United States Steel Market Size to Hit USD 164.9 Billion in 2034 | Grow CAGR by 1.60%
United States Steel Market
The thriving oil and gas industry, rising demand for autonomous vehicles, and ongoing technological advancements are strengthening the expansion of the steel industry across the United States.
BROOKLYN, NY — (February 26, 2026) — According to a comprehensive new market research study published by IMARC Group, the United States steel market is projected to reach a valuation of USD 164.9 Billion by 2034. The report reveals that the market reached a size of USD 141.9 Billion in 2025. This growth trajectory represents a compound annual growth rate (CAGR) of 1.60% during the forecast period from 2026 to 2034.
Steel remains a foundational material in the U.S. economy, supporting construction, automotive manufacturing, energy infrastructure, shipbuilding, and heavy machinery production. Its durability, recyclability, and strength make it indispensable across multiple industrial verticals.
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Key Market Statistics 2026-2034
Market Size 2025: USD 141.9 Billion
Projected Market Size 2034: USD 164.9 Billion
Compound Annual Growth Rate (CAGR) 2026-2034: 1.60%
Publisher: IMARC Group, global management consulting firm
Key Market Drivers
The report highlights several critical factors fueling the expansion of the steel sector in the United States:
Thriving Oil and Gas Industry: Steel is essential for pipelines, drilling rigs, storage tanks, and refinery infrastructure, supporting upstream and downstream energy operations.
Infrastructure Modernization: Federal and state investments in bridges, highways, railways, and public utilities are increasing structural steel consumption nationwide.
Automotive Industry Transformation: The rising adoption of electric and autonomous vehicles is boosting demand for advanced high-strength and lightweight steel grades.
Technological Advancements: Innovations in electric arc furnaces (EAF), automation, and smart manufacturing are improving production efficiency and reducing environmental impact.
Recycling and Sustainability Trends: Growing emphasis on circular economy practices is encouraging higher steel recycling rates, reinforcing domestic supply chains.
United States Steel Market: Key Market Segmentation
The IMARC Group report provides a granular analysis of the United States steel market based on several key segments:
Breakup by Type:
• Flat Steel
• Long Steel
Breakup by Product:
• Structural Steel
• Prestressing Steel
• Bright Steel
• Welding Wire and Rod
• Iron Steel Wire
• Ropes
• Braids
Breakup by Application:
• Building and Construction
• Electrical Appliances
• Metal Products
• Automotive
• Transportation
• Mechanical Equipment
• Domestic Appliances
Geographically, steel demand remains strong across major U.S. regions, including the Midwest, South, Northeast, and West. The Midwest continues to serve as a manufacturing hub with concentrated automotive and heavy industrial activity, while the South is witnessing rising investments in energy and infrastructure projects. Coastal regions benefit from shipbuilding, port development, and renewable energy installations.
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A Nationwide Push Toward Industrial Resilience
The U.S. steel industry is increasingly focused on domestic production capacity expansion and supply chain resilience. Trade policies, tariffs, and reshoring initiatives are encouraging local manufacturing growth. Simultaneously, investments in green steel production and decarbonization technologies are shaping the industry’s long-term sustainability roadmap.
Digital transformation initiatives, including predictive maintenance, AI-driven quality control, and data analytics integration, are further enhancing operational efficiency and competitiveness.
United States Steel Market News
December 18, 2023: Nippon Steel Corporation (NSC) completed the acquisition of United States Steel Corporation through an all-cash deal valued at $55.00 per share. The strategic transaction is expected to strengthen NSC’s global manufacturing footprint, enhance its advanced technology capabilities, and expand its geographic presence. The acquisition will enable the company to better serve customers, partners, and broader societal stakeholders through improved operational scale and innovation.
September 14, 2023: Transmute, a prominent provider of supply chain data management and visibility solutions, successfully concluded its Steel Tech Demo technology pilot in collaboration with United States Customs and Border Protection (US CBP). The initiative demonstrated enhanced traceability and compliance capabilities within steel supply chains, supporting improved transparency and regulatory monitoring.
Key Challenges This Report Helps You Solve
Executives engaging with this report typically arrive with one of these pressing questions:
1. Which steel product segments offer the strongest demand outlook through 2034?
2. How will energy sector expansion impact domestic steel consumption?
3. What are the cost implications of transitioning to low-carbon steel production?
4. How can manufacturers mitigate raw material price volatility and supply disruptions?
5. What regional markets present the highest infrastructure-driven growth potential?
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About IMARC Group
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers create a lasting impact. The company provides a comprehensive suite of market entry and expansion services, including market assessment, feasibility studies, and strategic marketing, empowering clients to make informed decisions and achieve sustainable growth.
Elena Anderson
IMARC Services Private Limited
+1 201-971-6302
email us here
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