Market reports associated with chemical and materials industry has been presented by Market Research Future, which states that the global steel market has recorded a CAGR of 2.84% for its growth in the forecast period. The market is ready to strike a valuation of USD 963.6 billion.
The global steel market is oversupplied owing to production capacity by major industry players. The demand for steel is anticipated to observe a substantial growth though at a rapid pace. The various factors supporting the demand, therefore, includes escalating infrastructural activities in the commercial and residential construction followed by the growing adoption of steel in industries of automotive, electrical appliances, and other end-use industries.
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More factors such as the construction industry account for more part for the global demand in terms of revenue and tonnage. The construction industry, across the globe, is the significant market determinant for steel demand. The steel products also find applications in building frames, warehouses, beams, bridges, and other pre-fabricated products. Therefore, with the ascend in construction activities in developed and developing economies, the demand for steel is estimated to nurture during the assessment period.
Some other market impetus factors for steel demand embrace the demand in the automotive and transportation industry, increasing electrical and electronics industry in ASEAN, and rising use of advanced high strength steel (AHSS) in electric vehicles.
In the study, the global steel market has been segmented as type, application, and product.
In terms of type, the global steel market has been segmented into flat and long steel. Among these, the Steel segment held the largest share of the worldwide steel market in 2017 and is anticipated to register a CAGR of 2.21% during the assessment period. The category of Steel products comprise slabs, hot-rolled coils, cold-rolled coils, coated steel, tinplate, and heavy plate. The expansion of the Steel segment is credited to their increasing use in abundant applications of tubes, pipes, construction, heavy machinery, appliances, and packaging.
In terms of product, the global steel market has been categorized into structural steel, iron steel wire, bright steel, welding wire or rod, ropes, prestressing steel, braids, and others. Among these, the structural steel segment held for the largest share of the global steel market in 2017 and is probable to register a CAGR of 3.15% during the assessment period. The growth of the segment is endorsed to the mounting use of structural steel in construction applications in building frames of bridges and buildings. Structural steel grades also find use in applications including freight cars, construction equipment, truck parts, machinery, truck frames, and transmission towers. Whereas, the prestressing steel segment credited for the second-largest share of the global steel market in 2017.
In terms of application, the global steel market is categorized as building & construction, automotive, mechanical equipment, metal products, other transportation, electrical appliances, and domestic appliances. Among these, the building & construction segment credited for the leading share of the global steel market with a market value of USD 417.3 billion in 2017 and now is anticipated to register 2.72% CAGR to attain USD 487.6 billion by 2023. The growth of the segment is due to the boost in residential construction activities across the globe.
- Shangang Group
- NSSMC Group
- China Baowu Group
- HBIS Group
- Tata Steel Group
- Nucor Corporation
- Hyundai Steel Company
- China Steel Company
Regionally, Asia-Pacific held the largest market share in 2017 and is likely to nurture at the peak CAGR of 3.09% during the forecast period to reach USD 651.5 billion in 2023. The leading of the Asia Pacific region is mainly due to the escalating demand in construction and infrastructural development, rising automotive production, and the growth of the electrical appliances market.
The European market also accounted for the second-largest market share and is poised to register a CAGR of 2.30% during the assessment period. In this region, Germany was the leading market in the region and is probable to maintain the leading position throughout the forecast period. Besides, the mounting spending on infrastructure construction in Central Europe is likely to add to the regional market growth.
In the last, the Middle East & African market is following Europe with the demand for steel in the region toward the growing construction industry due to fast industrialization in the countries of North Africa. The regional market is slated to attain USD 74.8 billion by 2023.
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