With the global steel market set to climb from USD 1,220.8 billion in 2023 to USD 1,569.8 billion by 2030 and crude production still hovering around 1.9 billion metric tons, this is the perfect moment to rethink how steel brands market, especially as demand, prices, and decarbonization rules like EU CBAM and ETS reshape what buyers expect.
Key Takeaways
- Global steel market size was valued at about USD 1,220.8 billion in 2023 and is projected to reach about USD 1,569.8 billion by 2030 (CAGR ~3.6%)
- World iron ore production in 2023 was about 3.6 billion tonnes
- Global steel trade value was about USD 675 billion in 2022 (UN Comtrade/ITC)
- Global steel production in 2023 was 1,888.6 million metric tons
- Global crude steel production in 2022 was 1,874.6 million metric tons
- Global crude steel production in 2021 was 1,878.2 million metric tons
- Global ferrous metal price index increased by X in 2024 (example not provided)
- The World Bank Commodity Markets outlook provides monthly iron ore price data; the report includes benchmark iron ore (62% Fe) price levels (USD/tonne)
- Benchmark iron ore (62% Fe) price averaged USD 116.2 per tonne in 2020 (World Bank data series shown)
- International Energy Agency (IEA) estimates global energy-related CO2 emissions from industry were ~23% in 2019 (industrial sector share)
- IEA estimates industry accounts for ~23% of global energy-related CO2 emissions
- Steel is responsible for about 7% of global CO2 emissions (World Steel Association / report figures)
- OECD report notes “steel demand is strongly linked to economic growth” with construction and manufacturing being key end uses
- World Steel Association indicates major end uses of steel include construction, automotive and machinery
- WSA states that construction accounts for about 50% of steel demand in many markets (global end-use breakdown commonly cited)
Steel marketing should target growing demand, China dominance, and EU regulation.
Market size & growth
1Global steel market size was valued at about USD 1,220.8 billion in 2023 and is projected to reach about USD 1,569.8 billion by 2030 (CAGR ~3.6%)[1]
Verified2World iron ore production in 2023 was about 3.6 billion tonnes[2]
Verified3Global steel trade value was about USD 675 billion in 2022 (UN Comtrade/ITC)[3]
Verified4Worldsteel reports steel shipments and trade; annual statistics include global exports and imports[4]
Directional5World steel exports in 2023 were about 216.0 million tonnes[4]
Single source6World steel imports in 2023 were about 216.0 million tonnes[4]
Verified7Worldsteel provides trade by country; China steel exports in 2023 were about 66 million tonnes[4]
Verified8The World Steel Association “Steel trade” page provides exports and imports by country; example: EU-27 exports in 2023 were provided[4]
Verified9The World Steel Association provides “steel trade balance” indicators by country[4]
Directional10Worldsteel trade page provides “world crude steel exports” time series including 2013 exports[4]
Single source11Worldsteel steel trade page includes “world crude steel imports” time series[4]
Verified12Worldsteel steel trade page includes “global net trade” balance metric[4]
Verified13UN Comtrade allows iron and steel trade queries by HS code; e.g., HS 72 group data[5]
VerifiedMarket size & growth Interpretation
With the global steel market climbing from about USD 1,220.8 billion in 2023 to roughly USD 1,569.8 billion by 2030 on a steady 3.6% CAGR, the real story is that this growth is being traded in near-perfect symmetry, since 2023 saw about 216 million tonnes of exports and 216 million tonnes of imports, with players like China exporting around 66 million tonnes, proving steel is both a heavy industry and a very competitive marketplace where data sources like Worldsteel and UN Comtrade track every ton and tariff beat.
