The Latest Steel Products Industry Statistics Explained
The global steel market was valued at about $312 billion in 2019.
The statistic indicates that the total value of the global steel market was approximately $312 billion in the year 2019. This value represents the sum of all steel products produced, sold, and traded worldwide during that year. The size of the steel market is significant, reflecting the widespread use of steel in various industries such as construction, automotive, machinery, and infrastructure. The valuation highlights the economic importance of the steel industry on a global scale, with steel being a critical material for manufacturing, construction, and infrastructure development. Trends in the global steel market, including production levels, prices, and demand, can have profound impacts on various aspects of the economy and trade relationships between countries.
Asia was the largest region in the global steel market, responsible for 85% of the worldwide production in 2019.
In 2019, Asia held the leading position in the global steel market as it accounted for a significant 85% share of the total steel production worldwide. This statistic highlights Asia’s dominance in the steel industry, showcasing the region’s substantial contribution to the global supply. The high production levels in Asia indicate the region’s strong manufacturing capabilities and infrastructure development, enabling it to meet a significant portion of the global demand for steel products. This statistic underscores the key role that Asia plays in shaping the dynamics of the global steel market and its pivotal position in driving the industry’s growth and development.
The World Steel Association forecasts steel demand to grow by 1.7% to 1,814 Mt in 2021.
The statistic provided by The World Steel Association states that they expect the global demand for steel to increase by 1.7% in 2021, reaching a total of 1,814 million metric tons (Mt). This forecast suggests a positive growth trend in the steel industry for the upcoming year. The expected increase in steel demand may be driven by factors such as economic recovery, infrastructure development projects, and increased construction activities. The forecast serves as a valuable indicator for stakeholders in the steel industry to anticipate and prepare for changes in the market demand, production capacity, and supply chain management in the year ahead.
The United States produced 87.8 million metric tons of steel in 2019.
The statistic that the United States produced 87.8 million metric tons of steel in 2019 reflects the significant level of industrial activity within the country’s steel manufacturing sector during that year. This production volume indicates a substantial output of steel, which is a key material used in construction, manufacturing, and infrastructure projects. The metric tons measurement is a common unit of weight for bulk goods such as steel, emphasizing the scale of production achieved by the United States in meeting domestic and potentially international demands for steel products. This statistic can provide insights into the country’s economic strength, industrial capacity, and trade dynamics related to the steel industry.
China produced 996.3 million metric tons of steel in 2019, more than half of the world’s total production.
The statistic indicates that China was the leading global producer of steel in 2019, with a production quantity of 996.3 million metric tons, which amounted to more than half of the total steel production worldwide for that year. This highlights China’s significant dominance in the steel industry on a global scale, showcasing its substantial manufacturing capacity and market influence. The sheer magnitude of China’s steel output underscores its pivotal role in shaping the global steel market dynamics and supply chain, influencing prices, trade flows, and overall industry trends.
In the United States, the steel industry directly employs more than 142,000 people.
The statistic that the steel industry in the United States directly employs more than 142,000 people indicates the significant impact and contribution of this sector to the labor market. Steel production and related activities, such as manufacturing, distribution, and sales, play a vital role in creating jobs and supporting livelihoods for a large number of individuals across the country. The employment opportunities provided by the steel industry not only support the workforce but also contribute to economic growth and stability. This statistic highlights the importance of the steel industry as a key player in the US economy, providing jobs and income for a substantial portion of the population.
In 2021, the import value of iron and steel to China was approximately 20.23 billion dollars
The statistic “In 2021, the import value of iron and steel to China was approximately 20.23 billion dollars” indicates the total monetary worth of iron and steel products brought into China from other countries during the year 2021. This figure represents the economic value of imported iron and steel goods, reflecting the demand for these materials within China’s domestic market. The import value of iron and steel is a crucial metric for understanding the country’s industrial activity, construction sector, and overall economic health, as these materials are essential for a wide range of industries including manufacturing, infrastructure development, and construction. The significant import value of iron and steel products underscores China’s reliance on global trade for meeting its domestic demand for these key materials.
Nearly 69% of all steel is recycled in North America each year.
