Market Insight-Global Steel Manufacturing Market Overview 2024

Global Steel Manufacturing Market Was Valued at USD 1394.72 Billion in 2023 and is Expected to Reach USD 1830.58 Billion by the End of 2030, Growing at a CAGR of 3.88% Between 2024 and 2030.–  Bossonresearch.com

Steel is the main engineering material used in industries such as Construction, Automotive, Transport, Power, Mechanical Machinery, Metal Goods, and Domestic Appliances. It is also the main material utilized in delivering renewable energy such as solar, tidal, and wind power. Steel is composed of iron, carbon, impurities, and alloying elements, the combination of which determines the properties of the steel. According to Bossonresearch, technological advancements, such as electric arc furnaces and hydrogen-based steelmaking, are improving efficiency and reducing emissions. Sustainability and environmental regulations are pushing the industry towards greener practices, while urbanization and infrastructure development are increasing demand for steel in construction and smart city projects.

Figure 1.        Global Steel Manufacturing Market Size (M USD)

Source: Bossonresearch.com, 2024

 

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Since 1950, world crude steel production has experienced exponential growth, increasing from 189 million tons in 1950 to 1,885 million tons in 2022, expanding tenfold to its original size. In 2023, the global crude steel output was 1.8882 billion tons, basically the same as the previous year. Among them, China's crude steel output was 1.019 billion tons, India's was 140.2 million tons, Japan's was 87 million tons, South Korea's was 66.7 million tons, Germany's was 35.4 million tons, Turkey's was 33.714 million tons, Brazil's was 31.9 million tons, Russia's was 75.8 million tons, Ukraine's was 6.228 million tons, Iran's was 31.1 million tons, Saudi Arabia's was 9.94 million tons, and the United Arab Emirates' was 3.24 million tons. 

 

Figure 2.        World Crude Steel Production (1950-2023) & (Million Tons)

Source: World Steel Association, Bossonresearch.com, 2024

From the demand side, Bossonresearch combined the data of the World Steel Association and further researched and verified it, and concluded that the sales of major global steel companies (2019-2024) are as follows:

Table 1. Global Steel Manufacturing Sales by Region (2019-2024) & (Million Tons)

	2019	2020	2021	2022	2023	2024E
North America	135.10	115.60	137.10	133.00	131.70	135.49
Europe	249.10	232.70	264.00	242.50	237.20	244.04
Asia-Pacific	1,265.40	1,321.90	1,305.70	1,275.60	1,263.10	1,302.88
South America	37.60	35.40	46.10	41.20	41.10	41.87
Middle East and Africa	92.10	84.80	90.80	90.70	89.90	92.93
Total	1,779.30	1,790.40	1,843.70	1,783.00	1,763.00	1,817.21

Source: Bossonresearch.com, 2024

Specifically for enterprises, China Baowu Steel Group ranked first, ArcelorMittal ranked second, and Anshan Iron and Steel Group ranked third.

Table 2. Global Steel Manufacturing Sales (Million Tonnes) by Manufacturers (2019-2024)

