Crude Steel Market Size (2024 - 2029)

Crude Steel Market Analysis

The Crude Steel Market size is estimated at 2.13 Billion tons in 2024, and is expected to reach 2.70 Billion tons by 2029, growing at a CAGR of 4.84% during the forecast period (2024-2029).

COVID-19 negatively impacted the market in 2020. Owing to the pandemic, the global sales of all vehicles in 2020 declined. Still, the market recovered in 2021, thereby enhancing crude steel consumption in manufacturing different automotive parts. In 2021, the demand for oil steel increased due to increased 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 due to rapid electric vehicle growth are likely to 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 are expected to hinder the 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 market studied.
• Asia-Pacific is expected to dominate the market, with the most significant consumption from countries such as China and India.

Crude Steel Industry Segmentation

Crude steel is the initial, untreated form of steel derived from the reduction of iron ore in a blast furnace. During this process, iron ore undergoes smelting to extract elemental iron, which is then alloyed with small amounts of carbon and other elements. The resulting crude steel may contain impurities and alloying elements that need further refinement and processing to achieve desired properties before it can be used in various industrial applications.

The crude steel market is segmented by composition, manufacturing process, end-user industry, and geography. By composition, the market is segmented into killed steel and semi-killed steel. By manufacturing process, the market is segmented 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 (railways, defense, and others). The report also covers the market sizes and forecasts for the crude steel market in 27 countries across the central regions. The market sizes and forecasts for each segment are provided in terms of volume (million tons) and revenue (USD).