Steel - estimated demand worldwide by region 2018-2020

Estimated demand for steel worldwide between 2018 and 2020, by region (in million metric tons)*

by I. Wagner, last edited Aug 7, 2019
Steel - estimated demand worldwide by region 2018-2020 The statistic shows an estimate of global steel demand between 2018 and 2020, by region. Between 2017 and 2018, steel demand in Africa grew by 5.6 percent to reach 37 million metric tons.
Worldwide steel demand

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 2016, a little over 1.54 billion metric tons of finished steel products was consumed globally. This figure represents a 0.5 percent increase on 2014, when just over 1.5 billion metric tons of finished steel products were consumed globally. In 2020, worldwide apparent steel use is estimated to grow to between 1.7 and 1.8 billion metric tons.

The increase will likely be spurred by gains in the NAFTA and EU regions, as well as growing demand in emerging economies. Meanwhile, China is expected to experience steady steel use growth of one to two percent between 2018 and 2020 , but due to the closing of illegal furnaces in 2017, nominal growth of demand between 2017 and 2018 is noted to be 7.9 percent. The market for steel scrap and steel recycling is predicted to spell trouble for the steel production sector.
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Estimated demand for steel worldwide between 2018 and 2020, by region (in million metric tons)*

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