No	Company	2019	2020	2021	2022	2023	2024E
1	China Baowu Group	95.46	115.29	119.94	131.84	130.77	135.21
2	ArcelorMittal	84.50	69.10	62.90	55.60	55.90	56.54
3	Ansteel Group	39.20	38.20	55.65	55.65	55.89	56.32
4	Nippon Steel Corporation	51.70	41.60	49.46	44.37	43.66	44.98
5	HBIS Group	46.80	43.75	41.64	41.00	41.34	42.02
6	Shagang Group	41.10	41.60	44.23	41.45	40.54	40.40
7	POSCO Holdings	43.10	40.60	43.00	38.64	38.44	36.95
8	Jianlong Group	31.20	36.50	36.71	36.56	36.99	36.71
9	Shougang Group	29.30	34.00	35.43	33.82	33.58	34.32
10	Tata Steel Group	30.20	28.10	31.03	30.65	29.50	27.50
11	Delong Steel	26.80	28.30	27.80	27.90	28.26	28.54
12	JSW Steel Limited	16.06	14.90	18.60	23.38	26.15	28.61
13	JFE Steel Corporation	27.40	24.40	26.90	26.20	25.09	24.84
14	Hunan Steel Group	22.88	25.16	25.57	26.57	25.94	24.18
15	Nucor Corporation	23.36	22.69	25.70	23.25	23.28	24.90
16	Fangda Steel	15.50	15.70	19.60	19.70	19.56	19.29
17	Shandong Steel Group	27.60	31.10	28.25	29.42	19.45	17.94
18	Hyundai Steel	21.90	21.60	19.80	18.77	19.24	19.80
19	Steel Authority of India Ltd. (SAIL)	15.15	15.00	17.30	17.93	19.18	20.16
20	Rizhao Steel	15.00	14.20	14.40	15.63	18.66	17.85
21	Liuzhou Iron and Steel	13.63	16.09	19.19	17.50	19.66	22.81
22	Others	1,061.47	1,072.52	1,080.61	1,027.18	1,011.92	1,057.35
23	Total	1,779.30	1,790.40	1,843.70	1,783.00	1,763.00	1,817.21

Source: Bossonresearch.com, 2024

Driving Factors

Innovation in Steel Applications        

Innovation in steel applications is a pivotal driving factor in the steel manufacturing market, catalyzing growth and expanding the potential uses of steel in various industries. The continuous development of new steel products and the improvement of existing ones enable steel to meet the evolving demands of diverse applications. This innovation not only enhances the performance and efficiency of steel products but also opens up new markets and opportunities for the steel industry.

In the construction and infrastructure sectors, innovative steel applications play a key role in enhancing building performance and sustainability. High-strength, low-alloy (HSLA) steels and weathering steels offer superior durability and corrosion resistance, making them ideal for bridges, skyscrapers, and other critical infrastructure. The development of modular steel construction systems and prefabricated steel components streamlines construction processes, reduces waste, and lowers costs. Moreover, the use of advanced steel grades in earthquake-resistant structures and sustainable building designs ensures safety and longevity.

The automotive industry is a major consumer of steel, and innovation in steel applications is crucial for meeting the sector's evolving needs. Advanced high-strength steels (AHSS) and ultra-high-strength steels (UHSS) are developed to improve vehicle safety, fuel efficiency, and performance. These steels allow for the design of lighter vehicles without compromising strength, which is essential for meeting stringent fuel economy and emissions standards. Additionally, innovative steel applications in electric vehicles (EVs) include battery enclosures and lightweight chassis components, which are vital for improving the range and performance of EVs.

The energy sector benefits significantly from innovation in steel applications. In the renewable energy industry, high-performance steels are used in wind turbine towers, blades, and foundations, providing the necessary strength and durability to withstand harsh environmental conditions. In the oil and gas industry, specialized steel grades with high corrosion resistance and toughness are essential for drilling equipment, pipelines, and offshore platforms. These innovations enhance the efficiency and safety of energy production and distribution systems.

In the transportation and logistics sector, innovative steel applications improve the efficiency and sustainability of vehicles and infrastructure. High-strength steels are used in the manufacturing of railcars, shipping containers, and heavy-duty trucks, providing the necessary strength and durability for demanding applications. The development of lightweight steel components contributes to fuel efficiency and reduces operational costs. Moreover, the use of advanced steel grades in transportation infrastructure, such as bridges and tunnels, ensures long-term performance and safety.

Technological Advancements        

Technological advancements are at the forefront of driving the steel manufacturing market towards greater efficiency, sustainability, and innovation. The shift from traditional blast furnaces to electric arc furnaces (EAFs) has introduced a more flexible and energy-efficient method of steel production, especially advantageous for recycling scrap steel. This technology reduces reliance on raw materials and cuts carbon emissions, addressing environmental concerns and reducing production costs. Additionally, hydrogen-based steelmaking is emerging as a promising solution for sustainable steel production. By using hydrogen gas instead of coke as a reducing agent, this method significantly reduces carbon emissions, producing water vapor as a byproduct. Although still in the pilot stage, hydrogen-based steelmaking has the potential to revolutionize the industry’s environmental footprint.

