Visiongain has published a new report entitled Steel Market Report 2025-2035 , including a detailed market analysis of value-added products, like advanced high-strength steel (AHSS) and specialty grades. This in-depth study includes updates on the impact of trade tariffs and other important geopolitical and technological drivers.

The global steel market is estimated by Visongain analysts at US$1,796.1 billion in 2025 and is projected to grow at a CAGR of 4.2% during the forecast period 2025-2035.

Impact of US Trade Tariffs on the Global Steel Market   

U.S. steel tariffs, particularly the recent increase to 50% on certain imports, are significantly reshaping the global steel market. Initially introduced to protect domestic production and reduce reliance on foreign steel, these tariffs have caused ripple effects across supply chains. Countries like Mexico are negotiating quota-based exemptions, aiming to preserve their steel exports critical to U.S. industries such as automotive and construction. While these measures benefit U.S. steelmakers by supporting local prices and capacity utilization, they create cost pressures for downstream manufacturers who rely on imported steel inputs.

Globally, the tariffs have encouraged a redirection of steel trade flows. Exporters such as China, India, and South Korea are shifting volumes toward markets in Southeast Asia, Africa, and Latin America to compensate for reduced U.S. access. In some cases, countries are retaliating with their own trade barriers, further fragmenting global trade. The long-term impact includes increased regionalization of steel markets and a possible acceleration in the establishment of local manufacturing hubs to mitigate tariff-related risks. Overall, U.S. tariffs have increased uncertainty, raising production costs in some regions while fostering investment and policy responses in others.

Transition Toward Green and Sustainable Steel Production

Sustainability has emerged as a central growth catalyst as the industry faces mounting pressure to reduce carbon emissions. Leading producers are investing heavily in decarbonization technologies. ArcelorMittal, for example, is advancing hydrogen-based direct reduced iron (DRI) plants in Europe, aiming to cut CO₂ emissions by up to 30% by 2030. Similarly, SSAB of Sweden is pioneering fossil-free steel under its HYBRIT initiative, with Volvo becoming the first automotive company to use this steel in its trucks. These initiatives not only open new revenue streams but also align with stricter regulatory standards and customer expectations, particularly in Europe and North America. The rising demand for “green steel” is expected to accelerate as companies across sectors—automotive, appliances, and construction—seek low-carbon supply chains to meet their own ESG targets.

How will this Report Benefit you?

Visiongain’s 371-page report provides 109 tables and 173 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the steel market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for steel. Get financial analysis of the overall market and different segments including production technology, product type, application, and type, and capture higher market share. We believe that there are strong opportunities in this fast-growing steel market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Rising Demand from the Automotive and EV Industry

The automotive industry continues to be a major consumer of steel, accounting for nearly 12–15% of global demand. While traditional automakers remain important clients, the rapid expansion of electric vehicle (EV) manufacturing is reshaping the dynamics of steel consumption. Automakers such as Tesla, Ford, and General Motors are pushing for lightweight, high-strength steels to balance safety and efficiency while offsetting battery weight. At the same time, advanced grades like AHSS (Advanced High-Strength Steel) are gaining traction due to their formability and crash-resistance, supporting vehicle safety standards. For example, Tata Steel has partnered with Indian automakers to develop specialized AHSS solutions for EV frames. With global EV sales projected to surpass 30 million units by 2030, the steel industry is positioning itself as an indispensable partner to automotive innovation.

Accelerated Urbanization and Housing Growth in Emerging Markets

Urbanization trends, particularly in Asia and Africa, are generating sustained demand for steel in residential and commercial construction. The United Nations projects that by 2050, nearly 70% of the global population will reside in urban areas, requiring massive investment in housing, utilities, and supporting infrastructure. Countries such as Indonesia, Nigeria, and Vietnam are witnessing a boom in affordable housing schemes and industrial parks. For instance, China Baowu Steel Group, the world’s largest producer, continues to scale its output to cater to surging domestic demand while also exporting to developing economies with infrastructure deficits. Moreover, multinational real estate and construction firms are relying on advanced steel products for prefabricated buildings and modular construction, which offer both speed and cost efficiency. This urban expansion ensures a long-term growth trajectory for steel demand across multiple geographies.

Where are the Market Opportunities?

Expansion of High-Strength and Value-Added Steel Products

The demand for advanced high-strength steel (AHSS) and specialty grades is growing rapidly, driven by sectors such as automotive, aerospace, and defense. Automakers are particularly focused on lightweighting solutions, making AHSS an attractive option. Tata Steel, for example, has been investing in new product lines to cater to India’s growing EV industry, while U.S.-based Cleveland-Cliffs has positioned itself as a key supplier of AHSS in North America. The shift from commodity steel to value-added products enables companies to command higher margins and build long-term partnerships with end-users.

Growing Opportunities in Emerging Markets

Emerging economies across Asia, Africa, and Latin America are becoming critical demand centers for steel due to their infrastructure and industrialization needs. Africa, in particular, is projected to see significant growth in steel demand as urbanisation accelerates, with Nigeria and Egypt leading the charge. Indian steel producers such as JSW Steel and Tata Steel are increasingly targeting export markets in Africa and Southeast Asia, leveraging competitive cost structures. These geographies also provide opportunities for joint ventures and capacity expansions, ensuring long-term growth avenues for global players.

Competitive Landscape

The major players operating in the steel market are Anshan Iron and Steel Group Corporation, ArcelorMittal S.A., China Baowu Steel Group, Delong Steel Group, Hesteel Group Company Limited, Hyundai Steel, JFE Steel Corporation, Jiangxi Fangda Iron & Steel Group Co., Ltd., Jianlong Group, Jindal Steel, Liuzhou Iron & Steel Co., Ltd, Nucor Corporation, Pohang Iron and Steel Company, Shandong Iron and Steel Group Co., Ltd., and Tata Steel Limited. These major players operating in this market have adopted various strategies comprising M&A, collaborations, investment in R&D, regional business expansion, partnerships, and new product launches.

Recent Developments

• 31 Mar 2025, In Beijing, HBIS and Rio Tinto agreed to co-develop low carbon pathways across mining, ironmaking and logistics. The partnership supports HBIS’s climate goals and Rio Tinto’s downstream decarbonization strategy.
• 25 Mar 2025, HBIS and Brazil’s VALE signed an MOU aligned with the China Brazil “Sustainable Mining” cooperation framework, deepening joint R&D on green ore preparation, low carbon ironmaking and circular technologies for steel production.
• 22 Apr 2024, HBIS released a “6 + 2” carbon trading simulation plan to train managers ahead of China’s national carbon market. The program improves emissions data quality and familiarizes staff with trading rules, giving HBIS an early mover edge.
• 10 May 2024, HBIS and Siemens signed an agreement in Belgrade to build an intelligent, low carbon “digital green factory” at HBIS Serbia, aiming to create one of Europe’s most competitive steel mills. The project covers digital factory systems, smart energy control, and ESG data platforms.

Notes for Editors

This press release is aimed at (Including Impact of U.S. Trade Tariffs): Forecasts by Production Technology (Basic Oxygen Furnace (BOF), Electric Arc Furnace (EAF), Open Hearth Furnace), by Product Type (Steel Sheets, Steel Beams, Steel Bars, Other), by Application (Building and Infrastructure, Mechanical & Electrical Equipment, Automotive, Metal & Domestic Products, Other), by Type (Carbon Steel, Stainless Steel, Alloy Steel, Aluminium Steel, Cobalt Steel, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies.

If you are interested in a more detailed overview of this report, please send an e-mail to contactus@visiongain.com or call +44 207 336 6100.

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