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Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global steel market reached a value of US$ 874.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1,052.25 Billion by 2027, exhibiting a growth rate (CAGR) of 3.02% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Steel is a hard, strong grey or bluish-grey alloy produced by combining vital ingredients with iron and various elements. It is commonly available in flat and long steel variants. It is manufactured by melting raw materials, such as coal, iron ore and lime in a blast furnace and removing impurities. Steel is commonly used for the manufacturing of utensils, electrical cable trays, machines crews and hinges. It enhances toughness, design flexibility, tensile strength, anti-corrosion properties and malleability and improves overall shelf life. In comparison to iron, steel can efficiently be designed and molded in various forms to offer enhanced shape with a wide range of dimensions and extreme purity. As a result, steel finds extensive application across various industries, such as automotive, manufacturing and construction.

 

 
 

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Steel Market Trends:

Significant growth in the automotive industry across the globe is creating a positive outlook for the market. Steel is widely used in the production of automobile structures, such as doors, engines, trunk closures, braking systems, fuel tanks, gears steering and braking systems. In line with this, the increasing demand for flat steel by automobile manufacturers to enhance fuel efficiency and reduce the overall weight of the vehicles is favoring the market growth. Moreover, various technological advancements, such as the integration of artificial intelligence (AI) and the development of rolling and casting techniques that assist in improving steel production methods to create designs that are resistant to pressure, temperature and corrosion, are providing an impetus to the market growth. Additionally, the widespread product adoption in the construction industry due to its properties, including ductility and durability, thus making the buildings earthquake-resistant, is positively impacting the market growth. Other factors, including the increasing product demand for manufacturing military aircraft and extensive infrastructural developments across the globe, are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global steel market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, product and application.

Breakup by Type:

 

 
 

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  • Flat Steel
  • Long Steel
     

Breakup by Product:

  • Structural Steel
  • Prestressing Steel
  • Bright Steel
  • Welding Wire and Rod
  • Iron Steel Wire
  • Ropes
  • Braids
     

Breakup by Application:

  • Building and Construction
  • Electrical Appliances
  • Metal Products
  • Automotive
  • Transportation
  • Mechanical Equipment
  • Domestic Appliances
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Type, Product, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
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Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Steel Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Type
    6.1    Flat Steel
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Long Steel
        6.2.1 Market Trends
        6.2.2 Market Forecast
7    Market Breakup by Product
    7.1    Structural Steel
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Prestressing Steel
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Bright Steel
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Welding Wire and Rod
        7.4.1 Market Trends
        7.4.2 Market Forecast
    7.5    Iron Steel Wire
        7.5.1 Market Trends
        7.5.2 Market Forecast
    7.6    Ropes
        7.6.1 Market Trends
        7.6.2 Market Forecast
    7.7    Braids
        7.7.1 Market Trends
        7.7.2 Market Forecast
8    Market Breakup by Application
    8.1    Building and Construction
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Electrical Appliances
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Metal Products
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Automotive
        8.4.1 Market Trends
        8.4.2 Market Forecast
    8.5    Transportation
        8.5.1 Market Trends
        8.5.2 Market Forecast
    8.6    Mechanical Equipment
        8.6.1 Market Trends
        8.6.2 Market Forecast
    8.7    Domestic Appliances
        8.7.1 Market Trends
        8.7.2 Market Forecast
9    Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    ArcelorMittal S.A.
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
           14.3.1.3 Financials
           14.3.1.4 SWOT Analysis
        14.3.2    EVRAZ plc
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
           14.3.2.3 Financials
           14.3.2.4 SWOT Analysis
        14.3.3    Gerdau S.A.
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
           14.3.3.3 Financials
        14.3.4    Hyundai Steel Co. Ltd
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
           14.3.4.3 Financials
        14.3.5    JFE Steel Corporation (JFE Holdings Inc.)
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
        14.3.6    Jiangsu Shagang Group Co. Ltd
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
        14.3.7    Nippon Steel Corporation
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
           14.3.7.3 Financials
           14.3.7.4 SWOT Analysis
        14.3.8    Nucor Corporation
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
           14.3.8.3 Financials
           14.3.8.4 SWOT Analysis
        14.3.9    Shougang Group Co. Ltd.
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
        14.3.10    Tata Steel Ltd. (Tata Group)
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
           14.3.10.3 Financials
           14.3.10.4 SWOT Analysis
        14.3.11    thyssenkrupp AG
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
           14.3.11.3 Financials
           14.3.11.4 SWOT Analysis
        14.3.12    United States Steel Corporation
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio
           14.3.12.3 Financials
           14.3.12.4 SWOT Analysis

