Market Overview
As per the assessment conducted by Market Research Future (MRFR), the global steel market is anticipated to record a CAGR of 2.5% while garnering a market value of USD 963.6 billion by 2027.
The increasing inclination towards sustainable and low-cost durable building materials are anticipated to play a significant role in driving the global steel market during the forecast period. The strict regulations promoting green & energy-efficient buildings is predicted to be another salient cause that is likely to drive the market in the coming time. Furthermore, the increasing popularity of pre-engineered metal buildings and lightweight building materials are likely to bolster the market expansion in the assessment tenure. In addition to these, the increasing population and the rising urbanization, expanding automobile sector, and the surging demand for long steel is projected to be other salient causes that can make a significant contribution in augmenting the market size. On the contrary, the industry is anticipated to be challenged by the fluctuating prices.
The outbreak of COVID-19 has brought a negative impact on the global steel market due to the temporary shutdown of the construction and automobile sector. The lockdown imposed affected the demand and supply in a negative manner. The market is likely to pick up pace in the coming year.
Download Free Sample Report Now — https://www.marketresearchfuture.com/sample_request/5465
Market Segmentation
The global steel market can be segmented into product, type, and application.
The product-based segments of the global steel market are iron steel wire, structural steel, bright steel, ropes, prestressing steel, welding wire/rod, braids, and others. Among all, the structural steel segment is anticipated to the rising application of structural steel in the construction sector for building frames of bridges and buildings.
The type-based segments of the global steel market are flat and long steel. Between the two segments, the flat steel is expected to record a CAGR of 2.5% during the assessment period. The rise of the flat steel segment can be attributed to their rising usage in various applications consisting of tubes, construction, and pipes.
The application-based segments of the global steel market are automotive, building & construction, mechanical equipment, other transportation, metal products, electrical appliances, and domestic appliances. Among all, the building & construction segment is anticipated to acquire a market value of USD 487.6 billion while thriving at a CAGR of 2.5% by 2027. The expansion of the segment can be attributed to the surging construction sector.
To know more, click on the link — https://www.marketresearchfuture.com/reports/steel-market-5465
Regional Analysis
As per the assessment conducted by MRFR, the global steel market is expected to be dominated by APAC. The region is likely to procure the highest CAGR while garnering a market value of USD 651.5 billion in 2027. The presence of established players in the region is anticipated to play a significant role. The rising investments in B2B construction sector is another salient cause that can drive the market in the region. For example, the venture debt firm InnoVen Capital announced that it invested USD 6.8 million in the Infra market, an online procurement marketplace based in India. Infra Market helps construction and real estate companies in procuring materials through its platform. Such initiatives are likely to augment the market size in the region during the assessment timeframe. Europe is anticipated to procure the second-largest market share while expanding at a CAGR of 2.30% during the assessment period. Germany is expected to lead the market throughout the forecast period. On the other hand, MEA is projected to garner significant market value in the coming time. The expansion of the region can be attributed to the expansion of the construction sector along with rapid industrialization. The region is predicted to acquire the market value of USD 74.8 billion by 2027.
Speak to our Analysts to Understand the Impact of COVID-19 on Your Business – https://www.marketresearchfuture.com/ask_for_schedule_call/5465
Key Players
Some of the renowned players of the global steel market are China Steel Company (Taiwan), POSCO (South Korea), ArcerolMittal (Luxemborg), Shangang Group (Spain), China Baowu Group (China), NSSMC Group (Japan), HBIS Group (China), Nucor Corporation (US), Tata Steel Group (India), Hyundai Steel Company (South Korea), and others.
Industry News
February 2021- Pakistan long steel producer Agha Steel has announced the installment of solar polar at its production facility to achieve green steelmaking. The company has signed a contract with Renewable Power Pvt Ltd to install a 2.25-megawatt solar power project at its production facility.
February 2021- India based steel company Tata Steel has announced its partnership with FarEye to improve its in-plant and in-transit visibility, mitigate delivery delays, reduce loading times, and optimize transportation costs.
Quick Buy — https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=5465
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.