As per Market Research Future (MRFR) Analysis, Global Steel Market is expected to reach USD 963.6 billion, with a CAGR of 2.84% from 2016 to 2023 (forecast period). The report assesses the effect of coronavirus on major companies in the Global Steel Market and provides a thorough overview of the Covid-19 market impact analysis by type, product, application, and regions.
Global Steel Market is over-supplied by major players due to the addition of production capacity. Oversupply in the Global Steel Industry has resulted in a fall in prices in recent years. Nevertheless, rising demand and capacity closures in China are pushing down prices. Global Steel Demand is expected to see growth, albeit at a slower rate. Different factors supporting demand include growing infrastructural activities in commercial and residential construction, followed by an increase in the use of steel in the automotive, electrical, and other end-use industries.
The Prominent Participants identified by MRFR in the Global Steel Market are ArcerolMittal (Luxemborg), Shangang Group (Spain), Hyundai Steel Company (South Korea), NSSMC Group (Japan), China Baowu Group (China),POSCO (South Korea), HBIS Group (China), Nucor Corporation (US), China Steel Company (Taiwan), Tata Steel Group (India), and others.
Construction as an end-use sector accounts for more than half of the global demand for sales and tonnage. The dynamics of the construction industry across the globe is thus one of the key market determinants of steel production. Structured steel products are used in building frames, warehouses, beams, bridges, and other prefabricated products. As construction activities in developed and developing economies increase, demand for steel is expected to increase during the forecast period.
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For example, US construction passed the USD 1 trillion mark and were projected to hit USD 1.7 trillion by 2020. For the first time in over a decade, the difference in the contribution of the construction sector to the country’s economy is decreasing, i.e., a substantial rise in the rate of construction. In terms of revenue growth, US residential, commercial, infrastructure, and industrial and institutional development are expected to experience CAGRs at 6.6%, 6.8%, 4.1%, 6.9%, and 4.4%, respectively, over the projected period driven by urbanization and government initiatives such as the Manufacturing Extension Partnership (MEP) and the Telehealth Network Program. Likewise, growing investment in infrastructure development in Asia Pacific, the Middle East, and Eastern European countries is expected to fuel demand for steel.
Some market support factors for steel demand include demand in the automotive and transport industries, the rising electricity and electronics industry in ASEAN and the increasing use of advanced high strength steel (AHSS) in electric vehicles.
The Global Market for Steel has been segmented into Type, Product, and Application.
Based on Type, the Global Market for Steel has been segmented into flat and long steel. The flat steel segment held the biggest share of the Global Steel Market in 2017 and is projected to have a CAGR of 2.21% during the review period. Flat steel products include slabs, hot rolled coils, cold rolled coils, coated steel, heavy plate, and tin plate. The growth of the flat steel segment is due to its growing use in a wide range of applications, including tubes, pipes, construction, heavy machinery, appliances, and packaging.
By Product, the Global Market for Steel has been segmented into structural steel, iron steel wire, pre-stressing steel bright steel, welding wire/rod, ropes, braids, and others. The structured steel segment accounted for the major market of the Global Steel Market in 2017 and is anticipated to have a CAGR of 3.15% during the review period. The segment’s growth is driven by the rising use of structural steel in construction applications, mainly in the construction of bridges and buildings. Structured steel grades are used in applications, including freight cars, construction equipment, truck parts, machinery, truck frames, and transmission towers. The pre-stressing steel segment accounted for the second-largest share of the Global Steel Market in 2017.
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By Application, the Global Market for Steel has been segmented into building & construction, automotive, metal products, other transportation, electrical appliances, mechanical equipment, and domestic appliances. Building & Construction held the largest share of the Global Steel Market with a market value of USD 417.3 billion in 2017, and 2.72% of CAGR is anticipated to achieve USD 487.6 billion by 2023. The growth of the segment is due to the rise in residential construction activities around the globe.
Region-Wise, the Global Market for Steel has been segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific captured the largest market share in 2017 and is expected to rise by 3.09% to USD 651.5 billion in 2023 at the highest CAGR during the forecast period. The dominance of the Asia Pacific region is primarily due to the demand for construction and infrastructure development, increasing automotive production, and the growth of electrical appliances.
The European Market held the second-largest market share and is expected to post a 2.30% CAGR over the projected period. Germany was the prominent market in the region and is projected to remain dominant during the forecast period. In addition, growing spending on infrastructure development in Central Europe is likely to contribute to the growth of the regional market.
The Middle East & African market is lagging behind Europe. The market for steel in the region is driven by the growing construction industry in the Middle East, combined with rapid industrialization in the North African countries. The regional market is set to reach USD 74.8 billion by 2023.
COVID-19 Study in Detail:
COVID-19 Impact on Polyvinyl Alcohol Market @ https://www.marketresearchfuture.com/report/covid-19-impact-polyvinyl-alcohol-market
COVID-19 Outbreak Impact on Renewable Chemicals Market @ https://www.marketresearchfuture.com/report/covid-19-impact-renewable-chemicals-market
NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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