Europe Steel Market hits USD 236.9 billion in 2024 and is expected to reach USD 260.1 billion by 2033

Market Overview

The Europe steel market size reached USD 236.9 Billion in 2024. It is expected to grow to USD 260.1 Billion by 2033, at a CAGR of 1.15% during the forecast period of 2025-2033. The market growth is driven by extensive use in construction, expanding applications in automotive, demand for manufacturing home appliances, and favorable government policies.

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Study Assumption Years

Base Year: 2024
Historical Years: 2019-2024
Forecast Period: 2025-2033

Europe Steel Market Key Takeaways

Current Market Size (2024): USD 236.9 Billion
CAGR (2025-2033): 1.15%
Forecast Period: 2025-2033
The EU-27 produced 11.7 Million Tonnes of crude steel in April 2025, with Germany producing 3.4 Million Tonnes, Italy 2.1 Million Tonnes, France 1.0 Million Tonnes, and Spain 0.9 Million Tonnes.
The production trend showcases significant industrial activity especially in Germany and Italy.
The steel market is propelled by increasing demand from the automotive and construction sectors due to lightweight materials and infrastructure projects.
Technological advances such as hydrogen-based reduction and digital transformation are reshaping the steel industry's sustainability and efficiency.
Government initiatives under the EU Green Deal foster a transition to low-carbon steel production.

Market Growth Factors

Europe sees continued high steel demand. The automotive and construction industries especially drive this demand. The automotive sector shifts toward lightweight construction for fuel consumption and emissions reduction, creating demand for special and advanced steels. Construction-related to the EU's green urbanization and energy-efficient buildings initiatives, and construction of infrastructure and homes in Europe, will further increase the demand for steel and support growth in the construction industry.

Europe's renewed emphasis on infrastructure spending is positive for steelmakers. Governments want to rebuild transport infrastructure, improve energy and combat climate change through investment in renewable energy infrastructure such as wind turbines, solar and storage. High-grade structural steels, and energy application steels, will be critical to the success of these investments. This steel demand is also further locked in by the European Green Deal and other regional economic and investment policy frameworks.

Technologies used in steel-making include hydrogen direct reduction, metallurgical processing, automation, and advanced high-strength steels and coatings to meet specialized materials requirements for the aerospace and automotive industries. Such innovations will support product quality, sustainability, energy performance and global competitiveness of the EU steel industry. Governments provide funding, tax incentives, and regulatory frameworks for steel decarbonization and digitalization innovations in steel production.

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Market Segmentation

Type Insights:

Flat Steel: Includes steel products in flat forms used in varied industries requiring sheets, plates, and coils.
Long Steel: Encompasses rods, bars, and other extended profile steel products used in construction and manufacturing.

Product Insights:

Structural Steel: Steel products designed for load-bearing and structural applications.
Prestressing Steel: Steel used to reinforce concrete structures through tensioning.
Bright Steel: High-quality steel with a smooth surface, used in precision applications.
Welding Wire and Rod: Consumables for welding processes.
Iron Steel Wire: Wire products used in multiple industrial applications.
Ropes: Steel ropes for heavy lifting and structural uses.
Braids: Steel braids used in various industrial sectors.
Application Insights:
Building and Construction: Steel used in infrastructure and building projects.
Electrical Appliances: Steel components used in manufacture of electrical devices.
Metal Products: Steel used in fabrication of metal goods.
Automotive: Steel materials used in vehicle manufacturing.
Transportation: Steel utilized in transportation infrastructure and vehicles.
Mechanical Equipment: Steel used in machinery and equipment manufacturing.
Domestic Appliances: Steel used for household appliance manufacturing.

Regional Insights

Germany, Italy, France, and Spain are key producers within the EU-27, with Germany producing 3.4 Million Tonnes of crude steel in April 2025, Italy 2.1 Million Tonnes, France 1.0 Million Tonnes, and Spain 0.9 Million Tonnes. The EU-27's total production was 11.7 Million Tonnes in that month. This highlights Germany as the dominant steel producing country among the listed and underscores European steel production's regional distribution.

Recent Developments & News

In July 2025, the EU Commission began monitoring debris exports from Europe, including steel, aluminum, and copper. Asian stainless steel futures and spot prices rose by 2.1% since July 2, 2025, supported by nickel price increases on the LME and SHFE. The LME aluminum price closed at USD 2647/MT. In March 2025, the European Commission reinforced steel safeguard measures to protect the EU steel industry by reducing the liberalisation rate from 1% to 0.1%, limiting tariff-free steel imports. Additionally, as part of the EU's Steel and Metals Action Plan, countries can no longer access unused quotas from other nations like Russia and Belarus.

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Key Players

ArcelorMittal
Thyssenkrupp AG
Voestalpine AG
SSAB AB
Tata Steel Europe
Salzgitter AG
Acciaierie d'Italia
Liberty Steel Group (GFG Alliance)
Riva Group
Celsa Group

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