Report Overview

United States Steel Market – Industry Trends & Forecast Report, 2030

United States Steel Market size was estimated at USD 162.49 billion in 2023. During the forecast period between 2024 and 2030, United States Steel Market size is projected to grow at a CAGR of 4.23% reaching a value of USD 215.33 billion by 2030. Prominent drivers of the market include rising demand for steel in key sectors like construction, automotive, and infrastructure development. The United States Steel Market, which operates around 100 production facilities and supports nearly 1 million jobs, is also benefiting from advancements in Advanced High-Strength Steel (AHSS) technology. AHSS, which is highly recyclable, plays a vital role in reducing greenhouse gas emissions, particularly in the automotive sector. Additionally, the industry's strong foundation in technological innovations continues to drive productivity and efficiency improvements, positioning the United States as a top global steel competitor. The steel sector's legacy of growth, underpinned by strategic resource access and robust industrial expansion, is set to maintain its crucial role in shaping the national economy during the forecast period.

Steel – Overview

Steel is an iron-carbon alloy that offers enhanced strength and fracture resistance compared to other iron varieties. Its high tensile strength and affordability make it one of the most widely produced materials globally. Steel is utilized in a diverse range of applications, including construction (as reinforcing rods in concrete), bridges, infrastructure, tools, ships, trains, automobiles, bicycles, machinery, electrical appliances, furniture, and weapons.

United States Steel Market

Growth Drivers

Government’s Increasing Spending on Infrastructure Development Projects

Government spending on infrastructure projects, particularly through initiatives like the US CHIPS and Science Act, significantly transforms the construction landscape. Signed into law in August 2022, the legislation includes over USD 50 billion in direct incentives aimed at enhancing semiconductor manufacturing, leading to a remarkable quadrupling of real spending on construction in the computer, electronic, and electrical sectors since early 2022. The surge has positioned this segment as a dominant force in US manufacturing construction. While immediate effects benefit steelmakers supplying materials for the booming construction sector, longer-term advantages are anticipated through additional legislation like the Bipartisan Infrastructure Law and the Inflation Reduction Act, which are set to further stimulate industrial construction and electric vehicle production. As demand for construction materials escalates in response to these legislative measures, the US construction industry stands on the cusp of a significant transformation, paving the way for a robust infrastructure future.

Challenges

Tariffs, Quotas, and other Trade Barriers

Tariffs, quotas, and other trade barriers could significantly restrain the growth of the United States steel market by increasing production costs and limiting access to essential raw materials. These protective measures, while aimed at safeguarding domestic industries, often lead to higher prices for consumers and reduced competitiveness for US steel producers in the global market. Moreover, uncertainty surrounding trade policies can hinder investment in new technologies and capacity expansions, further stifling innovation within the sector. The imposition of trade barriers may also provoke retaliatory actions from other countries, disrupting supply chains and limiting export opportunities for American steel manufacturers. Consequently, these factors create an environment of volatility that challenges the long-term sustainability and growth prospects of the US steel market.

Impact of Escalating Geopolitical Tensions on United States Steel Market

Escalating geopolitical tensions among countries and spreading across regions could have a significant impact on the growth of United States Steel Market. Such tensions often lead to uncertainty in trade relations, resulting in fluctuating tariffs and trade barriers that can disrupt supply chains. Additionally, heightened geopolitical risks may deter foreign investment, limiting capital inflows necessary for technological advancements and capacity expansions. As a result, US steel manufacturers could face challenges in maintaining competitiveness and profitability. Furthermore, retaliatory measures from other nations may restrict export opportunities, further constraining the growth potential of the domestic steel industry.

United States Steel Market

Segmental Coverage

United States Steel Market – By Product Type

By product type, United States Steel Market is divided into Flat Steel, Long Steel, Tubular Steel, Stainless Steel, and others (including Alloy Steel) segments. The flat steel segment holds the highest share of United States Steel Market by product type. Flat steel is derived from rolling mills that process steel slabs or thin steel sheets into plates, sheets, strips, and structural beams. The product type segment finds extensive applications in consumer goods, construction, and white goods, as well as in the manufacturing of cable trays, light bars, truck trailers, tippers, railways, vehicles, and gratings.

United States Steel Market – By Production Method

Based on production method, United States Steel Market is bifurcated into Basic Oxygen Furnace (BOF) and Electric Arc Furnace (EAF) segments.

