According to the latest report by IMARC Group, titled “Global Steel Market Outlook, Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global steel market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
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 CAGR of 3.02% during 2022-2027.
Steel refers to a hard, strong grey or bluish-grey alloy that is produced by combining vital ingredients with iron and other elements. It is generally manufactured by melting raw materials, such as iron ore, coal, lime, etc., in a blast furnace and removing impurities. Steel offers various benefits, including enhanced toughness, tensile strength, anti-corrosion properties, etc. Furthermore, it is commonly available in flat and long steel variants. Steel can efficiently be designed and molded in numerous forms to provide improved shape with a wide range of dimensions and extreme purity as compared to iron. Consequently, it finds extensive application across several industries, such as automotive, manufacturing, construction, etc.
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Important Attribute and highlights of the Report:
§ Detailed analysis of the global market share
§ Market Segmentation by type, product, application and region.
§ Historical, current, and projected size of the market in terms of volume and value
§ Latest industry trends and developments
§ Competitive Landscape for steel market
§ Strategies of major players and product offerings
The widespread adoption of this alloy in the production of automobile structures, including engines, doors, trunk closures, braking systems, fuel tanks, gears, steering, braking systems, etc., is primarily driving the steel market. Additionally, the growing product utilization, owing to its properties, such as ductility and durability, thereby making the buildings earthquake-resistant, is further catalyzing the market growth.
Besides this, the development of rolling and casting techniques to improve steel production methods and create designs that are resistant to pressure, temperature, corrosion, etc., is acting as another significant growth-inducing factor. Moreover, the escalating demand for flat product variants among the automobile manufacturers to enhance fuel efficiency and minimize the overall weight of the vehicles is anticipated to fuel the steel market over the forecasted period.
Key Players Included in Global Research Report:
- 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
- United States Steel Corporation.
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COVID-19 Impact on Market: (Positive Impact)
Breakup by Type:
- Flat Steel
- Long Steel
Breakup by Product:
- Structural Steel
- Prestressing Steel
- Bright Steel
- Welding Wire and Rod
- Iron Steel Wire
Breakup by Application:
- Building and Construction
- Electrical Appliances
- Metal Products
- Mechanical Equipment
- Domestic Appliances
Breakup by Region:
- 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
TOC for the Steel Market Research Report:
- Scope and Methodology
- Executive Summary
- Global Steel Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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