What is the steel industry forecast for 2024?

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The global outlook for the steel sector in 2024 remains neutral. This is the assessment of the international rating agency Fitch Ratings in its new review.

According to the review, steel markets will be largely balanced and in a slightly better position than in 2023.

What is the steel industry outlook for 2025?
In this year’s steel forecast, we expect global demand for steel to be approximately 2.35 billion tonnes by 2025. That is two percentage points down from the previous year’s forecast (2.39 billion tonnes) and is equivalent to an average global growth of 3.3% per annum from 2012 to 2025.

What is the demand for steel in 2050?

Steel demand is projected to rise 30% by 2050. Besides China, most regions, particularly India, Africa and South-East Asia, will see an increase in demand.

Secondary steel production can be nearly carbon-neutral if powered by renewable electricity; it will play a significant role in decarbonizing steel supply.
What is the future of steel in 2050?
Steel demand steel is projected to rise by more than a third through to 2050 in our baseline projection. In the Net Zero Emissions by 2050 Scenario, demand is reduced through material efficiency strategies. Why do we need definitions of “near zero emission” material production?

What is the steel production forecast for 2030?
In 2030, India’s steel demand is projected to reach 190 MT based on a 7 per cent Compound Annual Growth Rate (CAGR). “In the best case scenario, it can also reach 230 MT by 2030,” the report titled ‘India’s Steel and Coking Coal Demand 2030’ stated.

What is the expected growth rate of steel industry?
Market Overview

The global steel market size was valued at USD 928 billion in 2022. It is projected to reach USD 1,210 billion by 2031, growing with a CAGR of 3% during the forecast period (2023–2031).
What will replace steel in the future?

It began developing Super Wood as a sustainable material that could replace carbon-intensive steel and concrete in the construction process and effectively serve as a long-term means of carbon storage.
Who is the largest producer of steel in the world 2023?
The ten largest steel producers in the world are :
China – 1,032,790 ktǂ
India – 118,201 ktǂ
Japan – 96,334.5 ktǂ
United States – 85,791.4 ktǂ
Russia – 75,584.8 ktǂ
South Korea – 70,418 ktǂ
Turkey – 40,360 ktǂ
Germany – 40,066.3 ktǂ

What are the trends in the steel industry?
Top 10 Trends in the Steel Industry (2023) | StartUs Insights
3D printing, smart manufacturing, and robotic automation improve the performance and efficiency of steelmaking processes. At the same time, recycled steel manufacturing is becoming one of the major trends in steelmaking, with the aim of enabling a circular economy.
Has steel production increased?
Steel production figures U.S. 2022 | Statista
Since 2003, annual crude steel production increased from 971.02 million metric tons to roughly 1.9 billion metric tons in 2022, despite a dip in global demand in 2020 due to the coronavirus pandemic.


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