Global Steel Market is Segmented By Type (Crude Steel, Finished Steel (Flat Products, Long Products, Specialty Steel Product, Stainless Sheet/Strip), Scrap Steel), By Material (Steel Alloy, Carbon Steel, Stainless Steel), By End-Use (Automotive, Infrastructure, and construction, Mining Equipment, Aviation & Marine, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
The Global Steel Market is expected to grow at a high CAGR of 5.84% during the forecasting period (2022-2029).
- The market growth is driven by factors like increasing demand for sustainable, low cost, and durable building materials by contractors in residential & industrial construction projects.
- New advancements in material technology, steel possessing more stability, aesthetic appeal, and design flexibility compared to other materials is another market driving factor.
- Also, stringent government regulations for green & energy-efficient buildings is leading to increase in steel demand.
- Based on type, into Crude steel, Finished Steel (Flat, Long Specialty products), and Scrap Steel.
- Based on material, the market is segmented into Steel Alloy, Carbon Steel, and Stainless Steel.
- By end-user industry, the market is segmented into Automotive, Infrastructure and construction, Mining Equipment, Aviation & Marine, and Others.
- Geographically, the global Steel market is segmented into North America, South America, Europe, Asia Pacific, and RoW.
- In 2017, world steel production increased by 0.8% from the previous year to a level of 1 628.5 mm.
- The growing trend in global production was supported by a 1.2% production increase in China to 808.4 mm, as well as the rapid growth of 7% in the Middle East.
- According to the World Steel Association, Chinese crude steel production in January 2017 was approx. 67.6 mm higher compared to the previous year while in India production of steel increased by 15.3% in 2017.
- Production is growing by several factors such as increasing expansions by private and state-owned mills to meet growing domestic demand for steel in recent years.
- Raw material prices of steelmaking have also increased significantly as world steel production is growing.
- In 2017, global metallurgical prices rise compared to the previous year.
Scope of the Report
- The report covers factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.
- The significant players of Steel market include ArcelorMittal, Ansteel, Baosteel Group Corporation, Hebei Iron and Steel, Nippon Steel and Sumitomo Metal, POSCO, Shagang, SSAB, United States Steel Corporation, and Voestalpine Group.
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