United States Steel Market

United States Steel Market Overview:

The United States steel market size is projected to exhibit a growth rate (CAGR) of 1.8% during 2024-2032. The thriving oil and gas industry, as it requires steel products for infrastructure development and operational activities, rising demand for autonomous vehicles, and ongoing advancements in technology are expanding the growth of the market in the country.

United States Steel Market Analysis:

• Major Market Drivers: The rising number of construction activities in the United States, along with the increasing demand for autonomous vehicles are propelling the market growth.
• Key Market Trends: The thriving oil and gas industry and ongoing technological advancements are stimulating the growth of the market.
• Competitive Landscape: Some of the major market players in the United States steel industry are provided in the report.
• Challenges and Opportunities: While the market faces challenges like stringent environmental rules, which impact the market, it also encounters opportunities in the development of advanced steel products that offer higher efficiency.

United States Steel Market Trends:

Growing demand for autonomous vehicles

As the demand for autonomous vehicles is rising, so is the production of these vehicles. Autonomous vehicles often require strong structural components and safety features, which are usually made from steel. Autonomous vehicles prioritize the use of lightweight and high-strength materials to improve fuel efficiency and adhere to safety regulations. Advanced High-Strength Steel (AHSS) and Ultra-High Strength Steel (UHSS) are preferred in the production of these vehicles due to their excellent strength-to-weight ratios. This is driving the innovation and demand for specialized steel products and strengthening the United States steel market growth. According to the IMARC Group’s report, the global United States autonomous vehicle market is projected to exhibit a growth rate (CAGR) of 28.6% during 2024-2032.

Thriving oil and gas industry

Construction of pipelines for the transportation of oil and natural gas involves a huge amount of steel utilization. Steel is used in the pipes themselves, and in structures like pumping stations and tanks. Furthermore, processes used in acquiring oil and gas involve the use of steel alloys that can handle pressures and are highly resistant to corrosion and heat. It increases the necessity to develop new and high-performance steel products, thereby bolstering the United States steel market share. Apart from this, the oil and gas industry need steel structures and facilities, such as refineries, processing plants, and storage tanks. As per the IMARC Group’s report, the United States oil and gas market size is projected to exhibit a growth rate (CAGR) of 4.60% during ​2024-2032.

Technological innovations

Continuous advancements in metallurgy and casting are revolutionizing steel production in the US, enhancing its quality and uniformity. This progress allows key players to adhere to stringent standards while catering to a wide array of industrial demands. Technological advancements are driving the development of novel steel alloys and custom products, including lightweight steel for cars and robust steel for buildings. Moreover, United States steel market recent opportunities in steelmaking technologies, such as electric arc furnaces and cleaner energy sources, help reduce carbon emissions and environmental impact. Besides this, technologies like IoT and data analytics are improving supply chain management, enhancing overall efficiency, and reducing lead times. Additionally, key players are launching steel line which is setting new standards in precision and performance in the market. For example, in 2023, US Steel corporation launched new electrical steel line with Ribbon Cutting in Osceola, Arkansas.

United States Steel Market Segmentation:

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 2024-2032. Our report has categorized the market based on type, product, and application.

Breakup by Type:

• Flat Steel
• Long Steel
   

The United States steel market report has provided a detailed breakup and analysis of the market based on the type. This includes flat steel and long steel.

In construction, flat steel serves as a primary material for frameworks, roofs, facades, and flooring systems. Beyond construction, the automotive industry extensively utilizes flat steel for vehicle bodies, chassis components, and various interior and exterior parts. Moreover, the strength, durability, and ease of fabrication of flat steel make it indispensable in machinery, appliances, pipelines, and storage tanks. Its widespread availability in various grades and thicknesses further contributes to its market dominance, allowing it to meet diverse individual needs and specifications.

Long steel products like reinforcing bars, beams, rods and structural sections used in constructing bridges, highways and buildings. However, the demand for long steel remains high due to continuous growth in urbanization, making the necessary investment in residential and business structures. Moreover, infrastructural development like improvements of the transport systems and other facilities help to create demand for long steel products. In addition, long steels are versatile and durable, and therefore they are widely used in industrial applications, such as machinery and equipment, which is catalyzing the United States steel demand.

Breakup by Product:

• Structural Steel
• Prestressing Steel
• Bright Steel
• Welding Wire and Rod
• Iron Steel Wire
• Ropes
• Braids
   

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.

Structural steel is used in construction of civil structures, such as buildings, bridges, different industrial constructions, due to its durability and use in varieties of constructions. It also has high strength to weight ratio which facilitates more effective load supporting designs and ensuring structural integrity over long periods. Moreover, steel is relatively versatile in the fabrication and assembly process enhances construction efficiency and reduces project timelines. Popularity of new and advanced commercial and residential building projects, continuous investments in infrastructural development and expansion across the territory, compels the need for structural steel.

Prestressing steel which is available in the form of steel strands or bars is used for concrete structures like bridges, highways, buildings, and parking lots. Prestressed concrete is the method where forces are applied on the concrete before being subjected to external loads which helps to increase its strength. This makes prestressed concrete structures less prone to cracking, deformation and other structural failures, thus improving on their durability and requiring less frequent maintenance.

