According to the new market research report “Global Steel Market Report 2024-2030”, published by QYResearch, the global Steel market size is projected to reach USD 12000 billion by 2030, at a CAGR of 3.5% during the forecast period.
Figure. Global Steel Market Size (US$ Million), 2019-2030
Figure. Global Steel Top 20 Players Ranking and Market Share (Ranking is based on the revenue of 2023, continually updated)
According to QYResearch Top Players Research Center, the global key manufacturers of Steel include China Baowu Group, ArcelorMittal, Ansteel Group, Nippon Steel Corporation, Shagang Group, HBIS Group, POsCo Holdings, jianlong Group, Shougang Group, Tata Steel, etc. In 2023, the global top 10 players had a share approximately 65% in terms of revenue.
Market Drivers: Global economic growth and urbanization have increased the demand for steel products in construction, infrastructure, transportation and other fields; at the same time, industrialization and manufacturing expansion have also promoted the growth of demand for steel products, especially automobile manufacturing, The demand for high-quality steel in machinery manufacturing and other industries; in addition, the development of the steel market is also driven by national infrastructure investment and major projects, such as the Belt and Road Initiative and urban renewal projects.
Restraint: Global steel overcapacity and fierce market competition have led to steel price fluctuations and increased pressure on industry profitability; at the same time, environmental protection and production restriction policies and energy restrictions have also affected steel production costs and corporate profitability, restricting the development of the industry.
Opportunity: As the industrialization process in emerging markets and developing countries accelerates, the demand for steel products will continue to grow, bringing market expansion and development opportunities to the industry; at the same time, technological innovation and industrial upgrading have also brought new developments to the steel industry Paths, such as the research and development and promotion of new products such as high-end steel and special steel will enhance the added value and market competitiveness of the industry; in addition, the realization of green steel production and carbon neutrality goals will also bring new development opportunities to the industry and strengthen the The importance of environmental awareness and sustainable development has promoted the transformation and upgrading of the steel industry.
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