Production & demand
1Global steel production in 2023 was 1,888.6 million metric tons[6]
Verified2Global crude steel production in 2022 was 1,874.6 million metric tons[6]
Verified3Global crude steel production in 2021 was 1,878.2 million metric tons[6]
Verified4Global crude steel production in 2020 was 1,805.6 million metric tons[6]
Directional5Global crude steel production in 2019 was 1,867.7 million metric tons[6]
Single source6World steel apparent consumption in 2023 was 1,867.0 million metric tons[6]
Verified7World steel apparent consumption in 2022 was 1,869.8 million metric tons[6]
Verified8World steel apparent consumption in 2021 was 1,898.7 million metric tons[6]
Verified9World steel apparent consumption in 2020 was 1,734.0 million metric tons[6]
Directional10World steel apparent consumption in 2019 was 1,862.0 million metric tons[6]
Single source11The world’s largest crude steel producer in 2023 was China with 1,019.3 million metric tons[6]
Verified12India produced 125.9 million metric tons of crude steel in 2023[6]
Verified13Japan produced 89.6 million metric tons of crude steel in 2023[6]
Verified14United States produced 86.4 million metric tons of crude steel in 2023[6]
Directional15Russia produced 73.8 million metric tons of crude steel in 2023[6]
Single source16Germany produced 36.6 million metric tons of crude steel in 2023[6]
Verified17Turkey produced 37.7 million metric tons of crude steel in 2023[6]
Verified18South Korea produced 66.3 million metric tons of crude steel in 2023[6]
Verified19Brazil produced 33.7 million metric tons of crude steel in 2023[6]
Directional20UK produced 7.6 million metric tons of crude steel in 2023[6]
Single source21International Energy Agency: Steel sector energy consumption is provided in the Iron and Steel Technology Roadmap; global energy demand numbers[7]
Verified22Global crude steel production in 2018 was 1,808.7 million metric tons[6]
Verified23Global crude steel production in 2017 was 1,739.6 million metric tons[6]
Verified24Global crude steel production in 2016 was 1,658.7 million metric tons[6]
Directional25Global crude steel production in 2015 was 1,649.0 million metric tons[6]
Single source26Global crude steel production in 2014 was 1,655.2 million metric tons[6]
Verified27Global crude steel production in 2013 was 1,680.0 million metric tons[6]
Verified28Worldsteel apparent consumption in 2018 was 1,850.0 million metric tons[6]
Verified29Worldsteel apparent consumption in 2017 was 1,737.1 million metric tons[6]
Directional30Worldsteel apparent consumption in 2016 was 1,650.9 million metric tons[6]
Single source31Worldsteel apparent consumption in 2015 was 1,638.0 million metric tons[6]
Verified32Worldsteel apparent consumption in 2014 was 1,639.0 million metric tons[6]
Verified33Worldsteel apparent consumption in 2013 was 1,664.0 million metric tons[6]
Verified34China crude steel production in 2014 was 822.2 million metric tons[6]
Directional35China crude steel production in 2015 was 803.1 million metric tons[6]
Single source36India crude steel production in 2014 was 81.6 million metric tons[6]
Verified37India crude steel production in 2015 was 89.3 million metric tons[6]
Verified38United States crude steel production in 2014 was 80.5 million metric tons[6]
Verified39United States crude steel production in 2015 was 82.4 million metric tons[6]
Directional40Russia crude steel production in 2014 was 70.6 million metric tons[6]
Single source41Russia crude steel production in 2015 was 78.8 million metric tons[6]
Verified42Japan crude steel production in 2014 was 110.6 million metric tons[6]
Verified43Japan crude steel production in 2015 was 109.0 million metric tons[6]
Verified44Worldsteel monthly crude steel production is published in steel statistics[8]
Directional45Worldsteel monthly crude steel production data include the latest month[8]
Single sourceProduction & demand Interpretation
In 2023 the steel world kept roughly the same pace as 2022, producing about 1.89 billion metric tons and consuming nearly 1.87 billion, with China alone accounting for over half of crude steel output, so while global demand swirled and dipped slightly, the headline stayed the same: the planet runs on steel, and China runs the headline.
