Crude Steel Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Crude Steel Industry Report is segmented by Composition (Killed Steel and Semi-killed Steel), Manufacturing Process (Basic Oxygen Furnace (BOF) and Electric Arc Furnace (EAF)), End-user Industry (Building and Construction, Transportation, Tools and Machinery, Energy, Consumer Goods, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for crude steel in volume (million tons) and revenue (USD million) for all the above segments.

Crude Steel Market Size

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Crude Steel Market Summary
Study Period 2019 - 2029
Market Volume (2024) 2.12 Billion tons
Market Volume (2029) 2.62 Billion tons
CAGR (2024 - 2029) 4.33 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Crude Steel Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Crude Steel Market Analysis

The Crude Steel Market size is estimated at 2.12 Billion tons in 2024, and is expected to reach 2.62 Billion tons by 2029, growing at a CAGR of 4.33% during the forecast period (2024-2029).

COVID-19 negatively impacted the market in 2020. Owing to the COVID-19 pandemic, the global sales of all vehicles in 2020 declined. Still, the market recovered in 2021, thereby enhancing crude steel consumption in the manufacturing of different automotive parts. In 2021, the demand for oil steel increased due to an increase in demand in various industries such as construction, tools and machinery, energy, transportation, and others.

  • Over the medium term, increasing demand from the building and construction industry and recovering automotive production will likely drive the market's growth.
  • On the flip side, the depletion of natural resources due to the production of steel and the availability of substitutes will likely hinder the studied market's growth.
  • The growing trend of a circular economy, where steel is touted to make a significant contribution through its recovery, reuse, remanufacturing, and recycling, is likely to act as an opportunity for the studied market.
  • The Asia-Pacific region is expected to dominate the world, with the most significant consumption from countries such as China and India.

Crude Steel Market Trends

This section covers the major market trends shaping the Crude Steel Market according to our research experts:

Increasing Demand from the Building and Construction Industry

  • Steel and its alloys are among the most common metals used worldwide in the construction sector. Steel is also used on roofs and as cladding for exterior walls. Products, such as roofing, purlins, internal walls, ceilings, cladding, and insulating panels for exterior walls, are made of steel.
  • According to the United Nations (UN), around 50% of the global population resides in urban cities, which is projected to touch 60% by 2030. The pace of economic and demographic growth must be in harmony with the demand for commercial, residential, and institutional construction activities.
  • According to China's Five-Year Plan unveiled in January 2022, the construction industry in the country is estimated to register a growth rate of 6% in 2022. China plans to increase the construction of prefabricated buildings to reduce pollution and waste from construction sites. The prefabricated parts, either partially or wholly manufactured and then transported to the construction sites for assembly, may account for over 30% of the new construction in the country.
  • According to the United States Census Bureau, the total value of construction put in place in the country has been increasing consecutively for the past decade. In 2021, the deal reached USD 1,626.4 billion, registering an 8.5% hike from the value (USD 1,499.6 billion) reached in 2020.
  • According to the American Institute of Architects, the overall non-residential building construction in the United States is expected to grow to 3.1% in 2022. The structure of hotels is expected to rise by 8.8% in 2022 and of office spaces by 0.1%. The subsequent increase is expected to enhance the growth of the steel market during the forecast period.
  • Therefore, such industry trends are expected to simultaneously drive the demand for steel in the building and construction sector.
Crude Steel Market, Crude Steel Market : Value of Construction Put in Place, in USD billion, United States, 2017-2021

The Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region has experienced favorable growth in the crude steel industry, with countries like China and India holding significant consumption shares.
  • China is the largest producer of crude steel globally. According to the World Steel Association, in 2021, China accounted for more than 50% of the global production. In 2021, the country's annual crude steel production capacity stood at 1,032.8 million tons, declining by 3% compared to 1064.7 million tons produced in 2020. The strong growth of steel production in the country was due to the growing demand from various end-user industries.
  • The expansion of the automotive segment in China is anticipated to benefit the demand for crude steel. According to the International Organization of Motor Vehicle Manufacturers (OICA), China is the largest producer of automobiles, accounting for about 32.5% of the global volume. The country alone produced 2,60,82,220-unit vehicles in 2021, registering an increase of 3% compared to 25,225,242 units in 2020.
  • Moreover, the Chinese airline companies are planning to purchase about 7,690 new aircraft in the next 20 years, valued at approximately USD 1.2 trillion, further expected to raise the market demand for crude steel.
  • As per the reports by the Society of Indian Automobile Manufacturers, SIAM, India produced 4,399,112 units of passenger cars and light vehicles in 2021. Moreover, the government's reforms, such as "Aatma Nirbhar Bharat" and "Make in India" programs, are expected to boost the automotive industry.
  • According to the IATA (International Air Transport Association) report, India is poised to become the third-largest global aviation market by the end of the forecast period. The country is projected to have a demand for 2,100 aircraft over the next two decades, accounting for over USD 290 billion in sales. Due to these factors, the demand for crude steel from the aerospace sector is expected to rise in the future.
  • Therefore, all the above mentioned factors are likely to significantly impact the demand in the market studied in the years to come.
Crude Steel Market- Growth Rate by Region, 2022-2027

Crude Steel Industry Overview

The market studied is fragmented, with moderately high competition among the market players to increase their shares. Some of the key companies in the market (in no particular order) include China BaoWu Steel Group Corporation Limited, ArcelorMittal, Nippon Steel Corporation, HBIS GROUP, and Shagang Group.