Automation and robotics have also transformed the steel manufacturing process by enhancing precision, efficiency, and safety. Automated systems streamline various stages of production, improving consistency and product quality while reducing labor costs and minimizing human exposure to hazardous environments. Digitalization and Industry 4.0 technologies, including the Internet of Things (IoT), artificial intelligence (AI), and big data analytics, further optimize production processes and quality control. Digital twins enable real-time monitoring and predictive maintenance, reducing downtime and operational costs. AI-driven analytics enhance decision-making, while IoT devices provide valuable data on equipment performance and environmental conditions, further improving efficiency and sustainability.

The development of advanced steel grades, such as high-strength low-alloy (HSLA) steels, advanced high-strength steels (AHSS), and ultra-high-strength steels (UHSS), is driven by the need for materials with superior performance characteristics. These grades offer higher strength, better formability, enhanced corrosion resistance, and improved toughness, making them essential for applications in automotive, construction, aerospace, and other industries. Continuous research in metallurgy is leading to the creation of new steel grades that meet evolving industry needs. Furthermore, 3D printing and additive manufacturing technologies are making significant inroads into the steel industry, allowing for the production of complex geometries and customized components with reduced material waste, particularly valuable in aerospace, medical devices, and toolmaking.

To address the environmental impact of steel production, the industry is investing in carbon capture and storage (CCS) technologies. CCS captures CO₂ emissions generated during steelmaking, storing them underground or utilizing them in other industrial processes. This technology helps mitigate the carbon footprint of steel production and is crucial for meeting global emission reduction targets. Overall, these technological advancements are transforming the landscape of steel production, enhancing performance, and quality, and addressing the pressing need for sustainability in the industry. As the steel manufacturing sector continues to evolve, embracing these advancements will be key to maintaining competitiveness and meeting the demands of a rapidly changing market.

Sustainability and Environmental Regulations        

Sustainability and environmental regulations are increasingly influential driving factors in the steel manufacturing market. The industry's traditional reliance on resource-intensive processes and significant carbon emissions has positioned it as a critical focus for environmental improvements. The push for sustainability, driven by global environmental concerns and stringent regulatory requirements, is reshaping how steel is produced, used, and perceived.

The steel manufacturing industry is one of the largest industrial sources of CO₂ emissions. Efforts to reduce these emissions are paramount. Governments and international bodies have introduced stringent regulations aimed at curbing greenhouse gas emissions. In response, steel producers are investing in technologies that lower carbon footprints, such as hydrogen-based steelmaking and electric arc furnaces (EAFs) that rely on recycled scrap steel. These methods significantly reduce CO₂ emissions compared to traditional blast furnace processes, aligning the industry with global emission reduction targets like those set by the Paris Agreement. Besides, steel manufacturing is energy-intensive, traditionally relying on coal and other fossil fuels. Increasingly, steel plants are integrating renewable energy sources, such as wind, solar, and biomass, into their energy mix. This transition not only reduces carbon emissions but also stabilizes energy costs in the long term. Green energy contracts and investments in renewable energy infrastructure are becoming more common as steelmakers strive to meet sustainability targets.

Compliance with environmental regulations is a major driver for adopting sustainable practices in steel manufacturing. Governments worldwide are implementing stricter environmental standards, requiring steel producers to adopt cleaner technologies and reduce emissions. Green certifications and eco-labels, such as ISO 14001 (Environmental Management Systems), provide benchmarks for sustainability and help companies demonstrate their commitment to environmental stewardship. Achieving these certifications can enhance a company’s reputation and provide a competitive edge in the market. Corporate social responsibility (CSR) initiatives are driving steel manufacturers to adopt sustainable practices. Companies are increasingly aware of their social and environmental responsibilities and are incorporating sustainability into their core business strategies. CSR initiatives often include commitments to reducing carbon footprints, enhancing energy efficiency, and supporting community and environmental projects. These initiatives not only contribute to sustainability goals but also build brand loyalty and trust among stakeholders.

