The global steel market size reached US$ 907 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,077 Billion by 2028, exhibiting a growth rate (CAGR) of 2.8% during 2023-2028.
IMARC Group, a leading market research company, has recently releases report titled “Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global steel industry growth, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What is steel?
Steel is a strong grey or bluish-grey and hard alloy that is produced by combining vital ingredients with iron and several elements. It is widely available in flat and long product variants. Steel is produced by melting raw materials, such as iron ore, coal, and lime, in a blast furnace and removing impurities. It is extensively utilized in the manufacturing of electrical cable trays, utensils, machines crews, hinges, etc. Steel improves design flexibility, tensile strength, toughness, anti-corrosion properties, and malleability and enhances overall shelf life. As compared to iron, it can efficiently be designed and molded in numerous forms to offer enhanced shape with a wide array of dimensions and extreme purity. Consequently, steel finds wide-ranging applications across various industries, such as manufacturing, construction, automotive, etc.
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What are the growth prospects and trends in the industry?
The widespread adoption of this alloy in the production of automobile structures, such as engines, trunk closures, doors, braking systems, fuel tanks, gear steering, and braking systems, is primarily driving the steel market. Additionally, it is utilized across the construction industry, owing to its properties, including durability and ductility, thus making the buildings earthquake resistant. Besides this, the escalating demand for flat steel by leading manufacturers to enhance fuel efficiency and minimize the overall weight of the vehicles is acting as another significant growth-inducing factor. Moreover, the increasing number of infrastructural development projects is positively influencing the global market. Apart from this, continuous technological advancements, such as the rising integration of Artificial Intelligence (AI) and the introduction of casting and rolling techniques that help in improving production methods to create designs that are resistant to temperature, pressure, and corrosion, are anticipated to fuel the steel market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Flat Steel
- Long Steel
Breakup by Product:
- Structural Steel
- Prestressing Steel
- Bright Steel
- Welding Wire and Rod
- Iron Steel Wire
- Ropes
- Braids
Breakup by Application:
- Building and Construction
- Electrical Appliances
- Metal Products
- Automotive
- Transportation
- Mechanical Equipment
- Domestic Appliances
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
- 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
- United States Steel Corporation.
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