Crude Steel Market Leaders

  1. NIPPON STEEL CORPORATION

  2. ArcelorMittal

  3. China BaoWu Steel Group Corporation Limited

  4. HBIS GROUP

  5. Shagang Group

*Disclaimer: Major Players sorted in no particular order

Crude Steel Market Concentration
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Crude Steel Market News

  • In April 2022, China Baowu Steel Group announced the acquisition of Xinyu Iron & Steel Co. (XISCO), a state-owned steel manufacturer in Jiangxi province, China, with the transfer of 51% of the shares. This acquisition will enhance Baowu's overall steel production capacity as XISCO is the largest steel manufacturer in Jiangxi Province, with a total output of around 9.89 million tons in 2020.
  • In January 2022, Tata Steel Ltd's crude steel production increased by 16% Y-o-Y to 14.16 million tons at the end of the third quarter on December 31, 2021. Its total deliveries increased by 4% at 13 MT Y-o-Y on the back of continued economic recovery.
  • In December 2021, JFE Steel Corporation and Nucor, a US-based enterprise, will become joint owners of California Steel Industries (CSI), a US-based steel maker. The agreement will make CSI a joint venture company with 51% ownership by Nucor and 49% by JFE Steel. Nucor's crude steel production capacity is around 22.7 million tons annually.

Crude Steel Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Building and Construction Industry

      2. 4.1.2 Recovering Automotive Production

    2. 4.2 Restraints

      1. 4.2.1 Depleting Natural Resources and Availability of Substitutes

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value and Volume)

    1. 5.1 Composition

      1. 5.1.1 Killed Steel

      2. 5.1.2 Semi-killed Steel

    2. 5.2 Manufacturing Process

      1. 5.2.1 Basic Oxygen Furnace (BOF)

      2. 5.2.2 Electric Arc Furnace (EAF)

    3. 5.3 End-user Industry

      1. 5.3.1 Building and Construction

      2. 5.3.2 Transportation

      3. 5.3.3 Tools and Machinery

      4. 5.3.4 Energy

      5. 5.3.5 Consumer Goods

      6. 5.3.6 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 Italy

        4. 5.4.3.4 France

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 ArcelorMittal

      2. 6.4.2 China Ansteel Group Corporation Limited

      3. 6.4.3 China BaoWu Steel Group Corporation Limited

      4. 6.4.4 China Steel Corporation (CSC)

      5. 6.4.5 Fangda Special Steel Technology Co. Ltd

      6. 6.4.6 HBIS GROUP

      7. 6.4.7 Hyundai Steel

      8. 6.4.8 JFE Steel Corporation

      9. 6.4.9 JSW

      10. 6.4.10 NIPPON STEEL CORPORATION

      11. 6.4.11 NLMK (Novelipetsk Steel)

      12. 6.4.12 Nucor Corporation

      13. 6.4.13 POSCO

      14. 6.4.14 RIZHAO STEEL HOLDING GROUP CO. LTD

      15. 6.4.15 Steel Authority of India Limited (SAIL)

      16. 6.4.16 SHAGANG GROUP Inc.

      17. 6.4.17 Tata Steel Limited

      18. 6.4.18 United States Steel Corporation

      19. 6.4.19 Techint Group

      20. 6.4.20 Hunan Valin Iron And Steel Group Co. Ltd

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing Trends of Circular Economy

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Crude Steel Industry Segmentation

Crude steel is the first solid steel product formed on the solidification of liquid steel. Various crude steel products include ingot, slab, bloom, billet, and others. Crude steel products are also semi-finished products as they require further processing to produce finished steel. The raw steel market is segmented by composition, manufacturing process, end-user industry, and geography. By design, the market is segmented into killed steel and semi-killed steel. The market is segmented by manufacturing process into basic oxygen furnaces (BOF) and electric arc furnaces (EAF). By end-user industry, the market is segmented into building and construction, transportation, tools and machinery, energy, consumer goods, and other end-user industries. The report also covers the market size and forecasts for the crude steel market in 15 countries across the central regions. The market sizing and projections for each segment are based on volume (million tons) and revenue (USD million).

Composition
Killed Steel
Semi-killed Steel
Manufacturing Process
Basic Oxygen Furnace (BOF)
Electric Arc Furnace (EAF)
End-user Industry
Building and Construction
Transportation
Tools and Machinery
Energy
Consumer Goods
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Crude Steel Market Research FAQs

The Crude Steel Market size is expected to reach 2.12 billion tons in 2024 and grow at a CAGR of 4.33% to reach 2.62 billion tons by 2029.

In 2024, the Crude Steel Market size is expected to reach 2.12 billion tons.

NIPPON STEEL CORPORATION, ArcelorMittal, China BaoWu Steel Group Corporation Limited, HBIS GROUP and Shagang Group are the major companies operating in the Crude Steel Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Crude Steel Market.

In 2023, the Crude Steel Market size was estimated at 2.03 billion tons. The report covers the Crude Steel Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Crude Steel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Crude Steel Industry Report

Statistics for the 2024 Crude Steel market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Crude Steel analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Crude Steel Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)