$4450
$3560
The Crude Steel Market size is projected to reach US$ 1,582.03 billion by 2031 from US$ 1,177.55 billion in 2024. The market is expected to register a CAGR of 4.3% during 2025–2031.
Crude Steel Market Analysis
An increase in the production of crude steel is a result of the rising global need for infrastructure development, urbanization, and industrialization. Emerging economies in Asia and Africa are building transportation networks, housing, and energy projects, which demand a tremendous amount of steel. There is also the continued growth of the automotive and construction sectors, which increases steel consumption. Government-supported initiatives and green energy programs, including wind turbines and electric cars, also contribute to demand. Technological developments in the production of steel enhance efficiency and output, which contribute to further growth.Crude Steel Market Overview
The first solid form of steel made from molten iron in the steelmaking process is crude steel, which is usually made using basic oxygen furnaces or electric arc furnaces. It forms the basis of all the complete steel products and is then subjected to additional treatment such as rolling, casting, and alloying. The strength, durability, and versatility of crude steel make it a crucial component in many industries. It is mainly used in construction materials (beams, bars, and structural frameworks), automotive parts, shipbuilding, machinery, pipelines, and infrastructure projects. Crude steel is used in the manufacturing industry as a raw material in manufacturing tools, appliances, and heavy equipment. With the rising need for infrastructure around the world and industrialization, crude steel still plays a critical role in the growth of the economy and construction industry.
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Crude Steel Market: Strategic Insights
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Crude Steel Market Drivers and Opportunities
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Crude Steel Market: Strategic Insights
Shejal
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Market Drivers:
Rising Urbanization:
Increasing urbanization and the development of infrastructure in the emerging economies give rise to the demand for crude steel.Growing Automotive Industry:
Crude steel is widely used in the automotive industry to manufacture body panels, vehicle frames, engine parts, etc.Expansion of the Industrial Sector:
Expansion of the industrial sector drives the demand for crude steel due to its strength, durability, and versatility.Technological Advancements:
The development of advanced technologies in steel production improves product quality and reduces production costs.Growing Sustainability Focus:
The increasing interest in the environmental friendliness of the production process and recycling promotes the market expansion.
Market Opportunities:
Favorable Government Initiatives:
Favorable government initiatives supporting the growth of the construction sector in emerging economies drive the demand for crude steel.Development of the Energy Sector:
As steel is widely used in the construction of oil rigs, power plants, and pipelines, it drives the demand for crude steel.Expansion of Defense and Aerospace Industry:
Steel is used in the production of aircraft, military vehicles, and defense infrastructure.Marine Industry Applications:
Growth in commercial shipping and offshore projects drives the need for durable and corrosion-resistant steel.
Crude Steel Market Report Segmentation Analysis
The crude steel market is divided into different segments to give a clearer view of how it works, its growth potential, and the latest trends. Below is the standard segmentation approach used in most industry reports:
By Type:
Plates:
Crude steel is formed into thick, flat sheets, which find application in construction, machinery, and shipbuilding.Tubes:
Crude steel is rolled into cylindrical shapes for application in automotive parts and structural applications.Bars:
Crude steel is formed into solid, long shapes that are used in the manufacturing and construction industries.Wire Rods:
Crude steel is rolled into flexible and thin coils, which are used in fencing, wire production, and fasteners.Others:
Other products include sheets, coils, and structural components for diverse applications.
By Manufacturing Process:
Basic Oxygen Furnace (BOF):
The Basic Oxygen Furnace (BOF) process converts scrap steel and molten iron into crude steel. This manufacturing process also reduces the carbon content of the crude steel.Electric Arc Furnace (EAF):
The Electric Arc Furnace (EAF) process melts recycled steel scrap to crude steel with lower carbon emissions and energy use.
By End Use Industry:
Building and Construction:
Used in beams, structural frameworks, and reinforcements in building and construction projects.Automotive:
Used in the production of vehicle bodies, engine parts, chassis, and safety components for crash and durability resistance.Industrial Machinery:
Crude steel is widely used in the manufacturing of heavy equipment, manufacturing systems, and tools for its strength and durability.Energy and Power:
Crude steel helps in the development of turbines, pipelines, and power plant infrastructure.Marine:
Crude steel is used to produce marine equipment, offshore platforms, and ship hulls.Oils and Gas:
Crude steel is used in pipelines, drilling rigs, storage tanks, and to refine equipment for extreme conditions.Others:
Other industries include railway, aerospace, and other manufacturing sectors.
By Geography:
- North America
- Europe
- Asia Pacific
- South and Central America
- Middle East & Africa
The crude steel market in Asia Pacific is expected to grow fastest. This surge is powered by a growing demand from end-use industries, such as construction and automotive, across the region.
Crude Steel Market Report ScopeCrude Steel Market Share Analysis by Geography
Asia Pacific is expected to grow the fastest in the next few years. Emerging markets in South and Central America, the Middle East, and Africa also have many untapped opportunities for crude steel providers to expand.
