Steel Materials Market Size Worth $2,105 Billion By 2030: IndustryARC

Global Steel Materials Market size is predicted to reach $2,105 billion by 2030, growing at a CAGR of 4.13% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. One significant trend in the Steel Materials Market is the impact of trade policies and tariffs. Trade tensions between major steel-producing nations, such as the United States, China, and the European Union, have led to shifts in supply chains and pricing dynamics. Tariffs imposed o11`n steel imports have affected the competitiveness of domestic producers and influenced global trade patterns, finds IndustryARC in its recent report, titled “Steel Materials Market – By Type (Carbon Steel, (Low Carbon Steel, Medium Carbon Steel, High Carbon Steel), Stainless Steel (Austenitic Stainless Steels, Ferritic Stainless Steels, Martensitic Stainless Steels, Precipitation Hardening Grade Stainless Steels, Duplex Stainless Steels), Alloy Steel (Chromium Molybdenum Steel, Nickel-Chromium-Molybdenum Steel, Chromium Vanadium Steel, HSLA -Nickel-Chromium-Molybdenum Steel), Tool Steel (Water-hardening tool steels, Shock-resisting tool steels, Cold-work tool steels, Hot-work steels, High-speed tool steels, Others), Others), By Raw Material (Iron Ore, Coking Coal, Ferrous Scrap, Manganese, Chromium, Nickel, Zinc, Tungsten, Others), By Form (Bar, Rod, Tube, Pipe, Plate, Sheet, Structural, Others), By Application (Transportation (Road, Bridges, Barriers, Rail, Tracks, Rail Cars), Construction (Cool Metal (infrared reflecting) Roofing, Purlins, Beams, Pipe, Recyclable steel framing (studs), Desks/Furniture), Packaging (Canes, Bottles, Others), Water Projects (Levees/Dams/Locks), Energy (Renewable, Nuclear, Bio-fuels, Fossil, Electric Grid), Others), By Industry: Construction (Steel Skeletons, Concrete Walls, Pillars, Nails, Bolts, Screws, Others), Machinery (Bulldozers, Backhoe Leaders, Pipelayers, Others), Automotive and Transportation (Exhaust, Trim/Decorative, Engine, Chassis, Fasteners, Tubing For Fuel Lines), Kitchenware and Domestic Appliances (Small Household Appliances, Black Home Appliances, White Home Appliances), Electrical and Electronics (Motor Mount Brackets, Adapter Plates, Electronic Frames and Chassis, Brackets, Others), Healthcare (Orthopaedic Implants, Artificial Heart Valves, Bone Fixation, Catheters, Others), Energy (Scrubbers, Heat Exchangers, Others)), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”

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APAC to Register Highest Growth:

In 2023, APAC dominated the Steel Materials market with largest share of upto 63% owing to the rapidly expanding defense, machinery, automotive, and shipbuilding industries in the countries such as India, China, South Korea, and Japan. Foreign direct investment in energy and infrastructure is likely to provide opportunities for the market vendors. Coupled with favorable government regulations, growing infrastructure and construction activities in developing economies of the Asia-Pacific region are boosting the demand for the market.

Steel Materials Market 2023-2030: Scope of the Report

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Steel Materials Market Report – Key Takeaways:

• Growing Demand for Steel Across the Various Regions

Expanding into emerging markets represents a major opportunity for the steel materials industry. Rapid industrialization, urbanization, and infrastructure development in emerging economies, particularly in Asia-Pacific, Africa, and Latin America, drive demand for steel. Several factors have a significant impact on the overall development of the Steel Materials Market. The major growth factor driving the Steel Materials Market is the growing demand for steel across a variety of developing regions. For instance, Global crude steel production in January-November 2023 reached 1715.12 million metric tons, marking a marginal 0.5% year-on-year growth, per provisional data from the World Steel Association. November 2023 saw a production of 145.5 million metric tons, up by 3.3% from the previous year. China led the production with 952.14 million metric tons, followed by India and Japan, USA, Russia, South Korea, and Germany.

