Steel Market to Grow at 4.60% CAGR Through 2032 Driven by Infrastructure, Automotive Demand & Green Steel Transition

Leander, Texas and Tokyo, Japan - Jan.05.2026
As per DataM Intelligence research report "Global Steel Market reached US$1.47 trillion in 2024 and is expected to reach US$2.11 trillion by 2032, growing with a CAGR of 4.60% from 2025 to 2032." Rapid urbanization, infrastructure development, automotive demand, and shift toward sustainable green steel production are fueling growth in the global steel industry.

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Japan: Recent Industry Developments
✅ In December 2025, Japan's recycled steel exports rose significantly year-on-year, reflecting strong overseas demand amid efforts to manage domestic supply and support recycling initiatives.
✅ In late 2025, Japanese steelmakers advanced decarbonization with mass balance approaches and government inclusion of low-carbon steel in priority procurement under the Green Purchasing Act.
✅ In 2025, Major players like Nippon Steel and JFE focused on high-efficiency production and export strategies despite softening domestic demand forecasts for early 2026.

United States: Recent Industry Developments
✅ In late 2025, Nucor Corporation announced consecutive weekly price increases for hot-rolled coil, signaling strengthening domestic demand and market momentum.
✅ In 2025, U.S. steel tariffs were reinforced at 25% on imports, supporting domestic production and leading to investments in new facilities and modernization.
✅ In 2025, Major producers like Cleveland-Cliffs and Steel Dynamics expanded capacity, driven by automotive recovery and infrastructure funding.

Steel Market: Drivers
The steel market is driven by surging demand from construction and infrastructure projects worldwide, fueled by urbanization and government investments in roads, bridges, and buildings. Growth in automotive production, particularly electric vehicles requiring high-strength steel, and industrial manufacturing further boost consumption.
Another driver is the global push for decarbonization and green steel, with innovations in electric arc furnaces, hydrogen-based production, and recycled materials to meet environmental regulations and sustainability goals. Emerging economies' industrialization and rising exports from key producers sustain market expansion.

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Steel Market: Major Players
Baowu Group Corporation Limited, Nippon Steel Corporation, Thyssenkrupp AG, Tata Sons Private Limited, JFE Steel Corporation, Hyundai Steel Co., Ltd., Nucor Corporation, JSW Limited, Pohang Iron and Steel Company, Jiangsu Shagang Group Company Limited.

Segment Covered in the Steel Market:
By Steel Type
The market is segmented into Carbon Steel (dominant due to cost-effectiveness and wide use in construction and manufacturing), Alloy Steel, Stainless Steel, Tool Steel, and Others.
By Product
Flat, Long, Tubular.
By Manufacturing Process
Basic Oxygen Furnace, Electric Arc Furnace.
By Application
Industrial Structures, Building and Construction (largest share), Automotive, Electrical Appliances, Tools and Machinery, and Others.

Regional Analysis
Asia Pacific - Leading Share (47.5%)
Asia Pacific dominates the steel market with massive production and consumption in China, India, and Japan. Rapid industrialization, infrastructure development, and urbanization drive strong demand across construction, automotive, and manufacturing sectors.
Europe - Significant Share (18.3%)
Europe maintains a strong position with steady demand for high-quality and specialty steel, driven by automotive, construction, and machinery industries, alongside sustainability and recycling initiatives in Germany, France, and Italy.
North America - Strong Share (16.7%)
North America grows steadily with demand from construction, automotive, and energy sectors in the U.S. and Canada, supported by modernization projects and infrastructural upgrades.
South America - Gradual Growth (9.1%)
South America shows gradual growth in countries like Brazil and Argentina, with expanding infrastructure and industrial activities driving steel consumption.
Middle East & Africa - Emerging Growth (8.4%)
The Middle East and Africa are emerging markets for steel, fueled by large-scale infrastructure projects, urbanization, and industrialization in countries like UAE, Saudi Arabia, and South Africa.

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