As the most commonly used metal in the world, steel plays an essential role in our everyday lives. We find it in a wide range of products, including vehicles, ships, medical equipment and household appliances.
Steel is an iron alloy enriched with carbon for added strength and corrosion resistance. It comes in about 3,500 grades, and about 2 billion tons are produced each year worldwide.
As with other commonly used materials, demand for steel can fluctuate from year to year depending on customer needs, economic trends and other factors. Here is a summary of steel demand in 2024, along with an outlook for the remainder of 2025.
Steel Demand in 2024
Global steel demand was projected to decline 0.9% to 1.75 billion tons in 2024, the third straight year of declines. The property market downturn in China put pressure on worldwide demand, and also contributed to lower steel prices.
Other factors driving decreased demand for steel included:
- Global manufacturing headwinds
- Declining household purchasing power
- Aggressive monetary tightening
- Geopolitical developments
- Weakness in housing construction
Looking Ahead to 2025
The World Steel Association projects that world steel demand will increase by 1.2% to 1.751 billion tons in 2025. In the developed world, which includes the United States, demand is expected to rise by 1.9%. Stronger construction activity and further interest rate cuts are among the factors placing upward pressure on steel demand, as the need for building supplies and equipment increases.
Types of Steel
There are about 3,500 different grades of steel, and an estimated 2 billion tons are produced worldwide each year. Common uses include vehicles, ships, medical equipment and household appliances.
Stainless Steel
This versatile material is made with a combination of iron, carbon, chromium and other metals. All stainless steel contains a minimum of 10.5% chromium. Stainless steel is known for its beautiful aesthetic appearance, corrosion resistance, temperature resistance and durability. It’s easy to recycle, which promotes sustainability. Its hygienic properties make it an ideal material for medical equipment.
Stainless steel is also used in a wide range of other applications:
- Kitchen utensils
- Furniture
- Pipes
- Building structures
- Tools
- Appliances such as washing machines
- Boilers
Carbon Steel
Carbon steel can be categorized as high, medium or low depending on the amount of carbon content. The more carbon, the harder the material. It is commonly used for tools, mechanical equipment and structural building materials.
Alloy Steel
This highly customizable metal is made by combining various other materials with iron. Examples include chromium, manganese, nickel, tungsten and vanadium.
Quality Custom Metal Fabrication
Steel is an incredibly versatile material, essential for various industries. At Metaltech, we specialize in custom steel fabrication, offering services such as laser cutting, welding, and assembly. Whether you need durable components for automotive, medical, or household applications, our team ensures precision and quality in every steel part we produce.
To get started, request a quote online today. If you have questions, give us a call at 417-426-5577 or contact us online at any time.
