Crude Steel Market Size (2024 - 2029)

The Crude Steel Market is projected to experience growth over the forecast period, driven by increasing demand from the construction and automotive sectors. Despite challenges such as resource depletion and the presence of substitutes, the market's expansion is supported by the circular economy's potential, emphasizing steel's role in recovery and recycling. The Asia-Pacific region, particularly China and India, is anticipated to lead in consumption, reflecting the region's significant market size.

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Market Size of Crude Steel Industry

Crude Steel Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 4.33 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Crude Steel Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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 Size Summary

The crude steel market is poised for growth over the forecast period, driven by increasing demand from the building and construction industry, as well as a recovery in automotive production. The market experienced a downturn due to the COVID-19 pandemic, which led to a decline in global vehicle sales in 2020. However, the market rebounded in 2021, with heightened crude steel consumption in automotive manufacturing. The construction sector, particularly in urban areas, is expected to be a significant driver of demand, with steel being a primary material used in various applications such as roofing, cladding, and structural components. The Asia-Pacific region, especially China and India, is anticipated to dominate the market due to their substantial consumption and production capacities.

Despite the positive growth prospects, the market faces challenges such as the depletion of natural resources and the availability of substitutes. However, the trend towards a circular economy, emphasizing recovery, reuse, remanufacturing, and recycling, presents opportunities for market expansion. The Asia-Pacific region's dominance is underscored by China's leading position in global crude steel production and India's growing automotive and aviation sectors. The market is characterized by moderate competition, with key players like China BaoWu Steel Group, ArcelorMittal, and Nippon Steel Corporation actively pursuing strategies to enhance their production capacities and market shares through acquisitions and joint ventures.

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Crude Steel Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from the Building and Construction Industry

      2. 1.1.2 Recovering Automotive Production

    2. 1.2 Restraints

      1. 1.2.1 Depleting Natural Resources and Availability of Substitutes

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

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

    1. 2.1 Composition

      1. 2.1.1 Killed Steel

      2. 2.1.2 Semi-killed Steel

    2. 2.2 Manufacturing Process

      1. 2.2.1 Basic Oxygen Furnace (BOF)

      2. 2.2.2 Electric Arc Furnace (EAF)

    3. 2.3 End-user Industry

      1. 2.3.1 Building and Construction

      2. 2.3.2 Transportation

      3. 2.3.3 Tools and Machinery

      4. 2.3.4 Energy

      5. 2.3.5 Consumer Goods

      6. 2.3.6 Other End-user Industries

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 Italy

        4. 2.4.3.4 France

        5. 2.4.3.5 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle-East and Africa

Crude Steel Market Size 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.

Crude Steel Market Report Snapshots

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