The Steel Market is estimated to be valued at USD 963.6 million by 2023 and expected to exhibit a CAGR of 2.84% during the forecast period. Steel is widely used in various industries. On similar lines, the global steel industry is influenced by various factors in the end-use industries. The increasing investments in construction activities, and growing demand in the automotive industry are driving the demand for steel. The construction industry is the leading end-use industry for steel, it accounted for more than 50% of the global steel consumption in 2017. As the activities in the private construction are increasing along with increasing spending in construction across the globe. The overall sales revenue of the construction industry is projected to surpass USD 10 trillion by 2020.
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Geographically, the global Steel Market has been segmented into five major regions—Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. As per MRFR analysis, Asia-Pacific dominated the global market, accounted for the largest market in 2017, and is expected to register a CAGR of 3.09% during the forecast period. The European market is trailing behind Asia-Pacific in terms of demand. The demand is attributed to the growing demand for advanced high-strength steel (AHSS) in premium car manufacturing and increasing construction activities in Central Europe. The Middle East & African market accounted for 8% of the global steel revenue in 2017, the demand is attributed to the industrialization in North Africa and increasing construction activities across the GCC countries.
Key Findings of the Study:
- Building & construction was the largest application segment accounting for value market share of 51% in 2016.
- Automotive is expected to be the second-largest segment during the forecast period.
- Asia-Pacific is expected to be the largest and fastest growing market, accounting for 67% share of the global market in 2017
- Above 50% of the total production capacity of flat steel product is owned by the major twenty players operating in the global market.
- ArcelorMittal Group is the leading producer with highest production capacity for flat and long steel products
This research report provides the insights, on various levels of analyses such as industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the Global Steel Market, including the high-growth regions and their political, economic and technological environments. Furthermore, the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.
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The global Steel Market has been segmented based on type, product, applications, and region. By type, the global market has been divided into flat and long steel. The flat steel segment accounted for the largest market share and is expected to reach USD 798.7 billion by 2023. The increasing demand for flat products such as plates, rolled coils, and sheets in an array of end-use industries such as construction, machinery, and automotive is expected to boost the growth of the segment during the forecast period.
The product type segment includes structural steel, prestressing steel, bright steel, welding wire/rods, ropes, iron steel wire, braids, and others. The structural steel segment held the largest market share in terms of tonnage and revenue, the segment accounted for a market share of 52.2% in terms of revenue in 2017. The demand for structural steel is attributed to the increasing demand in the construction industry coupled with augmented demand for prefabricated steel structures in construction activities to optimize the construction time. The structural steel segment is also expected to exhibit a highest CAGR during the forecast period.
Based on applications, the global Steel Market has been segmented into building and construction, automotive, mechanical equipment, metal products, electrical appliances, domestic appliances, and other transportation. The demand for steel in the building and construction applications accounted for the largest market share owing to the increasing use of flat and long steel products in various structural applications. Thus, the growing investments in the infrastructural activities and residential construction across the globe is driving the demand for steel in the construction industry. During the forecast period, the building and construction segment is estimated register a CAGR of 2.72% as to reach USD 487.6 billion by the end of 2023. Electrical appliances is the second major consumer of steels, electrical grade steel is widely use in magnetic cores of appliances owing to its energy efficiency and electrical conductivity.
Market Research Future (MRFR) recognizes the following companies as the key players in the global Steel Market—ArcerolMittal (Luxemborg), 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), and China Steel Company (Taiwan), among others.
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