The crude steel market grows differently in each region. The demand for premium indulgences continues to grow, positioning crude steels as a favored treat globally, in an evolving consumer landscape. Below is a summary of market share and trends by region:
1. North America
Market Share:
Holds a significant portion of the global marketKey Drivers:
- Growing focus on recycling initiatives
- Increasing modernization of steel plants
- Rising demand from various end-use industries
Trends:
Digitalization of steel production across the region
2. Europe
Market Share:
Holds a significant market shareKey Drivers:
- Rising demand for green steel
- Modernization of infrastructure
- Evolution of the automotive industry
Trends:
Increasing emphasis on steel recycling initiatives
3. Asia Pacific
Market Share:
Dominated the market and is also the fastest-growing region, with a rising market share every yearKey Drivers:
- Increased domestic production
- Emerging markets across the region
- Growing demand from end-use industries
Trends:
Steel capacity expansion and technological upgrades
4. South and Central America
Market Share:
A Growing market with rapid progressKey Drivers:
- Favorable government initiatives
- Growing demand from the mining and natural resources industry
Trends:
Development of public infrastructures and increasing export opportunities
5. Middle East and Africa
Market Share:
Although small, it is growing quicklyKey Drivers:
- Increasing infrastructure projects
- Vast demand from the oil & gas sector
Trends:
Increased focus on local production through favorable government initiatives
Crude Steel Market Players Density: Understanding Its Impact on Business Dynamics
High Market Density and Competition
Competition is intense due to the presence of established players such as ArcelorMittal SA, Jindal Steel & Power Ltd, Nippon Steel Corp, Tata Steel Ltd, JFE Steel Corp, Jiangsu Shagang Group Co Ltd, Posco Holdings Inc, and Delong Metal Product Co Ltd across different regions.
This high level of competition urges companies to stand out by offering:
- Diverse product offering
- Sustainable and ethical sourcing
- Competitive pricing models
- Strong customer support and easy integration
Opportunities and Strategic Moves
- Focusing on research and development activities to distinguish themselves in the market
- Expanding global footprint and capabilities through acquisitions of value-added confectionery brands
- Expanding product portfolio with the launch of sustainable products
Major Companies operating in the Crude Steel Market are:
- ArcelorMittal SA
- Jindal Steel & Power Ltd
- Nippon Steel Corp
- Tata Steel Ltd
- JFE Steel Corp
- Jiangsu Shagang Group Co Ltd
- Posco Holdings Inc
- Delong Metal Product Co Ltd
- China Baowu Group
- Ansteel Group
Disclaimer: The companies listed above are not ranked in any particular order.
Other companies analyzed during the course of research:
- Nucor Corporation (USA)
- United States Steel Corporation (U.S. Steel) (USA)
- Steel Authority of India Limited (SAIL) (India)
- Severstal (Russia)
- HBIS Group Co., Ltd. (China)
- Gerdau S.A. (Brazil)
- Jianlong Group (China)
- Shougang Group (China)
- JSW Steel Limited (India)
- Hunan Steel Group (China)
Crude Steel Market News and Recent Developments
Nippon Steel & U.S. Steel finalize historic partnership
Nippon Steel Corporation (Nippon Steel), together with its wholly owned subsidiary Nippon Steel North America, Inc., and United States Steel Corporation (U. S. Steel), announced that they have finalized their historic partnership. (Source: Nippon Steel Corporation, Press Release, June 2025)Libyan Iron and Steel Company signs a partnership agreement with the German company SMS group GmbH for Metal Manufacturing
The Libyan Iron and Steel Company partnered with the German firm, SMS group GmbH, in the production of metals. This contract is expected to boost production capacity, minimize breakdowns, decrease costs, and enhance product quality. The Chairman of the Board of Directors of the company, Dr. Mohamed Abdelmalik Al-Faqih, and the Regional Director of SMS, in the Mediterranean and Africa region, Mr. Alberto Berganti, signed the agreement on behalf of the company and SMS group GmbH, respectively. (Source: Arab Iron and Steel Union, Press Release, July 2025)
Crude Steel Market Report Coverage and Deliverables
The "Crude Steel Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering the following areas:
- Crude steel market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Crude steel market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter's five forces and SWOT analysis
- Crude steel market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the crude steel market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Asia Pacific dominated the market with the largest share in 2024.
ArcelorMittal SA, Jindal Steel & Power Ltd, China BaoWu Steel Group Corporation Limited, Nippon Steel Corp, Tata Steel Ltd, JFE Steel Corp, Jiangsu Shagang Group Co Ltd, China Ansteel Group Corporation Limited, Posco Holdings Inc, and Delong Metal Product Co Ltd are among the key players operating in the market.
Key drivers include rapid urbanization, infrastructure development, growth in the automotive and machinery industries, and technological advancements in steel production.
The market is trending toward sustainable steel production, increased use of electric arc furnace (EAF) technology, and development of high-strength and specialty steel grades.
The market size is projected to reach US$ 1,582.03 billion by 2031.
The List of Companies - Crude Steel Market
- ArcelorMittal SA
- Jindal Steel & Power Ltd
- Nippon Steel Corp
- Tata Steel Ltd
- JFE Steel Corp
- Jiangsu Shagang Group Co Ltd
- Posco Holdings Inc
- Delong Metal Product Co Ltd
- China Baowu Group
- Ansteel Group
- Nucor Corporation
- United States Steel Corporation (U.S. Steel)
- Steel Authority of India Limited (SAIL)
- Severstal
- HBIS Group Co., Ltd.
- Gerdau S.A.
- Jianlong Group
- Shougang Group
- JSW Steel Limited
- Hunan Steel Group
- NLMK (Novolipetsk Steel)
- CITIC Pacific
- Sinogiant Group
- Companhia Siderúrgica Nacional
- Baotou Steel
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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