Mining Steel Industry Market Set to Reach $1,450.3 Billion by 2035 – BIS Research

Market Overview 

Market Size and Growth Rate 

In 2024, the global mining steel industry stood at $875.7 billion. Over the forecast period of 2025 to 2035, the market is anticipated to expand at a compound annual growth rate (CAGR) of 4.63%, reaching $1,450.3 billion by 2035. 

Trends & Innovation 

Key industry trends include a decisive shift toward low-emission steel production using Electric Arc Furnaces (EAF) and Direct Reduced Iron (DRI) technologies. AI-driven predictive maintenance systems are being adopted to streamline operations and reduce downtime. Innovations also focus on enhancing recycling capabilities and integrating circular economy principles to minimize raw material dependency and environmental impact. 

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Key Highlights: 

Report USP: 

• Comprehensive analysis of market segmentation by end-use application and production methodology. 
• In-depth examination of regional market dynamics, with a focus on the Asia-Pacific region. 
• Insights into emerging technologies and sustainable practices shaping the industry's future. 
• Profiles of key market players and their strategic initiatives. 
• Evaluation of market drivers, challenges, and opportunities influencing growth trajectories. 

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Demand Drivers, Challenges & Opportunities: 

Demand Drivers 

The mining steel industry is being significantly propelled by the increasing demand from end-use sectors such as construction, transportation, infrastructure, and automotive manufacturing. Rapid urbanization in emerging economies, particularly in Asia-Pacific and Africa, is fueling the need for high-strength steel for infrastructure development such as roads, bridges, railways, and buildings. Additionally, the global push for renewable energy has spurred investments in wind turbines and solar farms, which require large amounts of specialty steel. The transition towards electric vehicles is also a major driver, with automakers requiring advanced steel grades for battery casings and lightweight vehicle components. Governments worldwide are announcing infrastructure stimulus packages, further bolstering the need for steel-intensive projects. 

Challenges 

Despite the strong growth outlook, the mining steel industry faces several pressing challenges. One of the most prominent issues is the volatility of raw material prices, particularly iron ore and metallurgical coal, which directly affect steel production costs and margins. Another major hurdle is the environmental impact of traditional steelmaking methods, such as the Blast Furnace-Basic Oxygen Furnace (BF-BOF) route, which emits significant amounts of CO₂. With increasing regulatory scrutiny and carbon taxes in regions like the EU, producers are under pressure to adopt cleaner technologies. Furthermore, the geopolitical tensions and trade barriers, such as tariffs and export restrictions, can disrupt supply chains and impact profitability. Labor shortages and energy supply instability in certain mining regions also constrain operational efficiency. 

Opportunities 

Amid these challenges, the industry is ripe with transformative opportunities. A major opportunity lies in the adoption of low-carbon steelmaking technologies, such as Direct Reduced Iron (DRI) paired with Electric Arc Furnaces (EAF), which dramatically reduce greenhouse gas emissions. Investments in carbon capture and storage (CCS) technologies and hydrogen-based steel production are gaining momentum and offer long-term sustainability advantages. Another key opportunity is the expansion into underexplored markets in Sub-Saharan Africa and Southeast Asia, where infrastructure development is accelerating. The growing emphasis on recycling and the circular economy, particularly the use of scrap steel, offers both environmental and economic benefits. 

Market Segmentation: 

Segmentation 1: End-Use Application based segmentation 

•    Transportation (Automotive and Other Transportation) 

•    Building, Construction, and Infrastructure 

•    Consumer Goods and Appliances 

•    Industrial Equipment and Manufacturing 

•    Packaging 

•    Others 

Segmentation 2: Production Methodology based segmentation 

•    Blast Furnace-Basic Oxygen Furnace (BF-BOF) 

•    Direct Reduced Iron - Electric Arc Furnace (DRI-EAF) 

•    Other Emerging Technologies 

Segmentation 3: End Products based segmentation 

•    Carbon Steel 

•    Alloy Steel 

•    Stainless Steel 

•    High-Strength Steel 

•    Others 

Segmentation 4: Region based segmentation 

•    North America: U.S., Canada, and Mexico 

•    Europe: Germany, France, Austria, Italy, U.K., Rest-of-Europe 

•    Asia-Pacific: China, Japan, India, South Korea, Australia, Rest-of-Asia-Pacific 

•    Rest-of-the-World: Middle East and Africa, South America 

Competitive Landscape: 

Key Players 

•    ArcelorMittal 

•    thyssenkrupp AG  

•    NIPPON STEEL CORPORATION 

•    China Ansteel Group Corporation Limited 

•    China Jianlong Steel Industriai Co Ltd. 

•    Salzgitter AG 

•    Tata Steel 

•    JSW 

•    JFE Steel Corporation 

•    Nucor Corporation  

•    Shandong Lenser materials Co.,LTD. 

•    HYUNDAI STEEL 

•    Jindal Steel & Power Limited 

•    SAIL 

•    Cleveland-Cliffs Inc. 

Strategic Initiatives:

These companies are investing in sustainable production methods, expanding their global footprint, and engaging in mergers and acquisitions to enhance their market position. For instance, the adoption of EAF and DRI technologies reflects a commitment to reducing carbon emissions and improving operational efficiency.  

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Case Studies & Success Stories: 

In India, the state of Odisha is set to become a significant steel production hub, with plans to build at least 12 steel plants by 2030, adding a production capacity of 60 million tons per year. This initiative is expected to boost employment and economic growth in the region.  

Similarly, European steelmakers are transitioning towards a circular economy by increasing the use of scrap metal in production. This shift not only reduces reliance on raw materials but also aligns with environmental sustainability goals. 

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