Steel Market Overview to 2023:
The global steel market is estimated to attain USD 962431.8 Mn and expand at an incremental compound annual growth rate over the forecast period which ends in 2023, reveals Market Research Future (MRFR) in a recently published research report. Steel is a key intermediate good used across diverse industries which leads to massive demand for steel.
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With
improvements in global industrial production, the global steel market is
expected to pick up in the coming years. The demand for steel has grown
manifolds in recent years since it is of
strategic importance to various industries such as automotive, manufacturing,
consumer durables and others. Rise in developmental and infrastructural
activities across the globe is one of the critical
determinants of the growth of the global steel market. More than half of the
steel produced on a global scale goes
into building and infrastructure. With the rapid rise in urbanization and
population boom, infrastructural activities will continue to expand which will
augment the growth of the global steel market since they are essential to the building of roads, bridges, stations, airports,
and others.
Higher
economic growth trend observed in various economies, especially the developing
nations is expected to generate considerable demand for steel in varying
proportions and augment the growth of the market. Stringent regulatory norms
which promote energy-efficient and green buildings also contribute to the
growth of the global steel market.
The
automotive industry is a major end user
of the global steel market and consumes massive amounts of steel for every new
vehicle design. The ongoing drive for lighter weight vehicles coupled with
increased focus on emission reduction further strengthens the demand for the
global steel market. Heightened demand for stainless steel across the electronic appliances markets also contributes
to the growth of the market.
However,
a slowdown in chins, surging steel
imports in the US and degrading oil prices are major
hurdles for the growth of the global steel industry. The economic downturn in China coupled with overcapacity
issues is expected to be a hindrance to the global
steel market. Falling oil prices are
likely to have a high impact on the growth of the global steel markets owing to the industry's exposure to the energy
sector. Energy exploration companies are expected to reduce their capital
expenditure budget to curtail costs which will slow down the growth of the
global steel market.
Competitive Landscape
·
Maanshan
Iron & Steel Company Limited
·
JFE
Steel Corporation
·
Tata
Steel
·
JIANLONG
GROUP
·
ArcelorMittal
·
China
BaoWu Steel Group Corporation Limited
·
HYUNDAI
STEEL
·
JSW
·
POSCO
·
HBIS
GROUP
·
ChinaSteel
·
ThyssenKrupp
AG
·
Nucor
·
SHAGANG
GROUP Inc
·
NIPPON
STEEL & SUMITOMO METAL CORPORATION
Industry Updates
In
November 2018, Vale, Brazil's mining giant and a global leader in iron ore and
nickel production, entered in a four-year contract with Emirates Steel, the
largest producer of steel in UAE. Through the partnership, vale will supply
iron ore pellets for the Arabian company's steel production in Abu Dhabi.
Segmentation
The
global steel market has been segmented based on type, and application.
By type, the market has been segmented into long steel and flat steel. The flat steel segment is the largest
segment and is expected to retain its dominance over the forecast period.
By application, the market has been segmented into building & construction, automotive, mechanical equipment,
metal products, other transportation, electrical appliances, and domestic
appliances.
Regional Analysis
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are the key markets for steel. Among them, Asia Pacific accounts
for over 66% of the global market share and is likely to retain its dominance over the forecast period. The rise in construction industry generates
high demand for high-quality steel. In addition,
the growth of end-use industries such as
electrical appliances, and metal products will further aid the growth of the
market over the forecast period.
Europe
market for steel is expected to grow at a significant rate, Germany, Russia,
and Italy being the key contributors to the market. Towering demand from the
automotive, building & construction, and the electrical appliances sector
drives the market in Europe.
The
developed regions of North America and Latin America is expected to witness
steady growth over the forecast period on
account of rising in the volume of
heavy and light duty vehicle production in the regions. Also, the high adoption rate of electrical and domestic
appliances induce high demand for steel.
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