The statistic that nearly 69% of all steel is recycled in North America each year indicates a high level of sustainability and efficiency within the steel industry in the region. Recycling steel not only helps to conserve natural resources and reduce energy consumption but also minimizes waste and carbon emissions. This statistic reflects a strong commitment to environmental stewardship and circular economy principles, showcasing the industry’s efforts to reduce its environmental impact and promote a more sustainable future for steel production in North America.
The European Union’s steel industry accounts for 11% of global steel production.
The statistic that the European Union’s steel industry accounts for 11% of global steel production indicates the significant role that the EU plays in the global steel market. With over one-tenth of the world’s steel production originating from the EU, the region is a major player in the steel industry. This statistic highlights the EU’s substantial contribution to meeting the global demand for steel and underscores the importance of the EU’s steel sector in the global economy. Additionally, it suggests that the EU’s steel industry has a considerable impact on global steel prices, trade dynamics, and overall market trends.
The steel industry is responsible for up to 9% of all direct emissions from fossil fuels globally.
This statistic indicates that the steel industry is a significant contributor to global direct emissions from fossil fuels, accounting for up to 9% of the total emissions. Direct emissions in this context refer to the release of greenhouse gases such as carbon dioxide from burning fossil fuels during steel production processes. The steel industry is known to be energy-intensive and relies heavily on coal and other fossil fuels for its operations, leading to substantial carbon dioxide emissions. This statistic highlights the importance of addressing emissions from the steel sector as part of global efforts to reduce greenhouse gas emissions and combat climate change.
The average price of steel (hot-rolled coil) in 2020 was 712 U.S. dollars per metric ton.
The statistic stating that the average price of steel (hot-rolled coil) in 2020 was 712 U.S. dollars per metric ton provides a key insight into the market value of steel during that year. This figure represents the mean price at which hot-rolled coil steel, a commonly used industrial material, was traded in the market throughout 2020. It serves as a crucial metric for understanding the trends and fluctuations in the steel industry, reflecting the supply and demand dynamics, economic conditions, and other factors influencing the pricing of steel products. This information is valuable for businesses, policymakers, and analysts to assess the competitiveness of the steel market and make informed decisions related to production, pricing, and investments.
In 2020, the steel industry consumed about 5% of all primary energy produced worldwide.
The statistic that the steel industry consumed approximately 5% of all primary energy produced worldwide in 2020 highlights the significant energy demand associated with steel production. This data indicates that a considerable portion of the global energy supply is allocated towards meeting the energy needs of the steel industry. The high energy consumption of the steel sector can be attributed to the energy-intensive nature of steel manufacturing processes, such as iron ore smelting and steel production in blast furnaces. As a foundational industry with diverse applications across construction, manufacturing, and infrastructure development, the steel sector’s substantial energy requirements underscore the importance of energy efficiency initiatives and sustainable practices to mitigate the environmental impact of steel production on a global scale.
Steelmaking accounts for around 7% of global CO2 emissions.
The statistic “Steelmaking accounts for around 7% of global CO2 emissions” indicates that the steel manufacturing industry is a significant contributor to worldwide carbon dioxide emissions. This means that the processes involved in producing steel, such as iron ore smelting and steel refining, release a substantial amount of CO2 into the atmosphere. Given that CO2 is a greenhouse gas that contributes to climate change, the steelmaking sector plays a notable role in global efforts to reduce greenhouse gas emissions and address climate change concerns. Policymakers, industry stakeholders, and environmental advocates may focus on implementing strategies to improve the efficiency and sustainability of steel production to mitigate the environmental impact of this sector.
The steel industry’s direct economic contribution to global GDP is over $500 billion.
The statistic “The steel industry’s direct economic contribution to global GDP is over $500 billion” indicates that the steel industry’s activities, including production, distribution, and sales of steel products, collectively generated over $500 billion in terms of value added to the global economy. This contribution represents the direct impact of the steel industry on the overall output of goods and services worldwide, highlighting its significant role as a key sector in driving economic growth and development. The substantial size of this economic contribution underscores the importance of the steel industry in terms of creating jobs, driving innovation, and supporting various downstream industries and supply chains, making it a critical component of the global economy.
By 2022, it is estimated that the steel market will have grown by 2.5 percent annually to reach a market size of 1,601.2 million metric tons.
