Market Highlights
The Steel Market is estimated to be valued at USD 963.6
million by 2023 and expected to exhibit a CAGR of 2.84% during the
forecast period. Steel
is widely used in various industries. On similar lines, the global steel
industry is influenced by various factors in the end-use industries. The
increasing investments in construction activities, and growing demand in the
automotive industry are driving the demand for steel. The construction industry
is the leading end-use industry for steel, it accounted for more than 50% of
the global steel consumption in 2017. As the activities in the private
construction are increasing along with increasing spending in construction
across the globe. The overall sales revenue of the construction
industry is projected to surpass USD 10 trillion by 2020.
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Key Player:
·
ArcerolMittal
(Luxemborg)
·
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)
Regional Analysis
Geographically, the global Steel Market has been
segmented into five major regions—Asia-Pacific, Europe, North America, Latin
America, and the Middle East & Africa. As per MRFR analysis, Asia-Pacific
dominated the global market, accounted for the largest market in 2017, and
is expected to register a CAGR of 3.09% during the forecast period. The
European market is trailing behind Asia-Pacific in terms of demand. The demand
is attributed to the growing demand for advanced high-strength steel (AHSS) in
premium car manufacturing and increasing construction activities in Central
Europe. The Middle East & African market accounted for 8% of the
global steel revenue in 2017, the demand is attributed to the industrialization
in North Africa and increasing construction activities across the GCC
countries.
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Segmental Analysis
The global Steel Market has been segmented based on type,
product, applications, and region. By type, the global market has been divided
into flat and long steel. The flat steel segment accounted for the largest
market share and is expected to reach USD 798.7 billion by 2023. The
increasing demand for flat products such as plates, rolled coils, and sheets in
an array of end-use industries such as construction, machinery, and automotive
is expected to boost the growth of the segment during the forecast period.
The product type segment includes structural steel,
prestressing steel, bright steel, welding wire/rods, ropes, iron steel
wire, braids, and others. The structural steel segment held the largest
market share in terms of tonnage and revenue, the segment accounted for
a market share of 52.2% in terms of revenue in 2017. The demand for
structural steel is attributed to the increasing demand in the construction
industry coupled with augmented demand for prefabricated steel structures in
construction activities to optimize the construction time. The structural steel
segment is also expected to exhibit a highest CAGR during the forecast period.
Based on applications, the global Steel Market has been segmented
into building and construction, automotive, mechanical equipment, metal
products, electrical appliances, domestic appliances, and other transportation.
The demand for steel in the building and construction applications
accounted for the largest market share owing to the increasing use of flat
and long steel products in various structural applications. Thus, the growing
investments in the infrastructural activities and residential construction
across the globe is driving the demand for steel in the construction
industry. During the forecast period, the building and construction
segment is estimated register a CAGR of 2.72% as to reach USD 487.6 billion by
the end of 2023. Electrical appliances is the second major consumer of
steels, electrical grade steel is widely use in magnetic cores of appliances
owing to its energy efficiency and electrical conductivity.
Key Findings of the Study:
- Building
& construction was the largest application segment accounting for
value market share of 51% in 2016.
- Automotive
is expected to be the second-largest segment during the forecast period.
- Asia-Pacific
is expected to be the largest and fastest growing market, accounting
for 67% share of the global market in 2017
- Above
50% of the
total production capacity of flat steel product is owned by the major
twenty players operating in the global market.
- ArcelorMittal
Group is the leading producer with highest production capacity for flat
and long steel products
This research report provides the insights, on various levels
of analyses such as industry analysis, market share analysis leading market
players and their profiles. This report also helps in studying the target
segments by providing views on emerging & high-growth segments and market
conclusion. Together the market data comprise and discuss with the basic
assessments on the competitive scenarios & strategies, of the Global
Steel Market, including the high-growth regions and their political,
economic and technological environments. Furthermore, the project report also
provides the views over the historical market values as well as, pricing and
cost analysis of the same.
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