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Steel
The global steel market is driven by rising construction activities and industrialization, particularly in emerging economies.
Demand for steel is surging, fueled by infrastructure development, automotive production, and advancements in manufacturing technologies.” - Exactitude Consultancy
LUTON, BEDFORDSHIRE, UNITED KINGDOM, September 4, 2024 /EINPresswire / -- The global steel market is expected to grow at 5.4% CAGR from 2024 to 2030. It is expected to reach above USD 910 billion by 2030 from USD 566 billion in 2020.
The global steel market is anticipated to be driven by rising investments in construction activities. Infrastructure and construction extensively require massive amounts of steel to enhance the aesthetic appeal and corrosion resistance of the structure. Steel products offer high strength and are 100% recyclable, which makes them applicable in residential, commercial, and infrastructural applications. Growing investments in construction sector is anticipated to augment market growth.
The flat and long steel products include metallic roof and floor, steel beams, columns, reinforcements and other constructions used in construction industry. it has been extensively used since it is strong and lightweight constructions by supporting the loads of extensive structures. Furthermore, since it is available in large quantities, relatively cheaper and possesses a high degree of durability its use is ideal especially in construction and infrastructure.
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What Information does this report contain?
Historical data coverage: Growth Projections: 2024 to 2030.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.
Steel Market Trends
A drastic increase in demand for automobiles across the world
Accounting the rapid development in the international automotive industry, one can expect a favorable outlook for the market.
With the Automobile industry growing at a rapid rate globally, the raw material, steel necessary for the production of automobiles also grows in proportion.
Due to these qualities, steel has gained immense traction because of its capability to provide the vehicular structure, safety and lightweight characteristics.
It has become apparent that car makers are shifting towards higher strength and lightweight steel alloys to boost fuel efficiency and minimize emissions due to; changing environmental standards and customers' perception of the environment.
This strategic shift has led to the necessity to obtain more innovative steel solutions for the automotive industry.
More so, the emergence of the electric vehicles and hybrid cars makes it relevant in the aspect of battery protection as well as the safety measures put in place.
While manufacturers keep on expanding their search for these renewable forms of human transportation, Steel never loses its importance in the creation of these automobiles.
Therefore, the increasing automotive sector indeed plays an important role in the steel market development and well-established position for further innovation and sustainability in various segments of automotive application.
Competitive Landscape:
ArcelorMittal (Luxembourg), POSCO (South Korea), Shangang Group (Spain), NSSMC Group (Japan), China Baowu Group (China), HBIS Group (China), Tata Steel Group (India), Nucor Corporation (US), Hyundai Steel Company (South Korea), China Steel Company (Taiwan).
Recent Steel Market Developments -
In January 2023, in the framework of its decarbonization strategy, ArcelorMittal announced the acquisition of Riwald Recycling, a state-of-the-art ferrous scrap metal recycling business based in the Netherlands.
In June 2023, Tata Steel Limited signed a memorandum of understanding with Germany's SMS Group to collaborate on decarbonized steel manufacturing processes.
In February 2023, Nippon Steel entered a strategic agreement with Teck Resources to acquire royalty rights and equity interests in Elk Valley Resources.
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Segmentation Analysis
Steel Market is an important sector of the world industrial market and its elements are split depending on the types of a product, its utilisation, etc. Over the projected period of 2020-2029, a continuous trend of growth is anticipated in the market at the segment level in kilotons as well as in terms of the USD million.
By Type:
The market has mainly been classified under two parts, namely the Flat Steel and the Long Steel. Automotive, galvanise, appliance and construction industry flat product is likely to post a very strong growth as there is bound to be a very high demand in these areas of flat steel. Long steel on the other hand is widely used by the construction and infrastructure industries. The demands for long steel maybe attributed to the continuing urbanization and growth of infrastructure in several developing countries.
By Product:
The steel market is segmented according to the products including Structural Steel, Iron Steel Wire, Bright Steel, Welding Iron/Rod, Ropes, Prestressing Steel, Braids and others. In terms of market share, Structural Steel enjoys the largest share of the Structural Material market because of its significance in construction and infrastructural projects. Iron Steel Wire and Ropes play an essential role in different industries carries out manufacturing and transportation sectors. Bright Steel is used in Automation, Precision and Enginery applications while Prestressing Steel is for High Strength Applications. The nature of products in the steel market means that it is always meeting the needs of the different industries making the market larger as it continues to expand.
By Application:
The steel market has a versatile demand with important segments that are Automotive Steel, Mechanical Steel, Building and Construction Steel, Steel in Metal Products, Mechanical Equipment Steel, Electric Appliances Steel, Domestic Appliances Steel, and Other Transportations Steel. The Building and Construction segment is anticipated to lead the market growth owing to the increasing global construction work done. The Automotive and Mechanical Industries also show their potential to be big users with the continuing need for lightweight and high strength steel. Sectors such as Electric and Domestic Appliances can also be expected to grow steadily on the backs of consumers' need to acquire durable products.
Regional Analysis
North America
About 10 % of its total revenue came from North America in the year 2023. The governments of respective countries in the region are headed for developing the growth rate of economy through investing in several sectors like industry & construction, transport, airport, and port. Of those industries, growth is expected to raise demand for steel in the region over the forecast period.
U. S
The market of steel in the U. S. reveals the largest revenue share for the North America steel market. Purchases by construction machinery and equipment, towards new structures and for new constructions, automotive and aerospace segments are helping to boost product demand in the country.
Asia Pacific
The largest revenue share was in the Asia Pacific, with 64 % contribution to the global market. Global steel market share of 1% in 2023 and this share will remain same in future also due to large manufacturing and consumption prospect in China. Investment on infrastructure development projects is one of the main drivers to the market growth. For instance, China Railway Co. in January, 2023 the announced intended construction of 2,500 km of high speed railway network. According to the country's infrastructure budget, the country is set to expand the transport network by increasing the pace of building South West Sichuan Xizhang Railway.
Europe
Market of steel is in Europe which takes main share of it. Thus, even in the context of the Russia-Ukraine conflict, the energy crisis, and the monetary conditions' stringency, the Euro area left a rather good impression for the end of 2022 by reaching the GDP growth rate of 3%. 4% in 2022. Its gdp growth for the year 2023 was however 0. 4%. By April of the year 2024, the Real GDP for Europe was 1 percent. 4 % as stated by IMF.
Steel Market Segmentation:
Steel Market by Type, 2020-2029, (USD Million), (Kilotons)
Flat Steel
Long Steel
Steel Market by Product, 2020-2029, (USD Million), (Kilotons)
Structural Steel
Iron Steel Wire
Bright Steel
Welding Iron/Rod
Ropes
Prestressing Steel
Braids
Others
Steel Market by Application, 2020-2029, (USD Million), (Kilotons)
Automotive
Mechanical
Building And Construction
Metal Products
Mechanical Equipment
Electric Appliances
Domestic Appliances
Other Transportation
Steel Market by Region, 2020-2029, (USD Million), (Kilotons)
North America
Europe
Asia Pacific
South America
Middle East And Africa
Important countries in all regions are covered.
Key Questions Covered in Steel Market Report:
What is the present Steel market size in terms of revenue and volume, and how much growth is expected during the forecast period?
Which are the key developments that are anticipated to stimulate Steel market trends?
Which factors will trigger product demand and how much product consumption is estimated?
What are the upcoming business opportunities and restraints?
Which region will dominate the global Steel market share?
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