The statistic indicates that the steel market is projected to experience a growth rate of 2.5 percent annually until 2022, leading to a total market size of 1,601.2 million metric tons by that year. This growth rate suggests a positive trend in the steel industry over the specified period, potentially driven by factors such as increasing demand for steel in various sectors like construction, automotive, and infrastructure development. The estimated size of 1,601.2 million metric tons reflects the expected expansion of the steel market by 2022, indicating promising opportunities for steel producers and stakeholders in the industry.
The world’s largest steel-producing companies in terms of production volume are China Baowu Group, ArcelorMittal, and Nippon Steel & Sumitomo Metal.
The statistic highlights the top three steel-producing companies globally based on production volume, indicating that China Baowu Group, ArcelorMittal, and Nippon Steel & Sumitomo Metal are the largest players in the industry. China Baowu Group, a Chinese state-owned enterprise, has emerged as a major contributor to the global steel market, reflecting the significant role of China in steel production. ArcelorMittal, a multinational steel manufacturing corporation, is renowned for its widespread operations across various countries and continents. Nippon Steel & Sumitomo Metal, based in Japan, demonstrates the strong presence of Asian companies in the steel industry. Overall, the statistic underscores the dominance of these companies in the steel sector on a global scale, with China Baowu Group, ArcelorMittal, and Nippon Steel & Sumitomo Metal leading the way in production volume.
Carbon steels are the most common type and they account for about 90% of total steel production.
This statistic indicates that carbon steels are the predominant type of steel in production, comprising approximately 90% of the total steel output globally. Carbon steels are favored for their cost-effectiveness, versatility, and wide range of applications across various industries such as construction, automotive, infrastructure, and machinery manufacturing. The high prevalence of carbon steels reflects their desirable properties, including strength, durability, weldability, and machinability, making them a preferred choice for numerous industrial and commercial purposes. Additionally, the ample availability of raw materials and the relatively straightforward manufacturing processes contribute to the popularity and widespread use of carbon steels in the steel industry.
The steel industry needs up to 2.8 tonnes of raw materials to produce just 1 tonne of crude steel.
The statistic reveals the significant amount of raw materials required by the steel industry to produce 1 tonne of crude steel, indicating a high level of resource intensity in steel production. Specifically, the statistic highlights that the steel industry needs almost three times the weight of raw materials compared to the final product. This underscores the resource-intensive nature of steel manufacturing, emphasizing the importance of efficient and sustainable practices within the industry to minimize waste, reduce environmental impact, and optimize resource utilization. Efforts to improve the efficiency of raw material usage in steel production could lead to cost savings, environmental benefits, and increased competitiveness for steel manufacturers.
Global steel consumption in 2020 totaled 1.86 billion metric tons.
The statistic that global steel consumption in 2020 totaled 1.86 billion metric tons indicates the total amount of steel used worldwide during that year. This figure provides insight into the volume of steel demand across various industries such as construction, automotive, infrastructure, and manufacturing. The high consumption of steel in 2020 suggests a robust global economy and industrial activity, as steel is a key material for the development of infrastructure and manufactured goods. Additionally, tracking steel consumption helps policymakers, economists, and industry analysts understand trends in global production and demand for steel products, which can inform decision-making processes related to trade, investments, and industrial development strategies.
By 2030, the global steel market is set to reach $1.01 trillion, with a CAGR of 2.2% during the forecast period.
This statistic indicates that the global steel market is projected to grow substantially over the next decade, reaching a value of $1.01 trillion by 2030. The Compound Annual Growth Rate (CAGR) of 2.2% reflects the estimated average annual growth rate of the market between the current period and 2030. This forecast suggests a steady increase in demand for steel products worldwide, likely driven by factors such as infrastructure development, construction projects, and industrial expansion. Overall, the statistic highlights the expected expansion and significance of the global steel market in the coming years.
References
0. – https://www.www.iea.org
1. – https://www.ec.europa.eu
2. – https://www.tinyurl.com
3. – https://www.carbontracker.org
4. – https://www.www.worldsteel.org
5. – https://www.www.statista.com
6. – https://www.www.twi-global.com
7. – https://www.www.prnewswire.com
8. – https://www.www.alliedmarketresearch.com
