Global Steel Market net profit raised in the second quarter as the impact of the Coronavirus pandemic lessens the complicated efforts to a certain extent to refocus on shares while dealing with rising tensions of the deadly disease. Market Research Future attempts to study the Global Steel Market 2020 and concluded that the net profit by the year 2023 would touch USD 963.6 billion if the pace of growth should be 2.84%. The growth period of the market is calculated between 2016 and 2023.
Steel Market: Drivers & Boosters
A gradual rise in domestic demand coupled with a surge in capacity utilization has augmented trade measures in the previous few years, majorly resulting in the recent increase in the Global Steel Market and export volumes. The global steel capacity utilization ratio in March 2019 was 74.5%, which was 2.2 percentage points higher than March of this year as COVID 19 impacted trading system all over the world. After this, the rise in demand from downstream industries such as the processing industry, agriculture, construction industry, consumer products is anticipated to be the primary driver for the steel industry.
MRFR also finds that augmented focus on sinking total ownership cost of the steel manufacturing process has led to the espousal of newer technologies, and the use of more energy-efficient fabrication and manufacturing processes has triggered the market’s progression. In fact, the development of newer technologies in the steel industry is also determined by the need to accomplish lower cycle times in the manufacturing process, which is motivating the market throughout the years.
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Furthermore, suppliers in rising economies are speedily adopting technologies to perk up the efficiency and increase the production capacities for steel mainly after the end of Coronavirus, which would take the market to the next level of growth and span through the forecast period. Some other market impetus factors for steel demand include the demand in the automotive and transportation industry, mounting the electrical and electronics industry in ASEAN, and escalating the use of advanced high strength steel (AHSS) in electric vehicles.
The Well-Known Players in the Global Steel Market are Shangang Group (Spain), POSCO (South Korea), China Baowu Group (China), NSSMC Group (Japan), Tata Steel Group (India), HBIS Group (China), Hyundai Steel Company (South Korea), Nucor Corporation (US) and more.
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Depending on the Type Segment, the market has incorporated flat and long steel. The flat steel segment grabbed the largest share of the Global Steel Market in 2017 and is predictable to record a CAGR of 2.21% during the review period. Flat steel products include hot-rolled coils, slabs, coated steel, cold-rolled coils, heavy plate, and tinplate. The augmentation of the flat steel segment is due to its increasing use in numerous applications, including pipes, tubes, heavy machinery, construction, appliances, and packaging.
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Depending on the Product Segment, the market incorporated iron steel wire, structural steel, welding wire/rod, ropes, bright steel, braids, prestressing steel, and others. The structural steel segment grabbed the prevalent share of the Global Steel Market in 2017 and is now anticipated to register a CAGR of 3.15% in the future. The growth of the segment is due to the escalating employ of structural steel in construction applications, mainly in building frames of bridges and buildings.
Depending on the application segment, the Steel Market has included automotive, building & construction, metal products, mechanical equipment, electrical appliances, other transportation, and domestic appliances. The building & construction segment acquired the largest share of the Global Steel Market with USD 417.3 billion in 2017 and is now expected to register 2.72% CAGR to attain USD 487.6 billion by the finish of 2023.
Asia-Pacific acquired the leading market share in 2017 and is probable to expand at the highest CAGR of 3.09% during the assessment period to reach USD 651.5 billion in 2023. The governance of the Asia Pacific region is mainly owing to the escalating demand in construction and infrastructural development, growth of the electrical appliances market, and more.
The European market acquired the second-largest market share and is poised to register a CAGR of 2.30% in the forecast period. Germany was the primary market in the region and is probable to maintain the ascendancy throughout the forecast period.
The Middle East & African market is sprawling behind Europe. The Steel Demand in the region is because of the mounting construction industry in the Middle East along with brisk industrialization in the North African countries. The regional market is slated to reach USD 74.8 billion by 2023.
COVID-19 Study in Detail:
COVID-19 Impact on 3D Printing Materials Market @ https://www.marketresearchfuture.com/report/covid-19-impact-3d-printing-materials-market
COVID-19 Outbreak Impact on Carbon Black Market @ https://www.marketresearchfuture.com/report/covid-19-impact-carbon-black-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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