Estimated demand for steel worldwide by region 2024

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In 2023, Asia and Oceania will be the largest consumer of finished steel products, with approximately 1.3 billion metric tons of expected demand. In the same year, African steel demand is expected to reach almost 42 million metric tons.

Projected demand for finished steel products worldwide in 2022, with forecasts for 2023 and 2024, by region (in million metric tons)

Characteristic	2022	2023*	2024*
Asia and Oceania	1,265.3	1,298.3	1,314.9
Europe*	191.2	189.3	200
USMCA	132.9	134.1	136.1
Middle East	57.1	56.1	57.9
CIS**	51.6	54.6	55.2
Central and South America	44.9	44.2	45.1
Africa	39.5	37.9	39.9

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Release date

October 2023

More information

Region

Worldwide

Survey time period

2022

Supplementary notes

* The figures for EU-27, the United Kingdom and other European markets have been added up.
*The figure contains the values from Russia, Ukraine, and other Commonwealth of Independent States (CIS).
The values refer to finished steel products.

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