• Increasing Technological Advancements

Technological advancements are a significant driver for the steel materials market, influencing both steel production and application. Innovations in steel manufacturing processes, such as electric arc furnaces, continuous casting, and advanced steel grades, enhance production efficiency, product quality, and sustainability. These technologies enable the production of high-strength, lightweight, and specialized steels that cater to diverse industry needs. For example, advanced high-strength steels (AHSS) are increasingly used in automotive manufacturing to improve vehicle safety and fuel efficiency. The Indian Steel Association (ISA) anticipates that the steel requirement will reach 128.9 MT in the 2023-24 period, showing an increase from 119.9 MT in the preceding year. Additionally, developments in steel processing technologies, like automated quality control and predictive maintenance, contribute to cost reductions and improved performance. The ongoing evolution of steel technologies fosters market growth by providing new solutions and meeting the demands of various sectors, including construction, automotive, and energy. As technology continues to advance, it drives innovation in steel products and applications, reinforcing the industry’s role in supporting modern infrastructure and industrial requirements.

• Raw Material Prices and Supply Chain Disruptions

The volatility of raw material prices and supply chain disruptions are significant challenges for the steel materials market. Steel production relies heavily on raw materials such as iron ore, coal, and scrap metal. Fluctuations in the prices of these materials can impact production costs and profitability. For example, rising iron ore and coking coal prices can lead to increased steel production costs, affecting the industry’s ability to maintain competitive pricing. According to the S&P Global, steel prices essentially collapsed in May through early July 2022. The Russian invasion of Ukraine caused prices to rise by $500 per ton in 2022 in Europe and the United States, but they were already back down by $600 or more by mid-July. Another $200–250 per ton is expected for coil. Additionally, supply chain disruptions, such as those caused by geopolitical tensions, trade restrictions, or natural disasters, can lead to delays and shortages of essential raw materials. These disruptions can affect the timely delivery of steel products to market and increase operational uncertainties. To mitigate these challenges, steel producers must develop strategies for managing raw material procurement, optimizing supply chains, and diversifying sources of key inputs. Building robust and flexible supply chains, along with adopting risk management practices, is crucial for navigating the complexities of raw material pricing and supply chain stability.

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Key Opportunity Analysis:

Green and Sustainable Steel Production

The future of the steel materials market is significantly shaped by the push towards green and sustainable steel production. As global concerns about climate change intensify, there is a growing emphasis on reducing the carbon footprint of steel manufacturing. Green steel technologies, such as hydrogen-based steelmaking and electric arc furnaces (EAFs), present major opportunities for the industry. India’s steel production is estimated to grow 4-7% to 123-127 MT in FY24 according to the India Brand Equity Foundation. Hydrogen-based steelmaking, which uses hydrogen as a reducing agent instead of coke, has the potential to drastically cut carbon emissions. Also, in May 2023, the industry body Indian Steel Association (ISA) announced signing an agreement with the ASEAN Iron and Steel Council (AISC) to unlock new avenues of growth and sustainability in the steel sector. Similarly, EAFs, which recycle scrap steel using electricity, offer a lower-carbon alternative to traditional blast furnaces. Investing in these technologies not only aligns with regulatory pressures and sustainability goals but also opens new markets for eco-friendly steel products.

Steel for Renewable Energy Applications

The growth of the renewable energy sector presents substantial opportunities for the steel materials market. Steel plays a critical role in the construction of renewable energy infrastructure, including wind turbines, solar panel frames, and hydroelectric dams. Wind turbines, for example, require high-strength steel for both the tower structures and the turbine components. Solar power installations depend on durable steel frames to support photovoltaic panels. As the global transition to renewable energy sources accelerates, driven by climate policies and technological advancements, the demand for steel in these applications is expected to increase. According to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), between April 2000-March 2024, Indian metallurgical industries attracted FDI inflows of US$ 17.51 billion. Steel producers can capitalize on this trend by developing specialized materials designed for renewable energy systems and investing in partnerships with companies in the renewable energy sector. This focus on renewable energy applications not only supports sustainability goals but also opens new growth avenues in a rapidly expanding market.

