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 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.
What is steel?
Steel is an alloy produced by combining vital ingredients with iron and various elements. It is made by melting raw materials, including coal, iron ore, and lime, in a blast furnace and removing impurities. It can be designed and molded in various forms to offer enhanced shapes with multiple dimensions and extreme purity. It aids in enhancing toughness, design flexibility, tensile strength, and malleability and improving the overall shelf life.
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What are the growth prospects and trends in the industry?
There is an increase in the use of steel in the construction industry for building structures to provide structural integrity that can withstand heavy loads. Along with this, the rising construction projects in residential and commercial areas represent one of the primary factors strengthening the market growth around the world. Moreover, the growing usage of steel in the automotive industry for producing components, such as doors, engines, trunk closures, braking systems, fuel tanks, gears steering, and braking systems, is influencing the market positively. In addition, the increasing adoption of steel in power plants and pipelines on account of its numerous benefits like high strength and heat resistance, is favoring the growth of the market. Besides this, the rising utilization of steel in the production of containers and cans is bolstering the market growth.
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.
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
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