Market Insights: —
Steel is an important component of building material and is used widely in the construction sector and other sectors. A new report on the global steel market, published by Market Research Future (MRFR), foretells that this market can reckon a raise at 2.84%CAGR between 2016 and 2023. In terms of money value, the market can be worth USD 963.6 Bn by the end of the forecast period.
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The most important market driving factor for the global steel market growth is increasing infrastructural activities both in commercial construction as well as residential construction. Subsequently, the adoption of steel is increasing in the automotive sector, electrical appliances sector, and other end-use industries. Other factors contributing to the global steel market growth include growing demand in the automotive industry, construction of the metallic bodies of vehicles, durability of steel, use of steel to manufacture equipment useful for mining, and increasing investments in construction activities. Good quality steel has high price, and that can limit the customers in market.
The global steel market segmentation encompasses application, product, and type. MRFR’s take on the market marks various facets of the market in-depth.
The application-based segmentation of this market covers automotive, building & construction, domestic appliances, electrical appliances, mechanical equipment, metal products, and other transportation. During the forecast period, building & construction segment is expected to hold the largest market share, and with 2.72% CAGR, its market worth can be USD 487.6 Bn by the end of forecast period. This segment is growing due to worldwide increase in residential construction activities.
Regarding the product, the market has been segmented into braids, bright steel, iron steel wire, prestressing steel, ropes, structural steel, welding wire/rod, and others. Growing at 3.15% CAGR, the structural steel segment is the largest market segment due to structural steel being increasingly used in construction applications primarily in building frames of bridges and buildings. Structural steel grades are used in many applications including construction equipment, freight cars, machinery, transmission towers, truck frames, and truck parts. The prestressing steel segment holds the second-largest market share.
By type, the market has been segmented into flat and long steel. Growing at 2.21% CAGR, the flat steel segment holds the larger market share. Flat steel is used for manufacturing products that include cold-rolled coils, coated steel, flat & long steel, heavy plate, hot-rolled coils, slab, and tinplate. The market for flat steel is also surging due to the increasing use of flat steel in numerous applications that include appliances, construction, heavy machinery, packaging, pipes, and tubes.
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China Baowu Group
China Steel Company
Hesteel Group Company Limited
Hyundai Steel Company
JFE Steel Corporation
JSW Steel Limited
Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group
Steel Authority of India Ltd.
Tata Steel Group
Latest Industry News
Apple has launched iPhone 11 Pro, which is made of stainless steel. 10 SEP 2019
A geographical outlining of the global steel market covers the Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa (MEA).
The Asia Pacific market is growing at 3.09% CAGR, holding the largest share in the global market. By 2023, it is expected to be worth USD 651.5 Bn as the demand for steel is increasing in the construction sector and infrastructural development. Growth of electrical appliances market and increasing automotive production are also boosting the market in this region. Majority key market players are based in the Asia Pacific region. The important country-specific markets are China, India, Indonesia, Japan, and South Korea. In this report, Australia and New Zealand have been organized as one segment. An observation of the remaining countries in the Asia Pacific region featured in this report calculates the additional market revenue from some other countries.
During the forecast period, Europe is the second-largest market, growing at 2.30% CAGR. Germany is the leading country-specific market. In Central Europe, the market is growing due to increasing spending on infrastructure construction. Other critical country-specific markets in this region are Belgium, France, Italy, Netherlands, Poland, Russia, Spain, and UK are other important country-specific markets in Europe. An inspection of the remaining countries in Europe featured in this report speculate the huge contribution to market revenue from some other countries in this region.
In North America, the market is strong due to the presence of some key market players and strong economies. USA and Canada are the biggest country-specific markets in this region. In Latin America, the market is smaller than North America, but it is stable due to strong construction sector. The top country-specific markets in this region are Argentina, Brazil, and Mexico. An evaluation of the remaining countries in Latin America featured in this report add a decent sum of market revenue from some other countries.
In the MEA region, the market has potential to grow due to increasing demand for steel. The increase in demand has been attributed to industrialization in North Africa and increasing construction activities in many countries namely Bahrain, Kuwait, Oman, Saudi Arabia, Qatar, and the UAE. Other important country-specific markets in this region are Iran and Turkey. A valuation of the remaining countries in the MEA region featured in this report anticipates a decent contribution to market revenue from some other countries.
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