How Big is the Steel Market | Industry Trends & Forecast 2025

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com

Code: MTA9851

Publication Date: Oct 2025

What is the size of the Steel Market?

According to 6Wresearch internal database and industry insights, the Global Steel Market was valued at USD 870 Billion in 2024 and is expected to reach USD 1100 Billion by 2031, growing at a compound annual growth rate of 3.60% during the forecast period (2025-2031).

There are numbers of factors which are contributing in the expansion of the market include increasing demand across sectors such as construction, automotive, and infrastructure, along with rising industrial activities and urbanization.

View Main Report

Schedule Analyst Call

Key Growth Drivers of the Steel Market

The robust demand from the construction industry
The growth in automotive production and demand for lightweight steel
The rising demand for high-strength steel for infrastructure projects
Technological advancements in steel production techniques
The Expansion of renewable energy projects boosting steel demand

Steel Market Trends

The Steel Market is set to grow with several trends emerging in recent years. The rising demand for high-strength, lightweight steel in automotive applications is contributing significantly to market growth. New technologies for making steel, like electric arc furnaces and hydrogen-based steelmaking, are making the process more efficient and environmentally friendly. Additionally, the increasing use of steel in renewable energy projects like wind turbines and solar panels is driving up demand even more. Steel is becoming more important in building and transportation infrastructure due to it is strong and long-lasting properties.

Emerging Developments in the Steel Market

The Steel Market is evolving with several innovations that promise to shape its future. One of the key developments is the increasing focus on producing green steel through the use of hydrogen and renewable energy sources in the manufacturing process. This move toward cleaner technologies should lower the amount of carbon dioxide that steel production releases into the air. Automation and digitalization in steel plants, like using AI to make processes better, are making production faster and better. In addition, new types of alloy steels are making them useful in more places, especially in the automotive and aerospace industries. The recycling rate for steel is also getting better due to new technologies make it easier to use scrap steel again.