local steel production, accelerated adoption of high-strength and specialty steel, and fostered investments in more efficient and automated production technologies.
The steel products market research report is one of a series of new reports from The Business Research Company that provides steel products market statistics, including steel products industry global market size, regional shares, competitors with a steel products market share, detailed steel products market segments, market trends and opportunities, and any further data you may need to thrive in the steel products industry. This steel products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The steel products market size has grown steadily in recent years. It will grow from $450.21 billion in 2025 to $464.48 billion in 2026 at a compound annual growth rate (CAGR) of 3.2%. The growth in the historic period can be attributed to growth in construction and infrastructure projects, expansion of automotive manufacturing, rising demand from packaging industry, increasing energy sector requirements, adoption of conventional rolled and drawn steel products.
The steel products market size is expected to see steady growth in the next few years. It will grow to $545.84 billion in 2030 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to increasing adoption of specialty and high-strength steel, growth in renewable energy and power projects, expansion in automotive and transportation segments, implementation of automated and digital steel processing, rising demand from oil and gas pipelines and tubular steel applications. Major trends in the forecast period include rising adoption of advanced steel rolling and drawing techniques, integration of automation and robotics in steel manufacturing, growing focus on high-strength and specialty steel products, implementation of smart steel production and monitoring systems, increasing demand for steel products in energy and infrastructure.
The expansion of the manufacturing sector is poised to stimulate the growth of the steel products market in the coming years. The manufacturing sector encompasses a wide range of economic activities involved in converting raw materials, components, or parts into finished goods or products. Steel serves as a fundamental raw material in numerous manufacturing processes, finding extensive use in machinery, automobiles, construction materials, consumer appliances, and various other products. For example, according to a report from the National Association of Manufacturers (NAM), manufacturing value-added output increased from an all-time high of $2.905 trillion in the first quarter to $2.895 trillion in 2023, growing at an annual pace in the fourth quarter. Manufacturing contributed 10.9% of the value-added output in the first quarter of the US economy. Hence, the expansion of the manufacturing sector is a driving force behind the growth of the steel products market.
Leading companies in the steel products market are actively developing innovative products, such as heavy gauge steel plates, to expand their customer bases, increase sales, and boost revenue. Heavy gauge steel plates are steel plate materials that are 3 inches thick or thicker. For example, Nucor Corporation, a US-based steel production company, introduced 'Elcyon' in January 2023. Elcyon is an environmentally friendly thick gauge steel plate product designed to meet the rising demands of American offshore wind energy producers involved in constructing vital infrastructure for the green economy. This product stands out due to its creation using Nucor's clean and modern steel manufacturing process, utilizing recycled scrap as the primary raw material. A comparison with competitors' products reveals that Elcyon offers larger plate dimensions, superior weldability, and exceptional fracture toughness. It is set to play a pivotal role in the supply chain for building the nation's offshore wind infrastructure.
In July 2024, Cleveland Cliffs Inc., a U.S.-based integrated steel producer and supplier of flat-rolled steel products for the automotive, construction, and industrial sectors, acquired Stelco Holdings Inc. for $2.5 billion. Through this acquisition, Cleveland Cliffs expanded its steel production capacity and reinforced its position in the flat-rolled steel segment across North America, gaining advanced manufacturing facilities and a broader product portfolio. Stelco Holdings Inc. is a Canada-based integrated steel manufacturer producing a variety of flat-rolled and value-added steel products, including hot-rolled, cold-rolled, and coated steel, serving multiple end-use markets.
Major companies operating in the steel products market report are Angang Steel Company Limited, Steel Authority of India Limited, SSAB AB, Nucor Corp, Compagnie de Saint-Gobain S.A., Saint-Gobain S.A., Nippon Steel & Sumitomo Metal Corporation, Kobe Steel Ltd., Vallourec SA, Voestalpine AG, Mechel PAO, Nippon Steel Corporation, HBIS Group, POSCO, Shagang Group, Ansteel Group, JFE Steel Corporation, Tata Steel, Shougang Group Co. Ltd., Shandong Iron and Steel Group Co Ltd., Baosteel Group, Wuhan Iron and Steel Corporation, Maanshan Iron and Steel Company Limited, Gerdau S.A., Steel Dynamics Inc., ThyssenKrupp AG, United States Steel Corporation, JSW Steel Limited, Severstal, Evraz Plc, Novolipetsk Steel, Hyundai Steel, Essar Steel, Rizhao Steel, CITIC Limited, China Fangda Group, Guangxi Liuzhou Iron and Steel Group, Inner Mongolia Baotou Steel Union Co. Ltd.
Asia-Pacific was the largest region in the steel products market in 2025. Western Europe was the second-largest region in the steel products market. The regions covered in the steel products market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the steel products market are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The steel products market consists of sales of steel plates, steel wire rope, structural steel, hot-rolled steel, and cold-rolled steel. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Steel Products Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses steel products market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for steel products ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The steel products market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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