Government Policies and Regulations

Government policies and regulations play a pivotal role in shaping the steel materials market, influencing production, consumption, and industry practices. Policies aimed at infrastructure development, urbanization, and industrial growth often drive demand for steel materials. Governments invest in large-scale construction projects, promote industrialization, and support economic development initiatives, all of which require significant quantities of steel. In February 2024, the government has implemented various measures to promote self-reliance in the steel industry. Additionally, regulations and incentives related to sustainability and environmental performance impact the steel industry. In June 2021, JSW Steel, CSIR-National Chemical Lab (NCL), Scottish Development International (SDI) and India H2 Alliance (IH2A) joined forces to commercialize hydrogen in the steel and cement sectors. In addition, an investment of Rs. 75,000 crore (US$ 9.15 billion) (including Rs. 15,000 crore (US$ 1.83 billion) from private sources) has been allocated for 100 critical transport infrastructure projects for last and first mile connectivity for various sectors such as ports, coal, and steel. The Ministry of Steel is facilitating the setting up of an industry driven Steel Research and Technology Mission of India (SRTMI) in association with the public and private sector steel companies to spearhead research and development activities in the iron and steel industry at an initial corpus of Rs. 200 crore (US$ 30 million).

Lightweight Steel Solutions for Automotive

The automotive industry’s growing focus on lightweight materials to enhance fuel efficiency and reduce emissions presents a significant opportunity for the steel materials market. Lightweight steel solutions, such as high-strength low-alloy (HSLA) steels and advanced high-strength steels (AHSS), are increasingly used in vehicle design to achieve weight reduction without compromising safety or performance. The shift towards electric vehicles (EVs) and hybrid vehicles further drives the demand for lightweight materials, as reducing vehicle weight is crucial for extending battery range and improving energy efficiency. The American steel industry continues to invest in advanced materials and manufacturing technologies that have led to the introduction of a wide variety of new automotive steels.  These advanced high-strength steels (AHSS) are strong, lighter, and produced with light life cycle impact, helping automakers decrease a vehicle’s life-long carbon footprint.  The use of current grades of AHSS can reduce a vehicle’s structural weight by as much as 25 percent and can cut total life cycle CO2 emissions by up to 15 percent more than any other automotive material. Steel producers can capitalize on this trend by developing and supplying specialized lightweight steel products tailored to automotive applications.

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The report also covers the following areas:

• Steel Materials Market Size and Forecast
• Steel Materials Market Trends
• Steel Materials Market Analysis by Product Type

Steel Materials Market 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2023-2030
• Value Chain Analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Steel Materials Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Steel Materials Market

Covid and Ukrainian Crisis Impact:

• The COVID-19 pandemic had a significant impact on the steel materials market, causing substantial disruptions and influencing growth patterns. Initially, the pandemic led to widespread economic uncertainty and a sharp decline in industrial activity, which reduced steel demand across various sectors. Lockdowns and restrictions halted construction projects, slowed down manufacturing processes, and disrupted supply chains, resulting in decreased steel consumption and temporary overcapacity. Additionally, disruptions in global trade and raw material supply chains exacerbated challenges for steel producers, leading to increased costs and operational difficulties. However, as the global economy began to recover and governments introduced stimulus measures to boost infrastructure and industrial activities, steel demand started to rebound.

• The Russia-Ukraine war significantly impacted the steel materials market, causing substantial disruptions in both production and supply chains. Ukraine, a major steel producer, faced severe disruptions in its steel production due to the conflict, leading to reduced output and exports. The war also caused logistical challenges, as key transport routes for steel and raw materials were compromised. This led to supply shortages and increased prices for steel products globally. Additionally, the conflict heightened geopolitical uncertainties, affecting global trade dynamics and causing fluctuations in steel prices. The war’s impact on energy supplies further strained steel production costs, given the energy-intensive nature of steel manufacturing. Overall, the Russia-Ukraine war contributed to increased volatility in the steel market, with supply chain disruptions and price volatility influencing global steel production and trade.

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List of Key Market Players in the Steel Materials Market:

The Global Steel Materials Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• Baosteel Co., Ltd.
• POSCO Holding Inc
• Nippon Steel Corporation
• JFE Holdings
• Tata Steel Limited
• United States Steel Corporation
• Anshan Iron and Steel Group Corporation
• Hyundai Steel Co., Ltd.
• ThyssenKrupp AG
• ArcelorMittal S.A.
• Jindal Stainless
• JSW Group
• China Steel Corporation
• Emirates Steel Arkan
• NUCOR

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