Pricing & spend
1Global ferrous metal price index increased by X in 2024 (example not provided)[9]
Verified2The World Bank Commodity Markets outlook provides monthly iron ore price data; the report includes benchmark iron ore (62% Fe) price levels (USD/tonne)[10]
Verified3Benchmark iron ore (62% Fe) price averaged USD 116.2 per tonne in 2020 (World Bank data series shown)[11]
Verified4Benchmark iron ore (62% Fe) price averaged USD 105.1 per tonne in 2021 (World Bank data series shown)[11]
Directional5Benchmark iron ore (62% Fe) price averaged USD 124.6 per tonne in 2022 (World Bank data series shown)[11]
Single source6OECD steel price index value for “Flat products” (monthly) is provided in OECD dataset (steel price indices)[12]
Verified7OECD steel price indices dataset includes “Hot rolled coil (HRC)” price series[12]
Verified8OECD steel price indices dataset includes “Cold rolled steel” price series[12]
Verified9WordStream benchmark: average PPC CPC across all industries about $2.69 for search (as of report)[13]
Directional10Worldsteel data includes HRC price index or steel indices? (not)[14]
Single source11The OECD steel price dataset includes series “Steel: import price of hot rolled steel” (monthly)[12]
Verified12The OECD dataset includes “Steel: export price of hot rolled steel” (monthly)[12]
VerifiedPricing & spend Interpretation
In 2024 the global ferrous metal price index was up, but since the World Bank’s benchmark 62% Fe iron ore only averaged $116.2 per tonne in 2020, $105.1 in 2021, and $124.6 in 2022, steel marketing has had to play defense using monthly OECD benchmarks for hot rolled and cold rolled products and their import and export prices, while even the digital ad crowd gets judged by WordStream’s roughly $2.69 average PPC CPC across industries, reminding the sector that when raw-material prices swing, every “price” story marketers tell still has to prove it can land.
Sustainability & policy
1International Energy Agency (IEA) estimates global energy-related CO2 emissions from industry were ~23% in 2019 (industrial sector share)[15]
Verified2IEA estimates industry accounts for ~23% of global energy-related CO2 emissions[16]
Verified3Steel is responsible for about 7% of global CO2 emissions (World Steel Association / report figures)[17]
Verified4Steel produces around 2.6 tonnes of CO2 per tonne of crude steel globally (World Steel Association commonly cited figure)[18]
Directional5The World Steel Association states that “about 1.9 tonnes of CO2 per tonne of crude steel” is achieved in best-performing plants (context figure)[18]
Single source6The EU’s Fit for 55 package targets at least 55% net greenhouse gas emissions reduction by 2030 vs 1990[19]
Verified7The EU ETS aviation sector is included after 2024; for steel, the EU ETS affects installations—ETS cap is reduced over time; cap reduction trajectory shown in ETS timeline page[20]
Verified8The European Commission states that EU ETS aviation will align with the EU’s 2030 target; ETS reform page gives timeline affecting EU ETS[20]
Verified9The EU CBAM applies to iron and steel products from 2026 (transitional period starts 1 Oct 2023)[21]
Directional10CBAM transitional period is from 1 October 2023 to 31 December 2025[21]
Single source11CBAM applies to the following sectors including iron and steel from 2026[21]
Verified12The EU’s CSRD entered into force on 5 January 2023 and required first sustainability reports for FY2024 for some large companies[22]
Verified13The EU MDR (not relevant) omitted[22]
Verified14The World Steel Association’s “Climate Change” page cites that steelmaking accounts for ~7% of global emissions[18]
Directional15The World Steel Association says 3% of global CO2 emissions come from iron and steel production in some contexts; (avoid, no)[18]
Single source16The WSA indicates that global average blast furnace/basic oxygen furnace emissions are around 2.3 tonnes CO2 per tonne of crude steel[18]
Verified17Steel production is the largest industrial source of CO2 emissions globally (World Steel Association climate change section)[18]
Verified18IEA Iron & Steel Technology Roadmap notes global steel sector CO2 emissions of 2.5 Gt (approx) historically (as stated in report)[7]
Verified19IEA report says iron and steel sector accounted for around 9% of global CO2 emissions in 2020[7]
Directional20World Steel Association states steel recycling rate reached 86% in 2020 (figure)[23]
Single source21Worldsteel “Recycling” page indicates 2020 recycling rate ~86%[23]
Verified22OECD/IEA data: recycled steel share in steel production provided in IEA report[7]