United States Steel Market – By End User

Based on end user, United States Steel Market is divided into Building & Construction, Electrical Appliances, Automotive, Transportation, Mechanical Equipment, and Domestic Appliances segments. The building & construction segment accounts for the largest share of United States Steel Market by end user. The building and construction segment is a major driver of steel demand, as steel is indispensable for structural applications, such as beams, columns, and reinforcing bars. These components are essential for ensuring the structural integrity and stability of buildings and infrastructure. With urbanization, population growth, and ongoing infrastructure development, the demand for steel in residential, commercial, and industrial projects remains robust. Steel's superior properties, including high tensile strength, durability, flexibility, cost-effectiveness, and sustainability, make it a preferred choice for construction. Expected increases in construction spending are expected to further fuel growth in the segment over the forecast period.

Competitive Landscape

Major players operating in United States Steel Market include Nucor Corporation, Nippon Steel Corporation, United States Steel Corporation, Cleveland-Cliffs Inc., ArcelorMittal, and CK Metalworks. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In May 2024 - United States Steel Corporation and Nippon Steel Corporation announced the receipt of all non-U.S. regulatory approvals necessary for their proposed transaction. These approvals come from various international regulatory bodies, indicating a significant milestone toward completion.

Scope of the Report

By Product Type

• Flat Steel

• Long Steel

• Tubular Steel

• Stainless Steel

• Others (including Alloy Steel)

By Production Method

• Basic Oxygen Furnace (BOF)

• Electric Arc Furnace (EAF)

By End User

• Building & Construction

• Electrical Appliances

• Metal Products

• Automotive

• Transportation

• Mechanical Equipment

• Domestic Appliances

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. United States Steel Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Government spending on infrastructure projects
         2. Growth and expansion construction industry
         3. Increasing production of vehicles, especially electric vehicles
      2. Restraints
         1. Intense competition from steel producers in countries like China and India
         2. Tariffs, quotas, and other trade barriers
         3. Recessions or economic downturns
      3. Opportunities
         1. Innovations in steel production, such as advanced high-strength steels and sustainable manufacturing processes
         2. Infrastructure modernization
         3. Emerging industries like renewable energy and aerospace
      4. Challenges
         1. Stricter environmental standards
         2. Shortage of skilled workers in the steel industry
         3. Rising energy prices
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. United States Steel Market: Marketing Strategies
5. United States Steel Market: Pricing Analysis
6. United States Steel Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
         1. Flat Steel
         2. Long Steel
         3. Tubular Steel
         4. Stainless Steel
         5. Others (including Alloy Steel)
      2. By Production Method
         1. Basic Oxygen Furnace (BOF)
         2. Electric Arc Furnace (EAF)
      3. By End User
         1. Building & Construction
         2. Electrical Appliances
         3. Metal Products
         4. Automotive
         5. Transportation
         6. Mechanical Equipment
         7. Domestic Appliances
7. Competitive Landscape
   1. List of Key Players and Their Products
   2. United States Steel Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership)
8. Impact of Escalating Geopolitical Tensions on United States Steel Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, and SWOT Analysis)
   1. Nucor Corporation
   2. Nippon Steel Corporation
   3. United States Steel Corporation
   4. Cleveland-Cliffs Inc.
   5. ArcelorMittal
   6. CK Metalworks
   7. Other prominent players
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.    Breakdown of Primary Research Respondents
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       United States Steel Segmentation

Figure 2       United States Steel Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       United States Steel Market Size, By Value (USD Billion), 2019–2030

Figure 5       United States Steel Market Share, By Product Type, By Value (USD Billion), 2019–2030

Figure 6       United States Steel Market Share, By Production Method, By Value (USD Billion), 2019–2030

Figure 7       United States Steel Market Share, By End User, By Value (USD Billion), 2019–2030

List of Tables      

Table 1        United States Steel Market Size, By Value (USD Billion), 2019–2030

Table 2        United States Steel Market Share, By Product Type, By Value (USD Billion), 2019–2030

Table 3        United States Steel Market Share, By Production Method, By Value (USD Billion), 2019–2030

Table 4        United States Steel Market Share, By End User, By Value (USD Billion), 2019–2030

Table 5        Nucor Corporation Company Overview

Table 6        Nucor Corporation Financial Overview

Table 7        Nippon Steel Corporation Company Overview

Table 8        Nippon Steel Corporation Financial Overview

Table 9        United States Steel Corporation Company Overview

Table 10      United States Steel Corporation Financial Overview

Table 11      Cleveland-Cliffs Inc. Company Overview

Table 12      Cleveland-Cliffs Inc. Financial Overview

Table 13      ArcelorMittal Company Overview

Table 14      ArcelorMittal Financial Overview

Table 15      CK Metalworks Company Overview

Table 16      CK Metalworks Financial Overview