The global steel market size reached US$ 942.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,279 Billion by 2032, exhibiting a growth rate (CAGR) of 3.3% during 2024-2032.
The increasing product use in military and aerospace applications, the rising demand in electrical appliances, the growing product's role in shipbuilding, and the escalating product uptake in consumer goods are some of the factors propelling the market.
Factors Affecting the Growth of the Steel Industry:
- Environmental Concerns and Regulatory Policies:
Governing agencies of several countries are imposing stringent regulations on emissions and energy consumption, compelling key players to invest in cleaner and more sustainable practices. The shift towards green steel, which involves lower carbon emissions, is strengthening the growth of the market. Besides this, governing authorities are providing financial incentives, such as grants or tax breaks, for companies that invest in environment-friendly technologies. This can ease the financial burden associated with upgrading facilities and processes to produce steel, thereby contributing to the growth of the market.
- Technological Advancements:
The development of new steelmaking processes is leading to more efficient production, reducing costs, and enhancing competitiveness. The adoption of electric arc furnace (EAF) technology allows for the recycling of steel, which is both cost-effective and environment-friendly. Advancements in automation and digitalization are also enhancing production efficiency and quality control of steel, providing a competitive edge in a global market. In addition, direct reduced iron (DRI) technology provides an alternative to the traditional blast furnace method of producing steel from iron ore. This process reduces gas or elemental carbon, producing a purer form of iron known as sponge iron.
- Rising Demand from End-User Industries:
The construction sector is a major consumer of steel, using it for structural components, reinforcements, and various building materials. Rapid urbanization is catalyzing the demand for new infrastructure and housing, thereby propelling the market growth. Besides this, the shift towards electric vehicles (EVs) and more stringent environmental regulations is offering a favorable market outlook. Key manufacturers are seeking lighter yet stronger steel varieties to improve fuel efficiency and meet safety standards. The rising demand for advanced high-strength steels (AHSS) to offer the strength-to-weight ratios required for modern vehicle designs is bolstering the market growth.
Steel Market Report Segmentation:
By Type:
- Flat Steel
- Long Steel
Flat steel exhibits a clear dominance in the market due to its extensive application in industries, such as automotive and construction.
By Product:
- Structural Steel
- Prestressing Steel
- Bright Steel
- Welding Wire and Rod
- Iron Steel Wire
- Ropes
- Braids
Structural steel accounted for the largest market share, as it offers superior strength and durability to large-scale buildings and structures.
By Application:
- Building and Construction
- Electrical Appliances
- Metal Products
- Automotive
- Transportation
- Mechanical Equipment
- Domestic Appliances
Building and construction represented the biggest segment on account of rapid urbanization and infrastructure development.
Regional Insights:
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The dominance of the Asia Pacific region in the steel market is attributed to the large manufacturing base and increasing urban population.
Global Steel Market Trends:
Steel is a key component in the construction of wind turbine towers and solar panel frames. As governing agencies of several countries are investing in renewable energy infrastructure, the demand for steel is rising around the world. Besides this, the use of scrap steel in production processes not only reduces environmental impact but also meets consumer expectations for sustainable practices.
Steel is also used in packaging, mainly in food and beverage (F&B) containers. Innovations in steel packaging, such as lightweighting and improved recyclability, align with consumer trends towards sustainable packaging solutions.
Leading Companies Operating in the Steel Industry:
- ArcelorMittal S.A.
- EVRAZ plc
- Gerdau S.A.
- Hyundai Steel Co. Ltd
- JFE Steel Corporation (JFE Holdings Inc.)
- Jiangsu Shagang Group Co. Ltd
- Nippon Steel Corporation
- Nucor Corporation
- Shougang Group Co. Ltd.
- Tata Steel Ltd. (Tata Group)
- thyssenkrupp AG
- United States Steel Corporation
Other Key Points Covered in the Report:
- COVID-19 Impact
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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