Africa Steel Market Size, Share, Trends & Industry Demand | 2034

Africa Steel Market Outlook

According to the latest report by Expert Market Research (EMR), the Africa steel market size achieved a value of 39.49 million tons in 2024. Driven by rapid urbanization, industrialization, and an increasing demand for infrastructure development, the market is projected to grow at a compound annual growth rate (CAGR) of 3.10% between 2025 and 2034, reaching a projected value of 51.86 million tons by 2034.

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Steel, a critical material in the construction, automotive, and manufacturing sectors, plays a pivotal role in driving economic development and industrial growth across Africa. As the continent continues to invest in infrastructure, energy, and industrial sectors, the demand for steel remains robust. Additionally, the rise of manufacturing activities, coupled with increased government focus on economic diversification and industrial growth, is expected to further fuel market expansion in the coming decade.

Steel is indispensable in various applications, from the construction of buildings, roads, and bridges to the manufacturing of vehicles and machinery. As African countries focus on improving infrastructure to support their growing populations and economies, steel consumption is expected to continue rising. Furthermore, with increased investments in steel production capacity and technological advancements in steel manufacturing, the Africa Steel Market is poised for significant growth.

Market Drivers

Several factors are contributing to the growth of the Africa Steel Market. These include urbanization, industrialization, infrastructure development, and a rising demand for consumer goods.

Urbanization and Infrastructure Development: Africa's rapid urbanization, which is expected to continue for the next several decades, is driving the demand for steel. As more people move into cities, the need for housing, transportation, and commercial infrastructure is increasing, all of which require steel as a core material. Governments across the continent are investing heavily in infrastructure projects such as roads, bridges, railways, and energy plants, which is propelling the demand for steel.

Industrialization and Manufacturing Growth: The industrialization of African economies is another major driver for the Africa Steel Market. The continent is witnessing an increasing number of industries, including automotive, construction, and machinery manufacturing, all of which rely heavily on steel. As African countries work to diversify their economies, the manufacturing sector is poised to expand, creating a significant demand for steel products.

Demand for Consumer Goods: The rising middle class in Africa is driving increased demand for consumer goods, many of which are made from steel. This includes household appliances, electronics, and vehicles. With growing disposable incomes and changing consumer preferences, demand for steel in consumer products is expected to remain strong, particularly in countries such as South Africa, Nigeria, and Egypt.

Government Initiatives: Governments across Africa are increasingly implementing policies to boost local steel production and reduce reliance on imports. These initiatives include supporting infrastructure projects, providing incentives for domestic manufacturers, and improving logistics networks to support steel distribution. The drive to create job opportunities, improve trade balance, and reduce dependency on foreign steel is further contributing to the growth of the Africa Steel Market.

Emerging Trends

As the Africa Steel Market continues to evolve, several emerging trends are shaping the industry. These include sustainability, technological advancements in steel production, and the growing importance of local steel production.

Sustainability and Green Steel: The global trend towards sustainability is influencing the African steel market as well. As steel manufacturing is energy-intensive and generates significant CO2 emissions, there is a growing focus on sustainable practices in steel production. The adoption of green steel technologies, such as electric arc furnaces (EAFs) and the use of recycled steel, is gaining traction in the region. Governments, along with international organizations, are encouraging African steel producers to adopt greener practices, with a focus on reducing carbon footprints and promoting circular economies.

Technological Advancements: As steel manufacturers in Africa look to increase production efficiency and quality, technological advancements are playing a key role. The introduction of advanced manufacturing processes, automation, and the use of artificial intelligence (AI) in production lines are expected to improve operational efficiencies, reduce costs, and enhance product quality. These technologies are likely to help African steel producers compete globally while catering to the growing demand for high-quality steel in infrastructure and manufacturing projects.

Shift Toward Local Steel Production: One of the key trends in the African steel market is the increasing emphasis on local steel production. Historically, many African countries have relied heavily on imported steel, but this trend is gradually changing. Several countries are investing in the development of domestic steel production plants to reduce import dependency, create jobs, and stimulate local economies. Investments in steel manufacturing infrastructure, such as blast furnaces and rolling mills, are expected to increase significantly in the coming years.

Steel Recycling: Steel is one of the most recycled materials in the world, and this trend is becoming more prominent in Africa. Recycling is not only an environmentally responsible practice but also a cost-effective one, especially in countries with limited access to raw materials. The establishment of recycling plants and increased investment in steel collection are expected to contribute to the sustainable growth of the Africa Steel Market.

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Africa Steel Market Segmentation

The market can be divided based on product, type, application, region.

Market Breakup by Product

Long Steel

Wire Rod
Rebars
Merchant Bars
Heavy Sections
Others

Flat Steel

Hot Rolled Wide Strip
Quarto Plate
Others

Market Breakup by Type

Carbon Steel
Alloy Steel
Stainless Steel
Tool Steel

Market Breakup by Application

Construction
Mechanical Engineering
Automotive
Metalware
Domestic Appliances
Agricultural
Others

Market Breakup by Region

Egypt
South Africa
Nigeria
Kenya
Tanzania
Morocco
Namibia
Others

Competitive Landscape

Some of the major key players explored in the report by Expert Market Research are as follows:

POSCO Co., Ltd.
Acerinox S.A.
Nippon Steel Corporation
Outokumpu Oyj
African Industries Group
Egyptian Steel Group
El Marakby Steel
Libyan Iron and Steel Company
Others

Challenges

Despite the positive outlook, the Africa Steel Market faces several challenges. These include limited access to raw materials, energy constraints, and the need for infrastructure investment. Additionally, competition from cheaper imported steel continues to pose a challenge for local producers. However, ongoing investments in domestic production capacity and infrastructure development are expected to address these issues in the long run.

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This release was published on openPR.