List of Figures

Figure 1: Global: Steel Market: Major Drivers and Challenges
Figure 2: Global: Steel Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Steel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Steel Market: Breakup by Type (in %), 2021
Figure 5: Global: Steel Market: Breakup by Product (in %), 2021
Figure 6: Global: Steel Market: Breakup by Application (in %), 2021
Figure 7: Global: Steel Market: Breakup by Region (in %), 2021
Figure 8: Global: Steel (Flat Steel) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Steel (Flat Steel) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Steel (Long Steel) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Steel (Long Steel) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Steel (Structural Steel) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Steel (Structural Steel) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Steel (Prestressing Steel) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Steel (Prestressing Steel) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Steel (Bright Steel) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Steel (Bright Steel) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Steel (Welding Wire and Rod) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Steel (Welding Wire and Rod) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Steel (Iron Steel Wire) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Steel (Iron Steel Wire) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Steel (Ropes) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Steel (Ropes) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Steel (Braids) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Steel (Braids) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Steel (Building and Construction) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Steel (Building and Construction) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Steel (Electrical Appliances) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Steel (Electrical Appliances) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Steel (Metal Products) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Steel (Metal Products) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: Steel (Automotive) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Steel (Automotive) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Global: Steel (Transportation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: Steel (Transportation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Global: Steel (Mechanical Equipment) Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Global: Steel (Mechanical Equipment) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Global: Steel (Domestic Appliances) Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Global: Steel (Domestic Appliances) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: North America: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: North America: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: United States: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: United States: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Canada: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Canada: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Asia-Pacific: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Asia-Pacific: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: China: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: China: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Japan: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Japan: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: India: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: India: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: South Korea: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: South Korea: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Australia: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Australia: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Indonesia: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Indonesia: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Others: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Others: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Europe: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Europe: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Germany: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Germany: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: France: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: France: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: United Kingdom: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: United Kingdom: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Italy: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Italy: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Spain: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Spain: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Russia: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Russia: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Others: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Others: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Latin America: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Latin America: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Brazil: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 81: Brazil: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 82: Mexico: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 83: Mexico: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 84: Others: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 85: Others: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 86: Middle East and Africa: Steel Market: Sales Value (in Million US$), 2016 & 2021
Figure 87: Middle East and Africa: Steel Market: Breakup by Country (in %), 2021
Figure 88: Middle East and Africa: Steel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 89: Global: Steel Industry: SWOT Analysis
Figure 90: Global: Steel Industry: Value Chain Analysis
Figure 91: Global: Steel Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Steel Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Steel Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Global: Steel Market Forecast: Breakup by Product (in Million US$), 2022-2027
Table 4: Global: Steel Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 5: Global: Steel Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Steel Market: Competitive Structure
Table 7: Global: Steel Market: Key Players


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Key Questions Answered in This Report

The global steel market was valued at US$ 874.6 Billion in 2021.

We expect the global steel market to exhibit a CAGR of 3.02% during 2022-2027.

The rising application of steel in the production of automobile structures, such as doors, engines, fuel tanks, etc., to enhance fuel efficiency and reduce the overall weight of the vehicles is primarily driving the global steel market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the temporary closure of numerous end-use sectors for steel.

Based on the type, the global steel market can be segmented into flat steel and long steel. Currently, flat steel holds the majority of the total market share.

Based on the product, the global steel 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 currently exhibits a clear dominance in the market.

Based on the application, the global steel market can be categorized into building and construction, electrical appliances, metal products, automotive, transportation, mechanical equipment, and domestic appliances. Currently, building and construction accounts for the majority of the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global steel market 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.

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