Additionally, the demand for green steel products is rising as consumers and industries seek sustainable materials. Green steel is produced using processes that minimize carbon emissions, often incorporating renewable energy and recycled materials. These products meet the growing need for environmentally friendly construction materials, automotive components, and consumer goods. Steel manufacturers are investing in research and development to create new green steel grades that offer high performance while reducing environmental impact. The ability to offer green steel products can differentiate companies in the market and attract environmentally conscious customers.

Urbanization and Infrastructure Development        

Urbanization and infrastructure development are powerful driving factors in the steel manufacturing market, influencing both demand and production dynamics. The continuing trend of urbanization, especially in emerging economies, is driving demand for steel in construction and infrastructure projects. Developing smart cities, transportation networks, and sustainable buildings require large quantities of steel, presenting growth opportunities. However, this trend also challenges the industry to meet these demands sustainably and efficiently.

Urbanization, the process of increasing population density in urban areas, drives substantial demand for steel. As cities expand and new urban areas are developed, there is a heightened need for steel in construction projects. Steel is a fundamental material used in building infrastructure such as high-rise buildings, bridges, and highways. The construction of residential, commercial, and industrial buildings requires large quantities of steel, making it a crucial material in urban development. Infrastructure development is closely tied to urbanization, encompassing the construction of transportation networks, utilities, and public amenities. Projects such as railways, airports, roads, and water supply systems require robust and durable materials, with steel being a key component. The development of smart cities, which integrate advanced technologies and sustainable solutions, also demands high-performance steel products. For example, smart grids, green buildings, and intelligent transportation systems all rely on steel for their structural and functional needs. The increasing demand for steel driven by urbanization presents challenges for the steel manufacturing industry in terms of sustainability and efficiency. Producing large quantities of steel to meet construction and infrastructure needs can strain resources and impact the environment. Steel manufacturers face the challenge of balancing production levels with sustainable practices, such as reducing carbon emissions, optimizing energy use, and incorporating recycled materials. Adopting green technologies and sustainable practices is essential to address these challenges while meeting growing demand.

Key Development Trends

Advanced Steel Grades        

The development and adoption of advanced steel grades are significant trends in the steel manufacturing industry. These innovative materials are engineered to meet the demanding requirements of modern applications, offering superior performance characteristics such as higher strength, better formability, enhanced corrosion resistance, and improved toughness. High-Strength Low-Alloy (HSLA) steels, containing small amounts of alloying elements like niobium, vanadium, and titanium, offer enhanced strength and toughness without significantly increasing weight. They are ideal for structural applications, automotive, and construction industries due to their high strength-to-weight ratio, weldability, and durability. Advanced High-Strength Steels (AHSS), such as Dual-Phase (DP) and Transformation-Induced Plasticity (TRIP) steels, combine high strength with good formability, making them crucial for automotive safety components and railways. Their ability to absorb significant energy during impacts enhances crashworthiness while enabling weight reduction.

Corrosion-resistant steels, including stainless steels and weathering steels, are designed to withstand harsh environments and reduce maintenance needs. These steels extend service life and are used in marine industries, construction, and chemical processing due to their resistance to saltwater corrosion and chemical degradation. Ultra-High-Strength Steels (UHSS) with tensile strengths exceeding 780 MPa, such as martensitic and press-hardened steels, provide exceptional strength and are vital in manufacturing automotive structural and safety components, as well as in defense and security applications. Lastly, heat-resistant steels, which maintain mechanical properties at high temperatures due to alloying elements like chromium, nickel, and molybdenum, are essential for power generation and aerospace industries.

Overall, the development of these advanced steel grades addresses the evolving needs of various industries, enhancing performance, safety, and efficiency. As the steel industry continues to innovate, these advancements will play a crucial role in shaping the future of manufacturing and construction.

