How Much Steel Will The World Need By 2050?

How much steel will the world need by 2050? There are now 8 billion people on the earth and “consume” about 1.8 billion tons of steel every year. In other words, the per capita annual steel consumption is roughly 222 kilograms. However, this figure varies significantly across regions, with apparent steel consumption per capita ranging from 310 kilograms in Europe to around 30 kilograms in Africa.

The United Nations predicts that the global population will be close to 10 billion in 2050. Based on the current apparent steel consumption per capita, approximately 2.2 billion tons of steel will need to be produced every year. However, many forecasts also suggest a surge in per capita steel demand in densely populated regions such as India or Africa, which would push steel production to around 2.75 billion tonnes per year.

At the same time, the transformation of the energy grid towards renewable energy will change the demand for steel. Currently, only 1% to 3% of steel is used in energy infrastructure. However, this figure is expected to rise significantly to over 10%, particularly with the construction of wind turbines or photovoltaic systems. The booming electrification trend will also increase demand for silicon steel.