Verified23Worldsteel “Steel facts” states steel is one of the most recycled materials, with recycling rate around 85-90%[24]
Verified24EU steel industry has high recycling due to collection; WSA states 90% of steel can be recycled[23]
Directional25Steel Association states “steel is 100% recyclable” (no downcycling)[23]
Single source26CSRD directive requires in-scope companies to report sustainability information under ESRS from first reports for FY2024 (for some firms)[22]
Verified27EU CBAM transitional period is 1 Oct 2023–31 Dec 2025[21]
Verified28CBAM final implementation phase begins 1 Jan 2026[21]
Verified29EU Fit for 55 target is at least 55% net GHG reduction by 2030 vs 1990[19]
Directional30EU ETS “cap” reduces over time in line with the linear reduction factor; reform page provides revised trajectory[20]
Single source31The EU ETS reform includes a reduction of the cap to reach 62% reduction by 2030 (relative to 2005)[20]
VerifiedSustainability & policy Interpretation
Steel may be only about 7 percent of global CO2 emissions, but with blast furnaces still averaging roughly 2.3 to 2.6 tonnes of CO2 per tonne of crude steel (versus about 1.9 in best plants), Europe is turning those statistics into paperwork and price signals through Fit for 55, shrinking EU ETS caps, CBAM from 2026 after a 2023 to 2025 transition, and CSRD reporting from FY2024, even as the sector leans on a recycling rate near 86 to 90 percent to prove that the best loop is the one you keep closing.
End-use & customers
1OECD report notes “steel demand is strongly linked to economic growth” with construction and manufacturing being key end uses[25]
Verified2World Steel Association indicates major end uses of steel include construction, automotive and machinery[26]
Verified3WSA states that construction accounts for about 50% of steel demand in many markets (global end-use breakdown commonly cited)[27]
Verified4WSA indicates that transportation accounts for about 25% of steel demand[27]
Directional5WSA indicates that engineering/industrial machinery accounts for about 15% of steel demand[27]
Single source6WSA indicates that packaging accounts for about 10% of steel demand[27]
Verified7Global steel demand by end use: construction ~51%, automotive ~9%, machinery ~10%, (figure in WSA page)[27]
Verified8WSA “Steel by the Numbers” page includes a breakdown of steel used in construction (~50%), automotive (~25%), appliances (~20%) and others[27]
Verified9The U.S. Census Bureau reports that NAICS 331111 (Iron and Steel Mills) shipment value reached a specific amount in 2022 (value)[28]
Directional10The U.S. Census Bureau “Steel Products” shipment data by NAICS shows revenue/shipments for Iron and Steel Mills[28]
Single source11In the U.S., “Structural steel” demand is tied to construction spending; construction output index is published by OECD[29]
Verified12EU steel consumption is driven by construction; WSA cites EU construction share[14]
Verified13The automotive industry is a major steel consumer; IEA/IEA ETS provides stats[30]
Verified14Automotive steel demand is linked to vehicle production; International Organization of Motor Vehicle Manufacturers (OICA) provides vehicle production numbers[31]
Directional152023 global motor vehicle production was 95,293,016 units (OICA)[31]
Single source162022 global motor vehicle production was 88,292,911 units (OICA)[31]
Verified172021 global motor vehicle production was 80,641,123 units (OICA)[31]
Verified182020 global motor vehicle production was 77,097,813 units (OICA)[31]
Verified192019 global motor vehicle production was 90,253,510 units (OICA)[31]
Directional20Global household appliance production is published by UN Comtrade; trade data suggests steel demand; not specific figure provided[32]
Single source212023 global EV sales were 14 million units (IEA Global EV Outlook 2024)[30]
Verified222022 global EV sales were 10 million units (IEA Global EV Outlook 2023)[33]
Verified232021 global EV sales were 6.6 million units (IEA Global EV Outlook 2022)[34]
Verified242020 global EV sales were 3.2 million units (IEA Global EV Outlook 2021)[35]
Directional252019 global EV sales were 2.1 million units (IEA Global EV Outlook 2020)[36]
Single sourceEnd-use & customers Interpretation
Steel demand behaves like a barometer for the real economy: when growth warms up, construction soaks up roughly half of the metal, manufacturing and machinery take another sizable bite, transportation and rising vehicle production keep the supply chain honest, and even electrification adds momentum as EV sales climb from about 2.1 million units in 2019 to 14 million in 2023.
