World Steel Demand 2024
Understanding steel consumption trends is crucial for industry professionals, but finding detailed demand segmentation by product or sector can be challenging. Many sources provide broad figures, yet few offer the in-depth insights needed to analyse specific market segments. SteelOnTheNet bridges this gap by providing expert analysis and data on steel demand across various regions and countries. Whether you need a comprehensive view of a national market or a deeper understanding of product- or sector-specific trends, our resources can help you navigate the complexities of global steel consumption.
Consumption Analysis by Region, 2024
| Region | Demand, mt |
|---|---|
| EU | 141 |
| Other Europe | 48 |
| CIS | 58 |
| USMCA | 134 |
| Central & South America | 46 |
| Middle East & Africa | 94 |
| Asia & Oceania | 1273 |
| World | 1793 |
Determinations above are finished steel product demand estimates for 2024 in millions of metric tonnes. Source: worldsteel and MCI calculations. See our methdology page to learn more about steel demand calculations.
Use by Product Shape, 2024
| Steel shape | Demand, mt |
|---|---|
| Flat products | 717 |
| Long products | 879 |
| Tube products | 197 |
| Global sum | 1793 |
Calculations are indicative finished steel demand assessments for 2024. Tube data includes welded and seamless tube. For chart, see below. Source: MCI deliberations.
Demand estimates by shape indicate estimated global steel use analysed by flat products [including plate, hot rolled coil and sheet, cold rolled and coated sheet such as HDG and tin plate], long products [including rail, heavy and mediumsections, merchant bar, rebar and wire rod] and tube [welded pipe and seamless tube]. Figures of demand analysis prepared by Metals Consulting International for year 2024.
Use by Application, 2024
| Millions tonnes | Total |
|---|---|
| Construction incl structural & building work | 877 |
| Mechanical engineering | 290 |
| Automotive | 134 |
| Other transport incl shipbuilding & rail | 63 |
| Domestic appliances | 61 |
| Metal products | 204 |
| Oil & gas exploration & transport | 113 |
| Defence | 16 |
| Other industries / miscellaneous | 34 |
| Total | 1793 |
Further analytical information including more detail by product type is available for purchase. Please contact MCI. All 2024 product demand figures have been compiled by MCI.
Analysis by Consuming End-Use Industry, 2024
Demand estimates by sector are indicative of global 2024 steel demand. Construction includes structural and building work. Mechanical engineering includes machinery & equipment and components; as well as heating, ventilating and air conditioning (HVAC) markets.
Automotive sector includes passenger vehicles and light commercial vehicles. Other transport includes shipbuilding (covering container ships, dry cargo ships, LPG carriers, tankers, passenger ferries) as well as rail, buses and heavy vehicles. Metal products include furniture, fasteners, wire products, containers, drums and boxes.
Defence estimates are based on MCI assumptions concerning steel demand for submarines, frigates, destroyers, tanks, and other military market uses. Tubes include welded and seamless pipe. Figures are MCI estimates of steel end-use by application for year 2024 total steel consumption.
For a more comprehensive analysis of steel demand applications, see 2022 research article on global iron and steel mass flow published by L.D. Danny Harvey.
Requirement by Quality, 2024
| Steel quality | Demand, mt |
|---|---|
| Carbon steel | 1690 |
| Engineering steel | 48 |
| Stainless steel | 53 |
| Tool steel | ~2 |
| World | 1793 |
Data above are from MCI analysis of steel use by grade for 2024. Engineering steels are often also referred to as SBQ steels (special bar quality steel); these are steels that typically move or rotate whilst in use. Global melt shop production of stainless steel in 2024 is estimated at ~57 mt.
Historic and Forecast Consumption
| Year | Demand, mt |
|---|---|
| 2020 | 1790 |
| 2021 | 1844 |
| 2022 | 1783 |
| 2023 | 1763 |
| 2024 | 1793 |
| 2025 | 1815 |
| 2026 | 1833 |
Annual figures to 2025 inclusive are consistent with various World Steel Association [worldsteel] assessments. 2026 figures are conservative MCI forecasts. All figures are millions of metric tonnes of finished steel.
This page was last updated on 2nd November 2024.
Custom Steel Demand Analysis Reports
Steel consumption analysis reports can be customised for any country or region, providing detailed breakdowns by:
- Flat Products: Plate, Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), and Galvanised Steel
- Long Products: Beams, Sections, Reinforcing Bar (Rebar), and Wire Rod
- Tubular Products: Seamless Tube and Welded Tube
Each such spreadsheet report includes historic consumption patterns and projected demand figures. Our analyses combine production estimates with customes-sourced trade data to deliver segmentation detail for your specific market of interest. Each analysis of apparent steel consumption also has estimates of demand by end-use sector.
Contact us to discuss your specific requirements for country or regional steel demand analysis.
