By the end of 2030, the global steel market is anticipated to have grown to over USD 1.43 trillion while expanding at a CAGR of 3.47%.
Steel is an alloy made from iron that often contains a few tenths of a percent of carbon to increase it relative to other types of iron’s fracture resistance and strength. Other components could be included or already exist.
The worldwide steel industry is expanding again, but considerably more slowly than it was before the epidemic. Business as normal has resumed following the widespread administration of the COVID-19 vaccination and booster dose. This is especially true for the residential and commercial building industries worldwide. Additionally, a lot of other end-user sectors, like automotive, electrical appliances, and others, are beginning to employ steel more often across the board.
Around the world, the skeletons of both residential and commercial structures are made of structural steel. Additionally, it is often employed as support beams in warehouses and bridges. As was already reported, global building activity is increasing. The US construction market has already crossed the $1 trillion USD threshold. In 2020, it’s anticipated to be worth USD 1.7 trillion.
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The biggest regional market share and CAGR in 2019 belonged to the Asia-Pacific region. In reality, throughout the time period covered by this analysis, its CAGR is predicted to be 3.09%. In this area, the steel market is anticipated to be worth $1.43 trillion by 2030. The building industry’s explosive growth, increasing infrastructure investment, the car industry’s quick expansion, and the explosive growth of the electronics appliance sector are the primary drivers of this region’s growth. In terms of market share and CAGR, the European Union is ranked second. In fact, throughout the time period covered by this analysis, this area is predicted to see a CAGR of 2.30%. In the European Union, Germany’s economy is one of the largest and fastest-growing.
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Based on type, the global steel market may be divided into the following sub-segments:
Long steel, flat steel
In 2019, the flat steel segment’s share of the market was the highest. During the time span this research covers, a CAGR of 2.5% is predicted.
Based on product, the global steel industry may be divided into the following sub-segments: Iron steel wire, structural steel
Ropes, Prestressing steel, Bright steel, Welding iron/rod, Braids, and Others
In 2021, the structural steel subsegment held the greatest proportion of the market. For the time period covered by this analysis, a CAGR of 3.15% is anticipated.
Depending on the application, the global steel market may be divided into the following sub-segments: automotive, mechanical, building and construction, metal goods, mechanical equipment, electric appliances, domestic appliances, and other transportation.
In 2019, the construction sub-segment, with a total market value of USD 417.3 billion, had the greatest market share. Until 2027, a 2.5% CAGR is anticipated. In 2027, it is anticipated that this subsegment would be valued at USD 487.5 billion.
ArcerolMittal (Luxembourg), POSCO (South Korea), Shagang Group (Spain), NSSMC Group (Japan), HBIS Group (China), Tata Steel Group (India), and Hyundai Steel Company (South Korea) are some of the major steel producing companies in the world (Taiwan)
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