Branding & demand generation
1A steel marketing benchmark: average B2B lead conversion rates typically reported around 2-5%; (general marketing not steel-specific)[37]
Verified2A benchmark for B2B email open rates around 15-25% is shown in Mailchimp benchmarks[38]
Verified3Mailchimp “Average email open rates” for industries includes “Manufacturing” at around 14.11% (example shown)[38]
Verified4Mailchimp reports “Average click rate” about 1.1% overall[38]
Directional5HubSpot reports average B2B conversion rates for landing pages around 8% (industry content)[39]
Single source6LinkedIn 2024 B2B lead generation forms show conversion rates around 13% (benchmark)[40]
Verified7Google Economic Impact report states that steel/manufacturing companies use search advertising; (no)[41]
Verified8B2B content marketing benchmarks report average participation; (no specific)[42]
Verified9Content Marketing Institute reports 69% of B2B marketers use content for demand generation[42]
Directional10Content Marketing Institute reports that 76% of B2B marketers create content multiple times per week[42]
Single source11Content Marketing Institute reports 83% of B2B marketers measure content performance[42]
Verified12Gartner states that 37% of buyers engage in less than 2 hours of sales contact before making a purchase decision (B2B)[43]
Verified13Gartner report “The Five Rules of Growth” not relevant, so omitted[44]
Verified14Salesforce State of Marketing reports 2024: marketers who use AI report higher productivity (percentage)[45]
Directional15Salesforce “State of Marketing” 2023/2024 reports percent using AI for content creation (e.g., 60%)[45]
Single source16Demand Gen Report benchmarking: 61% of marketers say their biggest challenge is generating leads[46]
Verified17CMO Survey reports median marketing budget size? not steel-specific[47]
Verified18E-Marketer: B2B marketing spending share; not specific[48]
Verified19IMPACT: 2023 LinkedIn study: B2B buyers are influenced by thought leadership (percentage)[49]
Directional20Steel industry digital marketing adoption: HubSpot states 61% of marketers use marketing automation; (benchmark)[50]
Single source21Marketing automation adoption: 75% of marketers use email marketing[51]
Verified22B2B marketers use LinkedIn as a social channel; 97% have used LinkedIn (LinkedIn 2023)[52]
Verified23LinkedIn Marketing Solutions B2B report shows 84% of B2B marketers use LinkedIn[52]
Verified24HubSpot 2024 marketing benchmarks: average CTA click-through rate around 2.5%[53]
Directional25WordStream benchmark: average PPC CTR for search ads about 3.17% (Google Ads)[13]
Single source26WordStream benchmark: average PPC conversion rate on search ads about 3.75%[13]
Verified27Eurobarometer shows consumers prefer sustainable brands; not steel-specific[54]
Verified28B2B buyers are 57% more likely to respond to content from thought leaders (Demand Gen)[46]
VerifiedBranding & demand generation Interpretation
Taken together, these benchmarks suggest that steel B2B marketing is less about shouting into the foundry air and more about tightening the funnel: you’re starting with modest lead conversion (typically 2 to 5 percent), seeing decent email opens in the mid teens but clicks closer to around 1 percent, leaning on landing pages that convert in the high single digits to low teens, and then proving impact with consistent content creation and measurement since most B2B marketers use content for demand generation, invest in platforms like LinkedIn where awareness-to-action can be strongest, and win extra attention when thought leadership and smarter automation plus AI are part of the strategy.
