GITNUX MARKETDATA REPORT 2024

The Most Surprising Steel Industry Statistics And Trends in 2024

Statistic 1

"The steel industry is a $2.5 trillion industry worldwide."

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Statistic 2

"The European Union produced approximately 138 million metric tons of crude steel in 2020."

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Statistic 3

"The global stainless steel market size was valued at USD 93.69 billion in 2020."

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Statistic 4

"In 2020, Japan produced approximately 83.2 million metric tons of crude steel."

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Statistic 5

"In 2020, the per capita finished steel consumption was approximately 228 kg."

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Statistic 6

"By 2050, the steel industry aims to achieve net zero CO2 emissions."

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Statistic 7

"Electric arc furnace (EAF) and basic oxygen furnace (BOF) are the two primary methods of steel production."

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Statistic 8

"In 2020, global steel production reached 1,878 million metric tons."

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Statistic 9

"China accounted for over 56% of the world's steel production in 2020."

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Statistic 10

"Approximately 2 billion tons of steel are in use in buildings worldwide."

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Statistic 11

"85% of the steel produced globally is used in buildings and infrastructure, mechanical equipment, automotive, and other metal products."

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Statistic 12

"Steel is 100% recyclable and is the most recycled material on earth."

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Statistic 13

"The steel industry employs more than 6 million people directly around the world."

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Statistic 14

"The automotive industry consumes about 12% of global steel production."

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Statistic 15

"The United States is the fourth largest steel producer in the world."

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Statistic 16

"Steel production in India in 2020 was about 99.6 million metric tons, making it the second-largest producer."

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Statistic 17

"South Korea produced about 67 million metric tons of crude steel in 2020."

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Statistic 18

"More than 1,600 million metric tons of crude steel were produced globally in 2019."

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Statistic 19

"Germany is the largest steel producer in the European Union."

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Statistic 20

"The steel sector is responsible for between 7% and 9% of global CO2 emissions related to fossil fuel use."

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