Sustainability and Green Steel Production        

One of the most prominent trends in the steel manufacturing industry is the push towards sustainability and the development of green steel. This trend is driven by the growing global emphasis on reducing carbon footprints and addressing climate change. Traditional steel production is known for being highly energy-intensive and a significant source of carbon dioxide (CO₂) emissions. In response, the industry is investing in innovative technologies and practices to produce steel more sustainably.

A major component of this trend is the shift from traditional blast furnaces to electric arc furnaces (EAFs). Unlike blast furnaces that rely on coke (a coal derivative) to reduce iron ore, EAFs use electricity to melt scrap steel. This method significantly reduces CO₂ emissions, especially when the electricity is sourced from renewable energy. The integration of renewable energy sources, such as wind and solar power, into steel production processes is gaining momentum. This shift not only helps in reducing greenhouse gas emissions but also aligns with broader renewable energy goals.

Another groundbreaking development in green steel production is the use of hydrogen as a reducing agent in steelmaking. Traditional methods use coke to extract iron from its ore, a process that releases large amounts of CO₂. In contrast, hydrogen-based steelmaking uses hydrogen gas to achieve the same result, producing water vapor (H₂O) as a byproduct instead of CO₂. This method has the potential to drastically reduce the carbon emissions associated with steel production. Several pilot projects and research initiatives are underway to scale this technology for commercial use.

To further mitigate emissions from existing steel production methods, the industry is adopting carbon capture and storage (CCS) technologies. CCS involves capturing CO₂ emissions produced during steelmaking and storing them underground or utilizing them in other industrial processes. By preventing CO₂ from entering the atmosphere, CCS can play a critical role in reducing the overall carbon footprint of steel manufacturing. Ongoing advancements in CCS technology are making it more efficient and cost-effective, encouraging wider adoption within the industry.

The trend towards sustainability and green steel production is reshaping the steel manufacturing industry. Electrification, hydrogen-based and steelmaking are all pivotal strategies being adopted to reduce carbon emissions and enhance environmental performance. These initiatives not only address the pressing issue of climate change but also position the steel industry for a more sustainable and resilient future.

Circular Economy and Recycling        

The concept of a circular economy and the emphasis on recycling are gaining prominence in the steel manufacturing market. This trend is transforming the industry by promoting the reuse of materials, reducing waste, and minimizing the environmental impact of steel production.

A circular economy aims to maximize the use of resources by keeping them in circulation for as long as possible. In the steel industry, this means optimizing the lifecycle of steel products from production to end-of-life. Steel is inherently recyclable, and its properties do not degrade with repeated recycling. This makes it an ideal candidate for a circular economy approach. By designing products with recyclability in mind, manufacturers can ensure that steel components can be easily disassembled, sorted, and recycled at the end of their useful life. The use of scrap steel is a cornerstone of the circular economy in steel manufacturing. Scrap steel, sourced from old vehicles, buildings, appliances, and other steel products, can be melted down and reformed into new steel products. Electric arc furnaces (EAFs) are particularly well-suited for this process, as they primarily use scrap steel as their raw material. This not only reduces the demand for virgin iron ore but also lowers energy consumption and greenhouse gas emissions associated with traditional steelmaking processes.

A circular economy in steel manufacturing also involves minimizing waste and finding valuable uses for by-products. Slag, a by-product of steel production, can be repurposed in various applications such as road construction, cement production, and as a soil amendment in agriculture. Dust and sludge generated during steelmaking can be processed to recover valuable metals. By finding innovative uses for these by-products, the industry can reduce waste and create additional revenue streams.

Extended Producer Responsibility (EPR) policies are encouraging steel manufacturers to take greater responsibility for the entire lifecycle of their products, including end-of-life disposal and recycling. EPR frameworks incentivize companies to design products that are easier to recycle and to establish take-back programs for used products. This approach not only supports circular economy principles but also helps companies comply with increasingly stringent environmental regulations.

Energy Efficiency and Cost Reduction        

Energy efficiency and cost reduction are critical trends driving transformation in the steel manufacturing market. As the industry faces increasing pressure to reduce operational costs and environmental impact, advancements in energy management and cost-saving technologies are becoming central to maintaining competitiveness and sustainability.

