According to the latest report by IMARC Group, titled “Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, the global steel market size reached US$ 942.3 Billion in 2023. Steel refers to an alloy primarily composed of iron and carbon, with small amounts of other elements, characterized by exceptional strength, durability, and versatility. The arrangement of iron atoms in crystalline lattice structure enables steel to have high tensile strength and resistance to deformation under applied loads, thereby making it one of the most widely used industrial materials. The metal is produced through the melting of coal, iron ore, and lime in a blast furnace to eliminate impurities and create a refined alloy. Additionally, steel possesses excellent mechanical properties, such as hardness, toughness, and ductility, along with high thermal conductivity, electrical conductivity, and corrosion resistance, especially when alloyed with elements, such as chromium or nickel. As a result, it finds widespread applications, such as manufacturing of utensils, electrical and electronic components, heavy machinery, and building and construction.
Global Steel Market Trends:
The market is majorly driven by rapid industrialization across the globe, particularly in emerging economies. In line with this, the increasing number of construction activities and infrastructure development projects are providing an impetus to the market. Moreover, considerable growth in the automotive industry resulting in increased vehicle production and sales is creating lucrative growth opportunities in the market. Moreover, continual technological advancements in steel manufacturing processes, including the introduction of rolling and casting techniques to manufacture value-adding product variants, are providing an impetus to the market growth. In addition to this, the emerging trend of 3D manufacturing is resulting in a higher uptake of steel powder. The market is further driven by the augmenting demand for numerous aerospace and defense applications, such as the manufacturing of military aircraft components. Some of the other factors contributing to the market include an enhanced focus on eco-friendly steel production and sustainable practices and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1,279 Billion by 2032, exhibiting a CAGR of 3.3% during 2024-2032.
- Based on the type, the market has been segmented into flat steel and long steel. Amongst these, flat steel represents the largest market segment.
- On the basis of the product, the market has been divided into structural steel, prestressing steel, bright steel, welding wire and rod, iron steel wire, ropes, and braids. Among these, structural steel accounts for the dominant market share.
- On the basis of the application, the market has been classified into building and construction, electrical appliances, metal products, automotive, transportation, mechanical equipment, and domestic appliances. Within these, building and construction holds the largest market share.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. At present, Asia-Pacific holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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 and United States Steel Corporation.
|Base Year of the Analysis
||Type, Product, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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 and United States Steel Corporation.
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