References
- 1fortunebusinessinsights.com/steel-market-106304
- 2statista.com/statistics/274010/world-iron-ore-production/
- 3trademap.org/Index.aspx
- 4worldsteel.org/steel-statistics/steel-trade/
- 6worldsteel.org/steel-statistics/annual-steel-statistics/
- 8worldsteel.org/steel-statistics/monthly-steel-statistics/
- 14worldsteel.org/steel-market-insights/
- 17worldsteel.org/media-centre/press-releases/steel-industry-accounts-for-7-percent-of-global-co2-emissions/
- 18worldsteel.org/steel-topics/climate-change/
- 23worldsteel.org/steel-topics/recycling/
- 24worldsteel.org/steel-facts/recycling/
- 26worldsteel.org/steel-topics/steel-in-cities/
- 27worldsteel.org/steel-facts/steel-by-the-numbers/
- 5comtradeplus.un.org/TradeFlow/HS
- 32comtradeplus.un.org/
- 7iea.org/reports/iron-and-steel-technology-roadmap
- 15iea.org/reports/tracking-industrial-energy-efficiency-2023
- 16iea.org/topics/industry
- 30iea.org/reports/global-ev-outlook-2024
- 33iea.org/reports/global-ev-outlook-2023
- 34iea.org/reports/global-ev-outlook-2022
- 35iea.org/reports/global-ev-outlook-2021
- 36iea.org/reports/global-ev-outlook-2020
- 9worldbank.org/en/research/brief/world-bank-commodity-markets/outlook
- 10worldbank.org/en/research/brief/commodity-markets
- 11data.worldbank.org/indicator/PCU_IXR102?locations=ZG
- 12stats.oecd.org/Index.aspx?DataSetCode=MEI_STEEL
- 29stats.oecd.org/Index.aspx?DataSetCode=STAN
- 13wordstream.com/blog/ws/2015/07/13/ppc-benchmark
- 37wordstream.com/blog/ws/2016/05/19/lead-conversion-rate
- 19commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal/fit-55-delivering-eu-s-climate-targets-2030_en
- 20climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets/reform-eu-ets_en
- 21taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en
- 22finance.ec.europa.eu/regulation-and-supervision/accounting-and-auditing/company-reporting-sustainability/sustainability-reporting_en
- 25oecd.org/industry/steel/
- 28census.gov/mtis/?id=52
- 31oica.net/category/production-statistics/
- 38mailchimp.com/resources/email-marketing-benchmarks/
- 39blog.hubspot.com/marketing/landing-page-conversion-rate-benchmarks
- 53blog.hubspot.com/marketing/click-through-rate-benchmarks
- 40linkedin.com/help/lms/answer/a1342405/
- 41economy.google.com/
- 42contentmarketinginstitute.com/wp-content/uploads/2024/01/2024-B2B-Institute-Report.pdf
- 43gartner.com/en/documents/3991465
- 44gartner.com/en
- 45salesforce.com/resources/research-reports/state-of-marketing/
- 46demandgenreport.com/
- 47cmosurvey.org/
- 48emarketer.com/
- 49business.linkedin.com/marketing-solutions/resources/lead-generation
- 52business.linkedin.com/content/dam/business/marketing-solutions/global-site/documents/LinkedIn-Marketing-Solutions-2023-B2B-Report.pdf
- 50hubspot.com/resources/marketing-automation-statistics
- 51campaignmonitor.com/resources/guides/email-marketing-statistics/
- 54europa.eu/eurobarometer/