Global Steel Market Size By Product Type, By End-User Industry, By Geographic Scope And Forecast

Steel Market Size And Forecast

Steel Market size was valued at USD 927.66 billion in 2023 and is projected to reach USD 1,676.24 billion by 2030, growing at a CAGR of 3.8% during the forecast period 2024-2030.

Global Steel Market Drivers

The market drivers for the Steel Market can be influenced by various factors. These may include

• Global Economic GrowthAs steel is a necessary component of many industries, including manufacturing, infrastructure, and construction, economic growth usually results in higher demand for the metal. Steel has historically been in high demand due to the robust economic expansion in emerging economies, especially in nations like China and India.
• Infrastructure DevelopmentA significant amount of steel is needed for infrastructure projects like utilities, roads, bridges, railroads, and airports. The construction of infrastructure through government programmes can greatly increase the demand for steel.
• Urbanisation and IndustrializationThe need for steel is driven by the fast-paced urbanisation and industrialization occurring in developing nations. Steel is used in the construction and manufacturing of machinery, equipment, and residential and commercial buildings.
• Automotive IndustryEspecially for car bodywork, chassis, and other components, the automotive industry is a significant consumer of steel. The demand for steel may rise in response to increases in auto sales and manufacturing.
• Construction SectorA sizeable amount of steel consumption is accounted for by construction activities, which include residential, commercial, and industrial construction. Government infrastructure expenditure, urbanisation trends, and population expansion all have an impact on demand in the building industry.
• Energy SectorPipelines, offshore platforms, and power generation facilities are just a few examples of the infrastructure in which steel is crucial. Steel consumption may be influenced by an increase in power infrastructure, oil and gas exploration, and renewable energy initiatives.
• Trade Agreements and TariffsBy influencing the price of steel imports and exports, trade agreements and tariffs, among other things, can have an effect on the world steel market. Trade disputes between the main producers of steel can alter market dynamics and cause supply chains to break.
• Prices for Raw MaterialsSteel production costs and, by extension, steel prices can be greatly influenced by the price and availability of raw materials such as coal, iron ore, and scrap metal. The profitability of steel companies can be impacted by changes in the price of raw materials..

Global Steel Market Restraints

Several factors can act as restraints or challenges for the Steel Market. These may include

• Economic SlowdownAs building projects, infrastructure development, and manufacturing activity stall out during recessions or downturns, there may be a decrease in the demand for steel goods. Overcapacity and pricing difficulties within the industry may arise from this.
• Competitive PressureThere are many local and international firms fighting for market share in the fiercely competitive steel sector. Price wars and declining profit margins are potential outcomes of intense competition, especially in times of oversupply.
• Environmental RegulationsThe steel sector may face difficulties as a result of stricter environmental laws designed to lower carbon emissions and promote sustainability. Adopting new technologies or paying for expensive facility renovations to meet emissions regulations may have an adverse effect on profitability.
• Costs of Raw MaterialsPrice fluctuations for raw materials like coal, iron ore, and scrap metal can have a big effect on how much steel is produced. The management of input costs and preservation of profitability can provide issues for steel makers in volatile commodities markets.
• Trade Barriers and TariffsGovernment protectionist policies, tariffs, and trade disputes can sabotage international supply chains and the global steel trade. For instance, tariffs on steel imports may reduce the competitiveness of domestic steel manufacturers and provoke trade partners to take retaliatory action.
• Threats from SubstitutionIn a variety of applications, steel is up against competition from substitute materials like aluminium, composites, and sophisticated plastics. Increased substitution may result from changing consumer tastes and technological improvements, especially in industries where corrosion resistance and weight reduction are crucial.
• Infrastructure RestrictionsThe steel sector may have logistical difficulties due to inadequate infrastructure, which includes port facilities and transportation networks. Transport delays of completed goods or raw materials can cause supply chain disruptions and raise manufacturing costs.
• Geopolitical Risks In important steel-producing regions, political unrest, trade disputes, and geopolitical conflicts can upset supply chains and have an effect on market dynamics. The unpredictability of geopolitical developments might lead to fluctuations in steel pricing and investment choices..

Global Steel Market Segmentation Analysis

The Global Steel Market is Segmented on the basis of By Product Type, By End-User Industry, and Geography.

By Product Type

• Flat SteelHot-rolled, cold-rolled, and coated steel goods such as tinplate and galvanised steel fall within the category of flat steel. Because of its formability and adaptability, flat steel is frequently utilised in appliances, automobile manufacture, and construction.
• Long SteelProducts made of long steel include bars, rods, wires, and structural elements like angles and beams. Because of their strength and endurance, they are mostly used in manufacturing, infrastructure development, and construction applications.
• Stainless SteelIt is a popular material for a variety of applications, such as cookware, automotive parts, and architectural elements. It is renowned for its resistance to corrosion and aesthetic appeal..

By End-User Industry

• ConstructionBuildings, bridges, and infrastructure projects are just a few of the uses for steel that the construction sector uses for a variety of purposes.
• AutomobileSteel is also used extensively by the automobile sector, which uses it to make engine parts, car bodywork, and frame components.
• ManufacturingA wide range of manufacturing industries, including those that produce industrial equipment, appliances, and machinery, use steel extensively.
• EnergySteel is used in the energy sector to build power plants, pipelines, and other infrastructure projects.
• Consumer GoodsSteel is also utilised in a variety of consumer goods, including furniture, appliances, and containers.

By Geography

• North America Market conditions and demand in the United States, Canada, and Mexico.
• Europe Analysis of the Steel Market in European countries.
• Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
• Middle East and Africa Examining market dynamics in the Middle East and African regions.
• Latin America Covering market trends and developments in countries across Latin America.

Key Players

The major players in the Steel Market are

• ArcelorMittal
• Nippon Steel Corporation
• China Baowu Steel Group
• POSCO
• HBIS Group
• JFE Steel Corporation
• Tata Steel Group
• Shougang Group
• Ansteel Group
• United States Steel Corporation.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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