Crude Steel Market is expected to reach US$ 1,582.03 Billion by 2031

Infrastructure and Construction Growth Fuels Boosts Crude Steel Market Growth  

According to our latest market study on "Crude Steel Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Product Type, Manufacturing Process, and End-Use Industry," the crude steel market share was valued at US$ 1,177.55 billion in 2024 and is anticipated to reach US$ 1,582.03 billion by 2031; it is estimated to register a CAGR of 4.3% during 2025–2031. The report includes growth prospects in light of the current crude steel market analysis and driving factors propelling the market.

The upward trend in the demand for crude steel largely depends on rapid urbanization and massive infrastructure construction across the world. The use of steel is encouraged at record levels by government investment in roads, bridges, ports, railways, and housing. In India, the 2025 to 2026 Union Budget allocated INR 11.21 lakh crore (i.e., US$ 128.64 billion) or 3.1% of the national GDP on infrastructure development. Moreover, the inflows of FDI in India in terms of construction development and infrastructure amounted to INR 135,824 crore (i.e., US$ 15.79 billion) and INR 258,516 crore (i.e., US$ 30.05 billion) between April 2000 and March 2025. This is further accelerated by corporate investments where Adani Group committed to spend INR 30,237 crore (i.e., US$ 46 billion) in infrastructure, logistics, and manufacturing in Kerala in the next five years.

Crude Steel Market Growth – by Region

An increase in investment in residential building construction in North America, especially Canada, contributes to the market growth in the region. In June 2025, the investment in residential building construction increased by US$ 15.9 billion (485.3 million +3.1%) in Canada due to the US$ 362.3 million expansion in multi-unit construction. Quebec and British Columbia were the provinces that experienced the most gains, increasing their investments by US$ 125.2 million and US$ 72.7 million, respectively. Construction of single-family homes also increased by US$ 123 million to US$ 6.9 billion, with heavy contributions made by seven provinces and two territories. This worldwide boost in infrastructure and residential construction remains a key driver of growth for crude steel manufacturers, especially those that produce flat and long steel products for the construction industry.

The crude steel market share shows growing global demand due to increasing car and appliance, and industrial machinery production, especially in fast-developing industrialized areas. The crude steel market trends are particularly high in China, owing to massive investment in steel production plants to serve the automotive and electrical steel industries. For example, Ansteel Group has invested in cold rolling mills dedicated to high-strength automotive steel and in titanium alloy strips, indicating higher production capacity and modernization. On similar grounds, ArcelorMittal and China Oriental Group entered into a strategic joint venture to establish a silicon steel processing facility in China and to benefit from the increasing demand for electrical steel, especially in electric vehicles (EVs). This initiative aligns with China's broader transition toward sustainable industrial production.

The Basic Oxygen Furnace (BOF) process is considered to be one of the essential processes in the production of crude steel because of its efficiency, scalability, and high-quality steel production. Being one of the most popular practices worldwide, the BOF process entails the passage of pure oxygen over heated pig iron, which quickly removes carbon in the material and eliminates impurities. This produces bulk amounts of crude steel with uniform chemical makeup that is suited to bulk production. The BOF process is particularly beneficial to integrated steel plants with access to iron ore and coke and enables such plants to produce steel at scale cheaply. It also provides a high conversion percentage and fewer production cycles than the older steel-making processes. Recycling in the industry is also promoted by its capacity to receive scrap metal. As the world's demand for crude steel continues to increase, especially in the automotive, construction, and infrastructure sectors, the BOF process will play a key role in effectively satisfying volume and quality demands.

The use of Electric Arc Furnace (EAF) technology in the production of crude steel is becoming popular because of its environmental and economic benefits. In comparison to the traditional blast furnaces, EAFs work primarily with scrap steel that has been recycled, and thus, the carbon emissions and energy consumption are minimized. This is in line with the sustainability objectives and environmental laws. The technological development has made EAF more efficient and increased its capability to produce better quality steel.

The scope of the crude steel market report focuses on North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Russia, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East and Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East and Africa), and South America (Brazil, Argentina, and the Rest of South America). The United States, Canada, and Mexico continue to play an essential role in the world crude steel market, with the United States being the largest producer and consumer of the product. The US imported 11.2 million metric tons of steel mill products in YTD June 2025, a 6.2% decrease in imports compared to 13.9 million metric tons of steel mill products imported in the same period in 2024. In terms of value, imports decreased by 3.4%, amounting to US$ 8.0 billion in YTD March 2025 in comparison with US$ 8.3 billion in YTD March 2024. This moderation of import levels indicates changing trade dynamics, rising domestic production, and a move toward creating more resilient supply chains.

The US witnesses a significant demand for crude steel because of the strong performance of major industries such as construction, automobiles, and power. The federal government's infrastructure investment plans, such as the road system, bridges, and public transport, are significant sources of steel consumption. Moreover, the return to onshore production, driven by supply chain restructuring and reshoring efforts, generates a greater demand for steel in all sectors. The trend of electric vehicles in the automotive industry also needs special steel alloys to produce batteries and lightweight frames. In addition, steel is used in the energy sector, especially in oil and gas pipelines and drilling equipment. US steel producers are also modernizing their operations to achieve sustainability standards, which will add value to domestic crude steel production. The emphasis on economic resilience and national security of the national supply chain ensures that locally produced steel is still popular among businesses, and its demand is expected to be high. These forces make the US a significant force in the world crude steel market.

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 profiled in the Crude Steel Market report. Other major players were also studied and analyzed in the report to get a holistic view of the market and its ecosystem. The crude steel market forecast can help stakeholders plan their growth strategies. The market study provides detailed market insights, which help the key players strategize their growth.   

The report includes the segmentation of the global crude steel market as follows:

The geographic scope of the crude steel market report focuses on North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico. The market in Europe is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of the Asia Pacific. The Middle East & Africa crude steel market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the Middle East & Africa. The market in South & Central America is further segmented into Brazil, Argentina, and the Rest of South & Central America.

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