Steel Products Market Expanding With $523.49 Billion at 3.8% CAGR by 2029

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The Business Research Company's Steel Products Global Market Report 2025 – Market Size, Trends, And Global Forecast 2025-2034

LONDON, GREATER LONDON, UNITED KINGDOM, November 6, 2025 /EINPresswire.com/ -- What Is The Forecast For The Steel Products Market From 2024 To 2029?
The size of the steel products market has been on a consistent growth trajectory in recent times. The market size, which stands at $437.06 billion in 2024, is expected to escalate to $450.21 billion in 2025, seeing a compound annual growth rate (CAGR) of 3.0%. Factors contributing to this steady growth during the historical period include economic fluctuations, the impact of globalization, government-driven policies, and strides in technology.

The market size for steel products is predicted to experience consistent expansion in the forthcoming years. It is projected to escalate to $523.49 billion by 2029, with a compound annual growth rate (CAGR) of 3.8%. The projected growth during this period stems from factors such as infrastructure development, the automotive industry, the availability of raw materials, sustainable methods, and worldwide economic patterns. Key trends for this period include the shift towards electrification and lightweighting, the employment of advanced materials, the rise of additive manufacturing, digitalization, connectivity, alliances, and partnerships.

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What Are The Core Growth Drivers Shaping The Future Of The Steel Products Market?
The projected surge in urban populations is anticipated to escalate the requirement for steel products in the forthcoming years. There is a considerable shift of populace from rural to urban zones seeking improved life conditions, leading to an inevitable rise in housing and infrastructural needs. This demand for infrastructure is likely to witness a significant rise in Asian nations such as China, India, Vietnam, and the Philippines. As per the World Urbanization Prospects Report by the United Nations, urban inhabitants compose 55% of the global population and this figure is projected to climb to 68% by 2050. The World Bank reports that the urban population in South Asia has expanded by 130 million and is forecasted to reach 250 million by 2030.

Which Companies Are Currently Leading In The Steel Products Market?
Major players in the Steel Products include:
• Angang Steel Company Limited
• Steel Authority of India Limited
• SSAB AB
• Nucor Corp
• Compagnie de Saint-Gobain S.A.
• Saint-Gobain S.A.
• Nippon Steel & Sumitomo Metal Corporation
• Kobe Steel Ltd.
• Vallourec SA
• Voestalpine AG

What Are The Major Trends That Will Shape The Steel Products Market In The Future?
Companies in the metal manufacturing sector are boosting their research and development (R&D) funding to create new product ranges. They are moving away from manufacturing commodities and introducing ground-breaking products like ultra-light alloys to the market. For instance, the FY 2023 budget proposal by the US government in April 2022 aimed to allocate $111 billion for basic and applied research, marking a rise of $25 billion (29%) from FY 2021 and exceeding $100 billion for the first time. Additionally, a total of $205 billion was proposed for R&D, representing a $45 billion increase from FY 2021 (28%) and crossing the $200 billion milestone for the first time. Thus, the proliferation of novel product lines, facilitated by augmented R&D investments, is a notable trend in the metal manufacturing industry.

Comparative Analysis Of Leading Steel Products Market Segments
The steel products market covered in this report is segmented –

1) By Type: Rolled And Drawn Steel, Iron And Steel Pipe And Tube

2) By Product Type: Flat Steel, Long Steel, Tubular Steel, Steel Pipes, Steel Tubes

3) By Application: Construction, Automotive, Energy, Packaging, Other Applications

Subsegments:

1) By Rolled And Drawn Steel: Hot Rolled Steel, Cold Rolled Steel, Drawn Steel

2) By Iron And Steel Pipe And Tube: Seamless Pipes And Tubes, Welded Pipes And Tubes, ERW (Electric Resistance Welded) Pipes, Spiral Welded Tubes, Stainless Steel Tubes, Alloy Steel Pipes And Tubes

View the full steel products market report:
https://www.thebusinessresearchcompany.com/report/steel-products-global-market-report

Which Regions Are Dominating The Steel Products Market Landscape?
In 2024, the steel products market was dominated by the Asia-Pacific region, followed closely by Western Europe. The study on the steel products market includes an analysis of various regions namely Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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