The Global Steel Market is estimated to attain USD 962431.8 Mn and expand at an incremental compound annual growth rate over the forecast period which ends in 2023, reveals Market Research Future (MRFR) in a recently published research report. Steel is a key intermediate good used across diverse industries which leads to massive demand for steel.
Top Key Players:
Some of the key players operating in the global steel market are ArcelorMittal, POSCO, SHAGANG GROUP Inc, NIPPON STEEL & SUMITOMO METAL CORPORATION, China BaoWu Steel Group Corporation Limited, HBIS GROUP, Tata Steel, Nucor, HYUNDAI STEEL, ChinaSteel, Maanshan Iron & Steel Company Limited, thyssenkrupp AG, JFE Steel Corporation, JSW, and JIANLONG GROUP among others.
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Steel is a mixture i.e. alloy of carbon and iron which is manufactured by the two conventional processes. It is used in the large application spectrum and is also produced in the massive amount across the globe.Some of the key market factors that positively influence the market growth of steel are increasing demand from automotive as well as building & construction industry, increasing demand of high-quality long products & high strength lightweight steel, and increasing urbanization. Speedy industrialization coupled with rising per capita disposable income in developed and developing countries across the globe are predicted to fuel the growth of the market over the estimated period. Furthermore, growing penetration in electrical & domestic appliances and mechanical equipment is estimated to give new impetus to the growth of this market. However, rising usage of substitutes of steel such as aluminum and composites in the manufacturing of automobile parts is estimated to hinder the growth of the market.
Moreover, increasing urban population, escalating investments, and growing per capita disposable income in developing countries is predicted to give new momentum to the steel demand over the assessment period. In addition, rising automotive production and sales along with improved economic conditions in emerging economies are estimated to drive the growth of the market. Rising building & construction activities coupled with increased use of advanced high strength steel in the infrastructure development is expected to propel the growth of the market. However, increasing usage of alternative lightweight material such as aluminum, composites, and magnesium in the manufacturing of vehicles part is estimated to hamper the growth of the market during the review period.
With improvements in global industrial production, the global steel market is expected to pick up in the coming years. The demand for steel has grown manifolds in recent years since it is of strategic importance to various industries such as automotive, manufacturing, consumer durables and others. Rise in developmental and infrastructural activities across the globe is one of the critical determinants of the growth of the global steel market. More than half of the steel produced on a global scale goes into building and infrastructure. With the rapid rise in urbanization and population boom, infrastructural activities will continue to expand which will augment the growth of the global steel market since they are essential to the building of roads, bridges, stations, airports, and others.
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The global steel market has been segmented based on type, and application.
By type, the market has been segmented into long steel and flat steel. The flat steel segment is the largest segment and is expected to retain its dominance over the forecast period.
By application, the market has been segmented into building & construction, automotive, mechanical equipment, metal products, other transportation, electrical appliances, and domestic appliances.
Asia pacific is the largest consumer as well as producer of the steel and is also emerged as the leading market in the global steel market. The region has presence of market participants with heavy investment in the steel manicuring, which have been supporting the growth of this market. Moreover, factors such as, largest automotive production, industrialization to support product demand and disposable income and consequent demand for residential construction activities are driving the demand. China followed by India are the most prominent country level markets in Asia Pacific. Economic reforms linked with rising country level political alliances expected to surge demand for industrial opportunities and thereby driving scope for steel manufacturing and consumption.
March 2, 2018 – Arcelor Mittal and Nippon Steel & Sumitomo metal to form joint venture to purchase Essar Steak India. This is expected to be the largest acquisition key development in the 2018. The details of the thief acquisition are yet to be revealed and will be disclosed by April 2018.
December 1, 2016 – Bashan Iron and Steel Group and its smaller rival Wuhan Iron & Steel, and together they make Chinas biggest steel producing company. After the legal transaction combined steel company be named as China Bao-Wu Steel group. As per the our analysis, the merger will create steelmaker with second largest production capacity of 70 million tons ofg alloy every year.The largest capacity recordd as of now is 114 million ton/year is of ArcelorMittal. After this joint venture, jointly burned steel maker to expect to focus on the steel expansion as well as market association with relatively small rivals to further raise the annual capacity.
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