| Study Period | 2019 - 2032 |
| Market Size in 2024 | USD 91.1 Billion |
| Market Size in 2025 | USD 92.5 Billion |
| Market Size by 2032 | USD 109.7 Billion |
| Projected CAGR | 2.5% |
| Largest Region | Midwest |
| Fastest Growing Region | South |
| Market Structure | Fragmented |
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The U.S. iron & steel market valued USD 91.1 billion in 2024, and this number is expected to increase to USD 109.7 billion by 2032, advancing at a CAGR of 2.5% during 2025–2032.
The growth is attributed to the increasing construction efforts, technological breakthroughs, and focus on sustainable manufacturing methods. Raw steel production in the country was 1.682 million net tons till April 2025, while the manufacturing sector operated at an 74.9% utilization rate. The Infrastructure and Investment Jobs Act of 2021 could lead to the demand for around 50 million tons of steel products. This is reflected in the fact that finished steel imports increased by 26.5% from December 2024, reaching a 25% share in total consumption January 2025, as per the American Iron and Steel Institute.
Finished steel products are the largest and fastest-growing category with 65% share in 2024. They find extensive application in the construction, automotive, machinery, and energy sectors. Flat and long steel are widely used in building bridges and high-rise buildings and for industrial operations. The high demand for hot- and cold-rolled coils and rebars is because of the government-funded infrastructure projects and industrial production requirements.
The product types covered in this report are:
Primary steelmaking is the largest and fastest-growing category with 60% share in 2024. This is because it can make large quantities of premium steel products. The traditional BF-BOF process dominates primary steelmaking since it efficiently makes high-strength steel for automotive, construction, and heavy machinery applications. Integrated steel producers use the BF-BOF method to turn iron ore into virgin steel, which maintains uniform mechanical properties.
The production processes covered in this report are:
OEMs are the largest category with 70% share because they need substantial amounts of steel products across diverse industries, including automotive, aerospace, machinery, and appliances. High-strength and specialized steel materials serve as the main components in the automotive industry for vehicle frames, panels, and components. OEMs buy directly from steel manufacturers in bulk, to secure a steady supply and premium quality at reduced wholesale costs.
The customer types covered in this report are:
The construction & infrastructure sector is the largest category in the market with 75% share, as steel and iron products are extensively used in bridges, roads, railway tracks, and commercial, residential, and industrial buildings. Steel is popular as it provides exceptional strength, durability, and recycling possibilities. The Bipartisan Infrastructure Law has created a huge demand for structural steel, rebars, and galvanized sheets for highways, water systems, and transit networks. The rising need for urban development, sustainability, and earthquake-proof buildings drives steel consumption in the construction & infrastructure sector.
The end users covered in this report are:
Integrated steel producers are the largest category with 80% share because they operate high-volume steel production lines with full vertical integration. These producers supply extensive volumes of flat and long steel products for all kinds of industries. Moreover, these plants usually produce more than one kind of product, which suits users who have varying requirements.
The major market segments covered in this report are:
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The Midwest is the prime revenue contributor with 40% share because it maintains of its historical association with steelmaking, expansive industrial infrastructure, and easy access to raw material reserves. Major integrated steel plants owned by U.S. Steel, Cleveland-Cliffs, and Nucor are located in Indiana, Ohio, and Pennsylvania. The extensive presence of iron ore in the Great Lakes region, efficient transportation links, and numerous automotive, construction, and manufacturing companies fuel steel consumption in this region.
The regions analyzed in this report are:
The market is relatively fragmented as a variety of starting, semi-finished, and finished products are available for different purposes. While a few companies dominate domestic production, the sales are distributed among a large number of companies. This is because the country still imports a large chunk of the iron and steel products it consumes from companies in Canada, Mexico, Japan, South Korea, and a few others. Moreover, while a few integrated steel producers mine their own ore, most others procure from third-party suppliers and miners, which further fragments the market.
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