The Canada steel market size reached USD 19,593.96 Million in 2024. The market is projected to reach USD 25,993.25 Million by 2033, exhibiting a growth rate (CAGR) of 3.19% during 2025-2033. The market is driven by the robust infrastructure development fueled by government investments in transportation, energy, and urban projects; strong demand from the automotive sector, especially with the shift towards electric vehicles requiring advanced steel grades; and the impact of trade policies and global market dynamics, including tariffs, anti-dumping measures, and raw material price fluctuations. These factors drive domestic production, affect pricing dynamics, and promote technological advancements, helping maintain competitiveness in global steel markets, thereby strengthening Canada steel market share.
Report Attribute
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 19,593.96 Million |
Market Forecast in 2033 | USD 25,993.25 Million |
Market Growth Rate 2025-2033 | 3.19% |
Automotive Industry Fuels Growth and Innovation
The automotive sector is a substantial consumer of Canadian steel, driving demand for high-strength, lightweight steels essential for vehicle manufacturing. With plants operated by global automakers such as Ford, General Motors, and Stellantis in Ontario, the auto industry heavily influences steel production trends. The shift towards electric vehicles (EVs) adds momentum, as EV manufacturing requires advanced steel grades for battery enclosures, chassis, and body structures. Canada’s proximity to the US auto belt and its role in the USMCA trade agreement strengthens cross-border steel flows, ensuring market stability. Moreover, government incentives supporting EV production, including tax credits and plant subsidies, attract new investments in automotive manufacturing, indirectly benefiting steel producers. The circular economy push for vehicle recycling also supports steel scrap usage, crucial for electric arc furnace operations in Canadian steel mills.
Infrastructure Development
Canada’s ambitious infrastructure initiatives are a major driver of steel demand, with the federal investing in Canada Infrastructure Program committing over CA$33 billion towards transit, highways, water systems, and energy projects through 2023. Such government-backed developments require substantial volumes of steel, particularly long products like rebar and structural steel. Urban expansion in cities such as Toronto, Vancouver, and Calgary further supports construction-driven steel consumption. Additionally, Canada’s transition to green energy including wind farms, hydroelectric facilities, and transmission infrastructure demands high-grade steel for turbines, towers, and grids. This continuous stream of projects stabilizes domestic steel requirements, encourages production capacity growth, and sustains technological advancements across the sector. The result is a resilient steel market that serves national development and also maintains employment and competitiveness thus bolstering the Canada steel market growth.
Trade Policies and Global Market Dynamics
Another significant factor is the heavy influence of trade policies, tariffs, and international market dynamics. As a member of USMCA and the World Trade Organization (WTO), Canada balances its steel imports and exports with global obligations. Protective measures, such as safeguard tariffs and anti-dumping duties, shield domestic producers from unfairly priced imports, especially from countries like China and Russia. Conversely, any relaxation in these policies can flood the market with cheap foreign steel, impacting local pricing and production. Global trends such as shifts in demand from Asia, currency fluctuations, and raw material (iron ore, scrap) prices also affect Canadian steel competitiveness. Furthermore, geopolitical tensions, energy costs, and environmental regulations (like carbon tariffs) alter production economics, prompting strategic adjustments by Canadian mills to remain profitable and sustainable. These ongoing developments continue to shape Canada steel market trends in a rapidly evolving global landscape
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2025-2033. Our report has categorized the market based on type, product, and application.
Type Insights:
The report has provided a detailed breakup and analysis of the market based on the type. This includes flat steel and long steel.
Product Insights:
A detailed breakup and analysis of the market based on the product have also been provided in the report. This includes structural steel, prestressing steel, bright steel, welding wire and rod, iron steel wire, ropes, and braids.
Application Insights:
The report has provided a detailed breakup and analysis of the market based on the application. This includes building and construction, electrical appliances, metal products, automotive, transportation, mechanical equipment, and domestic appliances.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include Ontario, Quebec, Alberta, British Columbia, and Others.
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Million USD |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
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Types Covered | Flat Steel, Long Steel |
Products Covered | Structural Steel, Prestressing Steel, Bright Steel, Welding Wire and Rod, Iron Steel Wire, Ropes, Braids |
Applications Covered | Building and Construction, Electrical Appliances, Metal Products, Automotive, Transportation, Mechanical Equipment, Domestic Appliances |
Regions Covered | Ontario, Quebec, Alberta, British Columbia, Others |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
Key Benefits for Stakeholders: