New York (US), April 27, 2023 (GLOBE NEWSWIRE) -- Steel Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), “Steel Market Information by Type, Product, Application, and Region - Forecast till 2030", The steel market will surge from USD 1353.28 billion in 2022 to USD 1718.26 billion in 2030, at a rate of 3.47% from 2022 to 2030
Market Synopsis
Steel is primarily an alloy that is created by combining its key ingredient with iron and various elements. These elements, at the right pressure and temperature, play an important role in influencing steel’s properties in terms of toughness, strength, weldability, durability and ductility. Combining iron with elements like carbon, manganese, or base metals including copper and nickel, results in a type of steel that has crucial applications. Some of the most commonly used methods for altering steel’s properties are tempering, annealing, peening and quenching, along with cold or hot rolling.
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Market Competitive Landscape:
The affluent companies in the steel industry are
- 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)
- Among others.
Report Scope
| Report Attribute | Details |
| Market Size in 2030 | USD 1718.26 billion |
| CAGR | 3.47% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising automotive production Large-scale investments in water treatment facilities |
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Most of the renowned manufacturers in the global market spend considerably on rigorous research and development activities to come up with various types of advanced steel that have better features in order to facilitate higher performance and efficiency. These players launch highly efficient products that meet with the escalating demand for excellence among the end-use industries. Expansion of production capacity via acquisition and partnership remains another key competitive strategy usually undertaken by the companies to further establish themselves in the market.
Market USP Covered:
Market Drivers:
Rising preference for low cost, durable and sustainable building materials among contractors worldwide has fostered the steel demand significantly in several construction projects as well as in industrial infrastructure. Technological innovations have led to enhanced structural integrity in pre-engineered metal buildings, where steel has emerged as a vital component that lends an aesthetic appeal, design flexibility and stability. All these factors combined can translate into significant revenues and bolster the global steel market size over the next few years.
The primary trend gaining traction in the steel industry is the surging focus on product innovation. New, more advanced products are being introduced by major market players, thereby gaining the attention of a higher number of end-users.
Market Restraints:
High-quality raw materials have become scarce as a result of the overproduction of steel over the past ten years. The availability of top-notch raw materials will be crucial for producing steel in big quantities in order to meet the challenge of future rising steel demand. The use of low-quality raw materials during production may have unfavorable repercussions, such as increased GHG emissions that might disturb the environment and increased energy use. As a result, the market's expansion in succeeding years will undoubtedly be disrupted.
Opportunities
In the following years, steel will be installed by both residential as well as commercial property owners. The steel’s remarkable qualities will offer a lot of room for expansion. Consumer spending on home remodeling and refitting will increase in the coming years. Many homeowners desire upgrades that are affordable.
Future market expansion chances will be brought about by the rising cost of home improvement. The simplest roofs and various construction parts are made of steel. It is another element that will provide growth opportunities for the steel market throughout the projection timeframe.
COVID 19 Analysis
The demand for steel declined by double digits in numerous nations in 2020, despite a favorable worldwide figure. The tighter controls, declining raw material costs, drops in tourism, and insufficient budgetary assistance in emerging countries made them more susceptible to the epidemic.
Both the developed world and the developing world saw a good comeback in 2021. The pre-pandemic level of steel demand was reached in 2021 in emerging nations, which had a stronger recovery than developed ones. It required more time in sophisticated economies. With some slowdown of growth, a solid rebound was seen throughout 2022. The pandemic's development and vaccination's efficacy were both unknowns, which increased dangers on both ends of the spectrum.
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Market Segmentation
By Type
Depending on the type, the steel market has been considered for flat as well as long steel. Flat steel has remained the market leader since the year 2019 and should thrive at a rate of 2.5% over the projected timeline. Products made of flat steel are hot-rolled coils, slabs, coated steel, cold-rolled coils, heavy plate, and tinplate, which are mostly used in pipes, tubes, heavy machinery, construction, packaging and appliances.
By Product
The product-based market segments include iron steel wire, braids, structural steel, welding wire/rod, bright steel, prestressing steel, ropes, and others. In 2017, the lead was achieved by the structural steel segment, which is set to record a CAGR of 3.15% over the analysis period, thanks to the mounting use of structural steel in various applications like frames of buildings and bridges. Structural steel also finds extensive applications in construction equipment, freight cars, machinery, truck parts, transmission towers, and truck frames. Meanwhile, prestressing steel will be the second-biggest segment in the global industry.
By Application
Major applications of steel include automotive, building & construction, domestic appliances, metal products, mechanical equipment, electrical appliances, other transportation and more. The building & construction segment in 2019 took the top spot and was valued at USD 417.3 billion and could soar at a rate of 2.5% to reach USD 487.6 billion by 2027-end. The notable surge in residential construction across various countries has led to the segmental growth in the global market.
Regional Insights
During the research period, the Asia-Pacific market, which had a USD 574.17 billion market value in 2021, will expand at a substantial rate. The APAC market growth is offset by the skyrocketing demand in construction as well as infrastructural development and the surge in automotive production. The China steel market is mostly supported by the thriving electrical appliances industry in the country. The escalating steel consumption in the region is the result of the influx of large-scale direct foreign investments along with the soaring demand in the automotive and shipbuilding sectors.
Europe commands the second biggest share in the global market and is touted to project healthy growth in the years to come. Germany has emerged as the top-performing market in the region and can maintain its winning streak throughout the conjectured period. Other than this, the Central European market should demonstrate healthy growth on account of the rising expenditure on infrastructure development. Mechanical engineering and automotive manufacturing in the region are the top consumers of steel and are expected to contribute significantly to the market growth in the ensuing years.
Middle East & Africa will be the third dominant market, right behind Europe, in view of the mounting demand for steel in the construction industry, which itself has been witnessing significant growth in the region. The enhanced industrialization rate across North African economies is bound to favor the regional market in the years ahead.
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