Market Size of Crude Steel Industry
| 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
*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.
