Global Steel Market To Be Driven By Its Extensive Demand As An Important Enginee

2022 / 02 / 21

A variety of properties of steel such as its malleability, durability, hardness, and versatility have helped to increase the demand for it and flourish the steel industry. Furthermore, the extensive usage of steel in the production process of a range of industries including, but limited to, transportation, aviation, manufacturing, and construction. The booming automobile industry and infrastructural activities are expected to catalyse the market ahead in the coming years. Infrastructure of renewable energy sources, for instance, solar, wind or hydropower, make extensive use stainless steel. In addition, the demand for steel is also expected to be aided by the production of home appliances including refrigerators, televisions, ovens, among others, as the household disposable income and spending power increase.

Industry Definition and Major Segments

Steel is an iron-based alloy which is made by combining iron with carbon (less than 2%), recycled steel and other elements, such as 1% manganese and small amounts of silicon, phosphorus, sulphur, and oxygen. Steel is made either through the blast furnace-basic oxygen furnace (BF-BOF) route or the electric arc furnace (EAF) route. However, there can be variations and combinations in the routes.

On the basis of product, the market is segmented into:

• Hot Rolled Steel

• Cold Rolled Steel

• Direct Rolled Steel

• Steel Tubes

• Others

Based on application, the market is divided into:

• Pre-Engineered Metal Buildings

• Bridges

• Industrial Structures

• Others

The major regional markets include:

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East and Africa

Market Trends

India is amongst the major markets for producing and consuming steel. In India, the desirability for steel is invigorated by the sectors including oil and gas, automotive and infrastructure. Moreover, the easy and low-cost accessibility of labour along with abundance of iron ore reserves also drives the Indian steel industry. The launch of different new projects such as metro railways, airports and irrigation projects are expected to boost the overall steel industry ahead.

Owing to the property of steel being recyclable, the growing trends of sustainability also successfully support its growth. Given that it also does not release toxins into the ground, it is an eco-friendly material, which is expected to further strengthen its demand.

Key Market Players

The major players in the market are ArcelorMittal SA, Nippon Steel Corporation, POSCO, Anshan Iron and Steel Group Corporation, China Baowu Steel Group Corp., Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.