What is the global steel demand forecast for 2024?

Global steel demand is forecast to reach 1793 million tonnes in 2024.

Which region has the highest steel consumption?

Asia & Oceania has the highest steel consumption with 1273 million tonnes in 2024.

What is the largest end-use sector for steel?

Construction, including structural and building work, is the largest end-use sector consuming 877 million tonnes in 2024.

Steel Demand Analysis 2024: Global Consumption Data

World Steel Demand 2024

Global Steel Consumption Assessments

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 analyze specific market segments. Steelonthenet.com 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

Regional Steel Demand Analysis
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.

Use by Product Shape, 2024

Steel Demand by Shape
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.

Steel consumption by shape 2024: Flat products 717mt, Long products 879mt, Tube products 197mt — Figure 1: Distribution of global steel consumption by product shape (2024).

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

2024 Steel End-Use
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

Steel Demand - analysis of consumption by end use market including construction, mechanical engineering, automotive, other transport, domestic appliances, metal products, oil and gas, defence — Figure 2: Global steel demand by end-use sector (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 Consumption Analysis by Grade
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

Steel Demand Forecast
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 customized for any country or region, providing detailed breakdowns by:

Flat Products: Plate, Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), and Galvanized 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.