Crude Steel Market Size, Share, Growth & Forecast 2025-2031

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

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

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 Regional Insights

The regional trends and factors influencing the Crude Steel Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Crude Steel Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Crude Steel Market Report Scope

Crude Steel Market Players Density: Understanding Its Impact on Business Dynamics

The Crude Steel Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

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 market

• Key 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 share

• Key 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 year

• Key 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 progress

• Key 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 quickly

• Key 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:

1. ArcelorMittal SA
2. Jindal Steel & Power Ltd
3. Nippon Steel Corp
4. Tata Steel Ltd
5. JFE Steel Corp
6. Jiangsu Shagang Group Co Ltd
7. Posco Holdings Inc
8. Delong Metal Product Co Ltd
9. China Baowu Group
10. Ansteel Group

Disclaimer: The companies listed above are not ranked in any particular order.

Other companies analyzed during the course of research:

1. Nucor Corporation (USA)
2. United States Steel Corporation (U.S. Steel) (USA)
3. Steel Authority of India Limited (SAIL) (India)
4. Severstal (Russia)
5. HBIS Group Co., Ltd. (China)
6. Gerdau S.A. (Brazil)
7. Jianlong Group (China)
8. Shougang Group (China)
9. JSW Steel Limited (India)
10. 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