Market Overview
The Turkey steel market size reached USD 8,547.76 Million in 2024 and is expected to reach USD 11,309.79 Million by 2033, exhibiting a CAGR of 3.16% during 2025-2033. Robust domestic demand in construction, automotive, and infrastructure sectors, supported by government investments and favorable trade agreements, drives market growth. Modernization of mills and growing industrial activities further contribute to expansion.Â
Study Assumption Years
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
Turkey Steel Market Key Takeaways
- The market size in 2024 was USD 8,547.76 Million.
- The CAGR during 2025-2033 is 3.16%.
- The forecast period spans from 2025 to 2033.
- Growth is driven by strong domestic demand in construction, automotive, and infrastructure.
- Government investments in infrastructure and export opportunities enhance market expansion.
- Modernization of steel mills and increased industrial activity provide momentum.
- Favorable trade agreements support market growth.
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Market Growth Factors
The Turkey steel market growth is largely fueled by robust domestic demand, especially in key sectors such as construction, automotive, and infrastructure. These industries create significant consumption needs for steel products, sustaining market expansion during 2025-2033. Governmental investments in infrastructure projects further reinforce market growth by enhancing production capacities and logistical frameworks.
Export opportunities provided by Turkey’s strategic position and trade agreements facilitate expansion into international markets. These agreements improve access to foreign buyers, increasing steel exports and contributing directly to market revenue growth over the forecast period. Modernization and enhancement of steel manufacturing mills play a crucial role, with updated technology improving efficiency and output quality.
Additionally, growing industrial activities across Turkey contribute to steel demand. Investment in new production facilities and industrial zones, such as those in Bosnia supporting Turkish subsidiaries, bolster the supply chain and manufacturing capabilities. These collectively promote long-term growth with sustained CAGR of 3.16% forecast between 2025 and 2033.
Market Segmentation
Type Insights:
- Flat Steel: The market includes flat steel products, critical for various industrial and construction applications.
- Long Steel: Turkey leads as a key producer and exporter of long steel products such as rebars, influencing global pricing and market dynamics.
Product Insights:
- Structural Steel: Used widely across industrial construction and infrastructure projects.
- Prestressing Steel: Essential in construction requiring enhanced tensile strength.
- Bright Steel: Includes steel with smooth, polished surfaces for specialized applications.
- Welding Wire and Rod: Fundamental for fabrication and joining in manufacturing.
- Iron Steel Wire: Utilized in manufacturing and construction.
- Ropes and Braids: Employed in industrial and construction settings requiring durable steel ropes.
Application Insights:
- Building and Construction: The largest application sector driven by infrastructure development.
- Electrical Appliances: Use steel for components and casings.
- Metal Products: A broad category including fabricated steel goods.
- Automotive: Steel demand from vehicle manufacturing.
- Transportation: Encompasses railways, shipping, and related infrastructure.
- Mechanical Equipment: Utilizes steel in machinery and industrial equipment.
- Domestic Appliances: Steel as raw material for household appliances.
Regional Insights
The market covers key Turkish regions including Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Blacksea, and Eastern Anatolia. The report does not specify a dominant region or detailed market share statistics by region.
Recent Developments & News
In May 2025, Turkey issued a presidential decree to support investments in the steel sector, offering incentives for modernization, expansion, and green projects like energy efficiency and emissions reduction. Benefits include VAT exemptions, tax rebates, and loan subsidies, with extra support for sustainability-focused initiatives. Regional incentives particularly target steel-producing areas, promoting growth and environmental improvement.
Additionally, in April 2025, Shahi Steel, a Bosnian subsidiary of Turkish steel manufacturer Sahi Celik, inaugurated a new production plant in Gradacac focusing on industrial steel structures and prefabricated housing, expected to attract further Turkish investments and boost local economic growth.
In February 2025, CRU expanded its Steel Longs Premium Service by integrating Turkish steel long products price forecasts, highlighting Turkey’s global impact as the second-largest exporter of steel long products and leader in rebar exports.
Key Players
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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