Steel manufacturing is an energy-intensive process, traditionally relying on substantial amounts of electricity and fossil fuels. Optimizing energy use is crucial for reducing both costs and environmental impact. Advanced technologies, such as high-efficiency burners, energy recovery systems, and process optimization tools, help steel producers minimize energy consumption. For example, waste heat recovery systems capture excess heat generated during steelmaking and repurpose it for power generation or preheating, thereby reducing the need for additional energy inputs.

Investing in energy-efficient equipment is a key strategy for improving energy efficiency and reducing costs. Modern steel mills are increasingly incorporating energy-efficient technologies, such as advanced electric arc furnaces (EAFs), which use less energy than traditional blast furnaces and rely on recycled scrap steel. Additionally, improvements in kiln technology, such as the use of regenerative burners and optimized control systems, contribute to lower energy consumption and reduced operational costs. The integration of digital technologies and advanced process control systems plays a significant role in enhancing energy efficiency. Real-time monitoring and control systems, powered by the Internet of Things (IoT) and artificial intelligence (AI), provide valuable insights into energy consumption patterns and process performance. By analyzing data and optimizing production parameters, steel manufacturers can identify inefficiencies, reduce energy waste, and improve overall process efficiency. Predictive maintenance and automated control systems also contribute to reduced downtime and lower operational costs.

Enhancing material and resource efficiency is another avenue for cost reduction and energy savings. By optimizing raw material usage and minimizing waste, steel producers can lower production costs and improve profitability. Techniques such as precise charge control, efficient melting practices, and better management of by-products help maximize resource utilization and reduce material costs. Additionally, innovations in steel alloys and product design can lead to lighter and more durable materials, further enhancing efficiency and reducing costs.

At the same time, continuous process innovation and technological upgrades are crucial for maintaining energy efficiency and cost-effectiveness in steel manufacturing. The adoption of new technologies, such as hydrogen-based steelmaking, advanced cooling systems, and energy-efficient lighting, contributes to overall energy savings and cost reduction. Research and development efforts focused on improving steel production technologies help drive efficiency gains and reduce operational expenses. Staying at the forefront of technological advancements ensures that steel manufacturers remain competitive in a rapidly evolving market.

Global Steel Manufacturing Market: Competitive Landscape

According to our estimation, the global Steel Manufacturing market has a low level of market concentration, and the manufacturers in the market as a whole are not in fierce competition in the market. One evidence is that the CR5 and HHI of the market in 2023 are 25.74% and 1.96%, respectively, which shows a moderate market concentration. Currently, the key players in the market include China Baowu Group, ArcelorMittal, Ansteel Group, Nippon Steel Corporation, HBIS Group, Shagang Group, POSCO Holdings, Jianlong Group, Shougang Group, Tata Steel Group, Delong Steel, JSW Steel Limited, JFE Steel Corporation, Hunan Steel Group, Nucor Corporation, Fangda Steel, Shandong Steel Group, Hyundai Steel, Steel Authority of India Ltd. (SAIL), Rizhao Steel and Liuzhou Iron and Steel.

Figure 3.        The Global 5 and 10 Largest Players: Market Share by Steel Manufacturing Revenue in 2023

Source: Bossonresearch.com, 2024

 

Key players in the Steel Manufacturing Market include:

China Baowu Group

ArcelorMittal

Ansteel Group

Nippon Steel Corporation

HBIS Group

Shagang Group

POSCO Holdings

Jianlong Group

Shougang Group

Tata Steel Group

Delong Steel

JSW Steel Limited

JFE Steel Corporation

Hunan Steel Group

Nucor Corporation

Fangda Steel

Shandong Steel Group

Hyundai Steel

Steel Authority of India Ltd. (SAIL)

Rizhao Steel

Liuzhou Iron and Steel

Others

 

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Click to view the full report TOC, figure and tables: https://bossonresearch.com/productinfo/2955563.html

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