The Philippines steel market size reached USD 19,488.00 Million in 2024. The market is projected to reach USD 25,695.28 Million by 2033, exhibiting a growth rate (CAGR) of 3.12% during 2025-2033. The market is expanding driven by increasing infrastructure projects and government support for local manufacturing. Growing emphasis on sustainable production and circular economy practices also strengthens Philippines steel market share, promoting self-reliance and reducing dependence on imports across construction and industrial sectors.
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 19,488.00 Million |
Market Forecast in 2033 | USD 25,695.28 Million |
Market Growth Rate 2025-2033 | 3.12% |
Focus on Sustainable Steel Production
The Philippine steel industry has increasingly prioritized environmentally sustainable practices to align with global climate goals and resource efficiency. This shift responds to growing awareness of steel’s environmental footprint and the country’s ambition to reduce reliance on imported raw materials, which often come with higher costs and carbon emissions. Domestic steel producers have been adopting more energy-efficient technologies, such as electric arc furnaces, which enable the recycling of scrap metal—a resource the Philippines has in abundance, being a net scrap exporter. This approach helps reduce waste and promotes a circular economy, where raw materials are reused rather than discarded. By focusing on sustainability, the steel industry can also meet stricter environmental regulations and attract investments driven by green policies. In January 2024, SteelAsia announced major capacity expansions, including electric arc furnace projects in Luzon and Davao, which are scheduled for completion in 2025. These include a 750,000-ton large section mill and smaller units. These investments represent a commitment to cleaner production and improved efficiency through the use of domestic scrap steel. Such expansions not only increase output but also support long-term sustainability goals by minimizing raw material import dependence and lowering the industry’s carbon footprint. This development highlights an emerging market trend where environmental responsibility and economic growth are pursued simultaneously, positioning the Philippine steel sector for a more resilient and sustainable future.
Expansion of Domestic Manufacturing Scale
The Philippine steel market has been actively expanding its domestic manufacturing capabilities in response to rising infrastructure and construction demand. Driven by national development programs like “Build Better More” and supported by laws such as the ‘Tatak Pinoy’ initiative, the government encourages import substitution and self-reliance in steel production. With ongoing large-scale public infrastructure projects and housing developments, the demand for reinforcing steel bars (rebars) and structural steel products has grown significantly. Local steel producers are investing in modern, high-capacity facilities to meet these needs, which not only improves supply stability but also reduces the country’s trade deficit associated with steel imports. Increasing domestic production capacity strengthens the steel value chain and provides employment opportunities in key regions. In July 2024, President Marcos inaugurated SteelAsia’s Compostela Works in Cebu, the Philippines’ largest and most modern steel mill, with a one million-ton annual rebar capacity. This facility plays a crucial role in enhancing local steel supply for infrastructure projects in Visayas and Mindanao, thereby reducing reliance on imported steel products. Its establishment marks a significant milestone in industrial modernization and regional development. By producing steel domestically at scale, the industry enhances competitiveness and supports economic growth while addressing national priorities for infrastructure and housing. The development exemplifies a broader trend of strengthening self-sufficiency and industrial resilience in the Philippines steel market growth.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional level 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:
The report has provided a detailed breakup and analysis of the market based on the product. 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 Luzon, Visayas, and Mindanao.
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 | Luzon, Visayas, Mindanao |
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) |