With 5.4% CAGR, Steel Market Size to Reach USD 910 billion by 2029

Luton, Bedfordshire, United Kingdom, March 15, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Steel Market.

The steel industry is an essential component of the global economy, as steel is used in various applications, including construction, transportation, energy, and packaging. The global steel market is expected to grow at 5.4% CAGR from 2023 to 2029. It is expected to reach above USD 910 billion by 2029 from USD 566 billion in 2022.

In recent years, the steel market has seen a steady growth in demand due to increasing industrialization and urbanization in developing countries, particularly in Asia. However, the COVID-19 pandemic had a significant impact on the industry, with many factories temporarily closing and demand plummeting. The market has since recovered, but supply chain disruptions, rising raw material costs, and transportation challenges continue to pose challenges.

The global steel market is highly competitive, with many large players, including ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, and POSCO. These companies, along with others, have been investing in advanced technologies to improve production efficiency, reduce costs, and enhance the quality of steel. One trend that has emerged in the steel industry is a growing focus on sustainability. Many steel manufacturers are seeking to reduce their carbon emissions and increase their use of recycled materials. This trend is driven by increasing regulatory pressure, consumer demand for eco-friendly products, and a desire to reduce costs.

Overall, the steel market is expected to continue to grow, driven by increasing demand from developing countries, infrastructure investment, and technological advancements. However, the industry will also face challenges, including supply chain disruptions, rising raw material costs, and increasing pressure to reduce emissions.

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Product Insights

In 2019, hot rolled steel dominated the market, accounting for over 75% of the total volume share. This product is gaining popularity due to its economical production process and superior characteristics, including excellent weldability, formidability, high residual strain during baking, and good adhesion ability.

On the other hand, cold rolled steel is manufactured below recrystallization temperatures and further processed to achieve a superior surface finish and high tolerance. This product is commonly used in applications where the final appearance and texture are critical, such as in rail wheels, axles, and fish plates.

Direct rolling practices are becoming more popular in the industry, as they improve the final yield by up to 4-5% and provide cost savings. This process also reduces the risk associated with lower production caused by manual roles like ingot finishing, loading, and mold settings.

While steel tubes, sheets, and other profiles are gaining popularity, their growth is slower than that of traditional product forms. Sheets are used in various end-use industries, such as construction, automotive, transformers, beverage cans, and housing materials, due to their durability, aesthetic appeal, and corrosion resistance.

Tubes are primarily used for underground transportation of gas and water and overhead electrical wire and cable protection. The growth of the tube market is expected to be driven by rapid urbanization and increasing construction spending, particularly in emerging economies.

Application Insights

The dominant application of pre-engineered metal buildings (PMB) in 2019 is expected to remain so due to increasing demand for ready-made and hassle-free buildings for industrial applications. This segment is expected to benefit from rapid industrialization in emerging economies and growing awareness regarding lower costs associated with PMB.

PMB is commonly used in industrial buildings and warehouses due to their ease of assembly and dismantling, lower construction costs, design flexibility, and energy efficiency. These buildings consume less electricity for HVAC control.

The PMB segment has three sub-segments: primary & secondary members, roofs & walls, and panels. Primary members accounted for approximately 30% of the revenue share in 2016 and are critical to a building’s structural integrity, including columns, beams, and braces. Cold-rolled sections are increasingly being used for primary members due to their low weight, simplified design procedures, ease of erection, and design flexibility.

Steel panels are expected to grow rapidly, with a CAGR of 8.2% from 2022 to 2029. These panels are used in both residential and non-residential infrastructure due to their lightweight, ease of installation, and high resistance to adverse climatic conditions such as snow, storms, and heavy rains.

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Companies Covered in Steel Market Report:

• 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)

Report Benefits

• Develop business strategies by understanding the trends shaping and driving the Market.
• Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Steel Market in the future.
• Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Steel Market leaders.
• Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
• Track sales in the global and country-specific Market.
• Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.

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Regional Insights

In 2019, the Asia Pacific steel market held the highest revenue share, driven by increasing preference for prefabricated engineered buildings (PEBs) among end-users. The advantages of PEBs, such as energy efficiency, design flexibility, and faster completion rate of projects, are expected to further drive the steel market in the region.

The Indian steel market is expected to grow significantly, driven by increasing industrial construction and population expansion. The country's growing per capita disposable income and rapid urbanization are expected to fuel residential construction. Favorable government policies and untapped potential are anticipated to increase foreign investments in construction projects and drive steel market growth in the country.

In Europe, steel production is a crucial contributor to achieving the goal of increasing the share of construction in GDP to 20% by 2020. The European Commission is mobilizing various EU funds and policy instruments to alleviate social costs and retain competitive steel-producing skills. However, the European steel industry faces challenges such as higher energy prices than its international competitors, a trend that has been amplified by price increases in recent years.

The German steel sector remains resilient and competitive, thanks to its high technology products. Residential construction is witnessing strong growth in the country, and increasing construction spending owing to favorable financing conditions, coupled with a lack of investment alternatives, is expected to drive steel market growth. Rising public construction on account of increasing investment from the municipal segment is further expected to drive steel demand over the forecast period.

Key Market Segments: Steel Market

Steel Market by Type, 2023-2029, (USD Million), (Kilotons)

• Flat Steel
• Long Steel

Steel Market by Product, 2023-2029, (USD Million), (Kilotons)

• Structural Steel
• Iron Steel Wire
• Bright Steel
• Welding Iron/Rod
• Ropes
• Prestressing Steel
• Braids
• Others

Steel Market by Application, 2023-2029, (USD Million), (Kilotons)

• Automotive
• Mechanical
• Building and Construction
• Metal Products
• Mechanical Equipment
• Electric Appliances
• Domestic Appliances
• Other Transportation

Steel Market by Region, 2023-2029, (USD Million), (Kilotons)

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Frequently Asked Questions About This Report

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