Global Steel Market - Overview
As per the assessment conducted by Market Research Future (MRFR), the global steel market is projected to cross over USD 1.43 Trillion by the end of 2030 while flouring at a CAGR of 3.47% during the review timeframe.
The increasing inclination towards sustainable and low-cost durable building materials are anticipated to play a significant role in driving the global steel market during the forecast period. The strict regulations promoting green energy-efficient buildings is predicted to be another salient cause that is likely to drive the market in the coming time. Furthermore, the increasing popularity of pre-engineered metal buildings and lightweight building materials are likely to bolster the market expansion in the assessment tenure. In addition to these, the increasing population and the rising urbanization, expanding automobile sector, and the surging demand for long steel is projected to be other salient causes that can make a significant contribution in augmenting the market size. On the contrary, the industry is anticipated to be challenged by the fluctuating prices. The outbreak of COVID-19 has brought a negative impact on the global steel market due to the temporary shutdown of the construction and automobile sector. The lockdown imposed affected the demand and supply in a negative manner. The market is likely to pick up pace in the coming year.
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Global Steel Market – Prominent Players
ArcelorMittal (Luxembourg), POSCO (South Korea), Shangang Group (Spain), NSSMC Group (Japan), China Baowu Group (China), HBIS Group (China), Tata Steel Group (India), Nucor Corporation (US), Hyundai Steel Company (South Korea), China Steel Company (Taiwan).
Steel Market Highlights -
Driven by the manufacturing capacity acquisitions by major firms, the global steel industry is oversupplied. The excess production in the global steel industry has contributed in recent years to a fall in prices. Nonetheless, rising demand and capacity shutdowns in China have forced down costs.
It is anticipated that global steel demand will see growth, but at a slower rate. Growing infrastructural activities in both commercial and residential construction are the multiple factors supporting the industry, accompanied by increasing steel adoption in the automotive, electrical equipment, and other end-use industries.
One of the important market determinants for steel demand is the dynamics of the building industry worldwide. In the forecast era, steel demand will increase with the growth in construction activities in developed and emerging economies.
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Steel Market - Segments:
The global steel industry has been segmented into flat and long steel, depending on form. The flat steel segment accounted for the largest share of the global steel industry in 2017 and during the review period it is projected to record a CAGR of 2.21 per cent. Slabs, hot-rolled coils, cold-rolled coils, polished steel, tinplate, and hard plates are flat steel objects. The growth of the flat steel segment is due to its growing use in various applications, including tubing, pipes, houses, heavy machinery, appliances, and packaging.
The global steel industry has been split into structural steel, iron steel wire, bright steel, welding wire / rod, ropes, prestressing steel, braids, among others, depending on the commodity. In 2017, the structural steel segment accounted for the largest share of the global steel industry and a CAGR of 3.15 percent is projected to be reported during the review period. The growth of the segment is due to the growing use of structural steel in building applications , mainly in the construction of bridges and buildings. In uses, including freight vehicles, building equipment, vehicle parts, machinery, truck frames, and transmission towers, structural steel grades find use. The second largest share of the global steel industry in 2017 was in the pre-stressing steel group.
Based on use, the global steel industry has been classified into building construction, automobiles, mechanical machinery, metal goods, other transportation, electrical appliances, and domestic appliances. With a market size of USD 417.3 billion in 2017, the building construction segment accounted for the significant share of the global steel sector and is forecast to record a 2.72 percent CAGR to hit USD 487.6 billion by the end of 2023. The development of the segment is due to the rise in residential construction activities worldwide.
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Steel Market - Regional Analysis:
Global Steel Market -Regional Analysis
As per the assessment conducted by MRFR, the global steel market is expected to be dominated by APAC. The region is likely to procure the highest CAGR while garnering a market value of USD 651.5 billion in 2027. The presence of established players in the region is anticipated to play a significant role. The rising investments in B2B construction sector is another salient cause that can drive the market in the region. For example, the venture debt firm InnoVen Capital announced that it invested USD 6.8 million in the Infra market, an online procurement marketplace based in India. Infra Market helps construction and real estate companies in procuring materials through its platform. Such initiatives are likely to augment the market size in the region during the assessment timeframe. Europe is anticipated to procure the second-largest market share while expanding at a CAGR of 2.30% during the assessment period. Germany is expected to lead the market throughout the forecast period. On the other hand, MEA is projected to garner significant market value in the coming time. The expansion of the region can be attributed to the expansion of the construction sector along with rapid industrialization. The region is predicted to acquire the market value of USD 74.8 billion by 2027.
Industry/ Innovation/ Related News:
February 2021- Pakistan long steel producer Agha Steel has announced the installment of solar polar at its production facility to achieve green steelmaking. The company has signed a contract with Renewable Power Pvt Ltd to install a 2.25-megawatt solar power project at its production facility.
February 2021- India based steel company Tata Steel has announced its partnership with FarEye to improve its in-plant and in-transit visibility, mitigate delivery delays, reduce loading times, and optimize transportation costs.
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