Bright steel is preferred especially in the automotive, aerospace, construction, and manufacturing industries where tight tolerances are necessary. This segment comprises products like bars, rods, wire and tubes among others which are value added through cold drawing, grinding or polishing processes in order to attain the requisite surface finish and precision. Bright steel is widely used because it can meet high performance standards in parts of machinery, tools, shafts, and hydraulic system units.

Breakup by Application:

• Building and Construction
• Electrical Appliances
• Metal Products
• Automotive
• Transportation
• Mechanical Equipment
• Domestic Appliances
   

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.

Steel is used for a wide range of construction applications, ranging from skyscrapers and bridges to residential homes and commercial complexes due to its versatility, strength, and durability. In urban areas especially, where population growth and economic development is driving the demand for new infrastructure, steel is preferred for its ability to support large spans and withstand various environmental conditions. Its flexibility in design and construction allows architects and engineers to innovate while ensuring safety and efficiency. Moreover, recyclability of steel aligns with sustainability goals, appealing to developers and builders focused on environmental impact, thereby strengthening the United States steel market revenue.

Steel is extensively used in electrical appliances across various components and structural elements. The inherent properties of steel, such as strength, durability, and heat resistance, make it indispensable in the manufacturing of appliances like refrigerators, stoves, dishwashers, washing machines, and microwave ovens. These appliances require steel for their outer casings, internal frames, panels, and other critical parts that need to withstand mechanical stresses and environmental conditions.

The metal products include pipes and tubes, sheets, bars and rods, that are fabricated and used in construction & engineering, automobile, electronics & electrical and various consumer products. The properties of steel like durability and versatility makes it an invaluable material to produce these metal products.

Breakup by Regional:

• Northeast
• Midwest
• South
• West
   

The report has also provided a comprehensive analysis of all the major markets in the United States, which include Northeast, Midwest, South, and West.

Northwest region is at the forefront of industrial development and urbanization in the country, leading to substantial demand for steel across various sectors. Major metropolitan areas, such as New York City, Philadelphia, Boston, and Pittsburgh have long been centers of manufacturing, construction, and infrastructure development, all of which heavily rely on steel as a primary construction material. The Northeast's dense population and extensive urban infrastructure continually driving the ongoing renovations, new building projects, and infrastructure upgrades, sustaining consistent demand for steel products.

The Midwest's strategic location allows for efficient transportation of raw materials and finished steel products through waterways, railways, and highways, supporting a robust supply chain network. Moreover, the Midwest benefits from a skilled workforce with deep expertise in steel manufacturing and related industries, further bolstering its competitive advantage. Over time, the region is evolving to embrace technological advancements and adapt to changing market dynamics, enabling it to maintain its leadership position in the United State steel market.

The Southern states, including Texas, Louisiana, Alabama, and others, have historically been hubs for heavy industry and manufacturing. This legacy infrastructure and industrial base are proving a solid foundation for steel production and related industries. Additionally, the Southern region benefits from strategic geographic advantages, such as access to major transportation routes including ports, railways, and interstate highways. These logistical advantages facilitate efficient distribution of steel products domestically and internationally, supporting robust trade activities.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided.
• Many United States steel companies are expanding production capacities to diversify revenue streams. They are undertaking initiatives to reduce environmental impact through sustainable practices and product innovations. Additionally, key players are forming partnerships or mergers to strengthen the market position and capabilities. They are streamlining supply chains to improve logistics and reduce costs. Key manufacturers are also investing in brand building activities and effective marketing strategies to enhance market presence and customer engagement. They are improving risk management practices to mitigate market volatility and supply chain disruptions. In line with this, key players are embracing digital technologies such as automation, data analytics, and Internet of Things (IoT) for improved operations and decision-making. In addition, United States steel market recent developments like new steel products tailored to meet specific industry demands or regulatory requirements, are stimulating the market growth. They are also introducing new technologies for steel production, which reduces the adverse impact on environment. For instance, in 2023, ABB launched a new report that considers carbon capture, hydrogen and electrochemistry as routes to decarbonizing primary steel production. It spotlights innovative new technology developments and approaches in the US, Brazil, China, and India, countries that are leading the way towards fossil-free steel.

United States Steel Market News:

• December 18, 2023: Nippon Steel Corporation (NSC) acquired United States Steel Corporation in an all-cash transaction at $55.00 per share. It will enhance its world-leading manufacturing and technology capabilities and enable it to expand the geographic areas in which NSC can better serve all its stakeholders, including customers and society at large.
• September 14, 2023: Transmute, a leader in supply chain data management and visibility solutions, announced the successful conclusion of its Steel Tech Demo technology test with United States Customs and Border Protection (US CBP).

United States Steel Market Report Scope:

Key Questions Answered in This Report:

• How has the United States steel market performed so far, and how will it perform in the coming years?
• What has been the impact of COVID-19 on the market?
• What is the breakup of the market on the basis of type?
• What is the breakup of the market on the basis of product?
• What is the breakup of the market on the basis of application?
• What are the various stages in the value chain of the market?
• What are the key driving factors and challenges in the market?
• What is the structure of the market, and who are the key players?
• What is the degree of competition in the United States steel market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, United States steel market forecasts, and dynamics of the market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the market.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the United States steel industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.