The latest research study “Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global steel market size reached US$ 874.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1,052.25 Billion by 2027, exhibiting a CAGR of 3.02% during 2022-2027.
Steel is a hard, strong grey alloy manufactured by combining essential ingredients with iron and various elements. It is produced by melting raw materials, such as iron ore, coal, and lime, in a blast furnace that removes impurities. It provides various benefits, including improved flexibility, tensile strength, anti-corrosion properties, toughness, design, ductility, and malleability, and enhances overall shelf life. As a result, steel finds extensive applications across manufacturing, automotive, mechanical equipment, metal, transport, domestic appliances, electrical equipment, buildings, and construction industries.
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Covid-19 Impact: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report. The industry is segmented by size and region. The report provides an analysis of the key trends in each sub-segment of the market, along with forecasts at the global and regional level from 2022-2027. The report also includes competitive landscape of major key players in the industry along with emerging trends in the market.
Market Trends and Drivers:
The market is primarily driven by the expanding automotive industry across the globe and the widespread adoption of steel to produce automobile structures, such as trunk closures, steering, engines, braking systems, doors, fuel tanks, gears, and braking systems. Additionally, the escalating demand for flat steel by automobile manufacturers to improve fuel efficiency and minimize the overall weight of the vehicles represents another major growth-inducing factor.
Along with this, several technological advancements, such as the incorporation of artificial intelligence (AI) and the development of rolling and casting techniques that help to enhance steel production methods, are accelerating market growth. Moreover, the rising awareness about sustainable industrial manufacturing processes is also contributing to market growth. Apart from this, the extensive adoption of steel in the construction industry, owing to its ductility, hardness, and durability, which assist in making the buildings earthquake-resistant, is providing a positive thrust to the market growth.
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Steel Market Report Scope
Market size value in 2021
US$ 874.6 Billion
Market forecast in 2027
US$ 1,052.25 Billion
CAGR of 3.02% from 2022 to 2027
Base year for estimation
The report has segmented the market on the basis of region, type, product and application.
Breakup by Type:
- Flat Steel
- Long Steel
Breakup by Product:
- Structural Steel
- Prestressing Steel
- Bright Steel
- Welding Wire and Rod
- Iron Steel Wire
Breakup by Application:
- Building and Construction
- Electrical Appliances
- Metal Products
- Mechanical Equipment
- Domestic Appliances
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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List of Major Key Players:
The major players in the market are ArcelorMittal S.A., EVRAZ plc, Gerdau S.A., Hyundai Steel Co. Ltd, JFE Steel Corporation (JFE Holdings Inc.), Jiangsu Shagang Group Co. Ltd, Nippon Steel Corporation, Nucor Corporation, Shougang Group Co. Ltd., Tata Steel Ltd. (Tata Group), thyssenkrupp AG and United States Steel Corporation.
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