Global Steel Market Set for a Positive Growth Forecast at CAGR of 2.59% till 2023
Bharat Book Bureau Provides the Trending Market Research Report on“Global Steel Market, Forecast to 2023” underIndustry & Mfg category. The report provides information on industry overview, market size, latest developments, industry trends,Key Manufacturers, global presence, and their future prospects.
Steel is a high strength alloy of iron, which is produced by impregnating iron with carbon. It has superior strength bearing and mechanical properties. Such high strength alloys are used in a number of end-use industries such as building & construction, electrical appliances, domestic appliances, oil & gas, and automotive. Among such applications, building & construction and automotive are the leading applications, where steel used prominently. The construction industry accounted for around 50%in the overall steel consumption in 2016.
Some of the prominent factors influencing the global steel demand are increasing automotive production across the globe, growing investment in building & construction sector. Building & construction is the leading end-use industry for steel. Owing to high strength and susceptibility to high mechanical stresses, steel is majorly used in the structural application. Mild steel has high architectural capabilities and has relatively high availability in the market. With the growing population and increasing disposable income, investments in the building & construction sector are on the rise in the emerging regions across the globe.
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This is anticipated to drive the global steel demand. Moreover, automotive is the second largest consumer after building & construction industry. Steel is consumed in OEM as well as automotive component manufacturing industry. Although steel components are being replaced by plastic component due to lightweight trend, inculcation of high strength steel (HSS) is estimated to fuel the steel demand in the automotive industry.
FIGURE 1 Global Steel Market, by Type, 2016 (%)
Source: MRFR Analysis
Among the different types of steel such as flat & long, flat steel majorly consumed in all the end-use industries. In 2016, flat steel accounted for 85% of the overall steel consumption.
Regional Analysis
Based on geography, the global steel market is classified as North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Among the aforementioned regions, Asia Pacific accounted for the largest share of the global steel consumption. The region dominated the global market with67% share of the overall market in 2016. Factors such as rising passenger car production and increasing construction investment in 2016 are anticipated to contribute to domestic market growth. Country wise, China is the leading producer and consumer of flat steel. Asia Pacific market is followed by Europe in terms of market share. Other emerging regions such as Latin America and the Middle East & Africa are likely to witness a healthy growth.
Segmentation
The steel market is categorized on the basis of type, application, and region. On the basis of the type, the market is bifurcated into long steel and flat steel. Among these, the flat steel accounted for around85% share of the market in overall steel sales revenue and is expected to retain its dominance due to wide utilization in building & construction sector. On the basis of the application, the market is segmented into building & construction, automotive, mechanical equipment, metal products, other transportation, electrical appliances, and domestic appliances. On the basis of the region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Key Players
Some of the key players operating in the global steel market are ArcelorMittal, POSCO, SHAGANG GROUP Inc, NIPPON STEEL & SUMITOMO METAL CORPORATION, China BaoWu Steel Group Corporation Limited, HBIS GROUP, Tata Steel, Nucor, HYUNDAI STEEL, ChinaSteel, Maanshan Iron & Steel Company Limited, ThyssenKrupp AG, JFE Steel Corporation, JSW, and JIANLONG GROUP among others.
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