Steel Market Demand by Industry, Applications, Growth with Analysis Report 2023

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Steel is an alloy of carbon & iron which includes 2% carbon and 1% manganese. A wide range of steel grades are manufactured by using two conventional production processes namely, blast furnace-basic oxygen furnace (BF-BOF) and electric arc furnace (EAF) to suffice the specific needs of the application.    It exhibits superior properties such as high strength and durable mechanical properties.

Global steel market is predicted to grow with a healthy CAGR to reach USD 962431.8 million by the end of 2023. Steel is gaining prominence in the global market with the increasing usage in the end use industries such as automotive, electrical appliances, building & construction, and others.

Some of the key market factors that positively influence the market growth of steel are increasing demand from automotive as well as building & construction industry, increasing demand of high-quality long products & high strength lightweight steel, and increasing urbanization. Speedy industrialization coupled with rising per capita disposable income in developed and developing countries across the globe are predicted to fuel the growth of the market over the estimated period. Furthermore, growing penetration in electrical & domestic appliances and mechanical equipment is estimated to give new impetus to the growth of this market. However, rising usage of substitutes of steel such as aluminum and composites in the manufacturing of automobile parts is estimated to hinder the growth of the market.

Top Manufacturers:

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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Downstream Analysis:

The steel market is categorized on the basis of type, application, and region. On the basis of type, the market is bifurcated into long steel and flat steel. Among these, flat steel accounted for around 85% market share in overall steel sales revenue and is expected to retain its dominance due to wide utilization in building & construction sector. On the basis of application, the market is segmented into building & construction, automotive, mechanical equipment, metal products, other transportation, electrical appliances, and domestic appliances. On the basis of region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Key Outcomes:

Global steel market is projected to reach USD 962431.8 million by 2023. Expanding with a healthy CAGR over the forecast period. Building & construction accounted for the largest application segment accounting for value market share of 51% in 2016. Automotive is the second largest market exhibiting highest CAGR over the forecast period. Asia-Pacific is the largest and fastest growing market accounting for 67.2% in the overall market in 2016. Above 50% of the total production capacity flat steel product is owned by major twenty players in the market. ArcelorMittal Group is the leading producer with highest production capacity for flat and long steel products.

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Detailed Regional Insights:

Regionally, steel market is classified into five regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific dominated the global steel market in 2016, accounting for more than 67% of the value share of the global steel market. The regional market trends substantiating the growth of steel market include the rising contribution of transportation segment of the developing economies and constant growth of the numerous end-user application industry across Asia Pacific region. Moreover, the rapid urbanization in the region, high penetration of steel manufacturers, availability of cheap cost of labor are considered to have a positive impact on the overall steel market in the region. The other emerging markets such as Latin America and the Middle East & Africa seems to observe a healthy market trend as Asia Pacific.

Intended Audience:

  • Steel manufacturers
  • Traders and distributors of steel
  • Production process industries
  • Potential investors
  • Raw material suppliers

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