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Projected steel demand worldwide by region 2019-2021

Between 2020 and 2021, steel demand in Africa is tipped to grow by 9.3 percent to reach 33.4 million metric tons. China is the largest consumer of apparent steel.

Worldwide steel demand

In 2018, the apparent consumption of crude steel in China amounted to approximately 870 million metric tons. Asia's largest economy is expected to enter a phase of stagnation between 2019 and 2020. The market for steel scrap and steel recycling is predicted to spell trouble for the steel production sector.

Steel is an important material used in shipbuilding and car manufacturing, as well as building construction and infrastructure development. However, from 2009 through 2013, the steel industry experienced a challenging period including the upheaval in the US financial markets, slowing economic growth in China, as well as the eurozone sovereign debt crisis. In 2020, worldwide apparent steel use is estimated to grow to around 1.8 billion metric tons.

Estimated demand for finished steel products worldwide from 2019 to 2021, by region

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Source

Release date

October 2020

Region

Worldwide

Survey time period

as of October 2020

Supplementary notes

The values refer to finished steel products.

The figures from 2019 to 2021 are projections.

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