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The size of the Steel Market was estimated at USD 1307.9 billion in 2021. From USD 1353.28 billion in 2022 to USD 1718.26 billion in 2030, the steel market industry is predicted to expand at a compound annual growth rate (CAGR) of 3.47%. (2022 – 2030). The local availability of raw materials like iron ore and cost-effective labour as well as rising infrastructure activities in commercial and residential development are the key factors boosting market expansion.
The steel market is expected to decline because of rising investments in the residential building sector. Expanding smart city projects are expected to be a significant driving force behind the trend. According to the National Bureau of Statistics of China, China’s investment in residential structures was worth USD 1747.2 million in 2021, an increase of 6.4% over the previous year. In addition, the country represents 20.0% of all construction investments and has the biggest global construction market. Under the 14th Five-Year Plan, the country also plans to increase its urbanisation rate from 64.7% in 2021 to 65.0% by 2025. (2021-2025). Demand in the United States is expected to rise throughout the projection period because of considerable investments in water treatment facilities.
For instance, the city of San Diego announced the Clean Water project in 2021, which calls for the construction of a 110 million dollar pumping station, a 356-million-dollar wastewater treatment plant, and a 123 million dollar network of pipelines to carry wastewater. The market has a bright future thanks to the enormous expansion of the vehicle sector. Alloy is widely used in the construction of automobile components including as doors, engines, boot covers, brake systems, fuel tanks, gears, and steering and braking systems. In line with this, the market is expanding due to the increasing demand for iron alloy from manufacturers looking to increase fuel economy and reduce total vehicle weight.
Additionally, several technological advancements, such as the incorporation of artificial intelligence (Al) and the creation of rolling and casting techniques that aid in enhancing production techniques to create designs that are resistant to pressure, temperature, and corrosion are promoting the market’s growth and increasing the steel market CAGR globally in recent years. Alloys are one of the most often used metals in the construction sector. Moreover, it is employed as cladding for roofs and external walls. Roofs, purlins, inner walls, ceilings, cladding, and insulating panels for external walls are just a few of the things it produces. The United Nations (UN) estimates that 60% of the world’s population will reside in urban areas by the year 2030, up from the current 50%.
The requirement for institutional, residential, and commercial development projects must match with the rate of economic and population growth, which is another element boosting the growth of the steel market’s income.
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Regional Analysis:
Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa are the five primary geographic divisions of the global steel market. The market in Asia-Pacific, which dominated the worldwide market and held the greatest share in 2017, is anticipated to grow at a CAGR of 3.09% over the forecast period. In terms of demand, the European market lagged Asia-Pacific. The demand is due to rising construction activity in Central Europe and rising demand for advanced high-strength steel (AHSS) in the production of luxury automobiles. In 2021, the Middle East and Africa accounted for 8% of global steel sales; the demand is attributable to the industrialization of North Africa and the growth of the construction industry in the GCC nations.
Market Segmentation:
The global steel industry has been segmented into flat and long steel, depending on form. The flat steel segment accounted for the largest share of the global steel industry in 2017 and during the review period it is projected to record a CAGR of 2.21 per cent. Slabs, hot-rolled coils, cold-rolled coils, polished steel, tinplate, and hard plates are flat steel objects. The growth of the flat steel segment is due to its growing use in various applications, including tubing, pipes, houses, heavy machinery, appliances, and packaging.
The global steel industry has been split into structural steel, iron steel wire, bright steel, welding wire / rod, ropes, prestressing steel, braids, among others, depending on the commodity. In 2017, the structural steel segment accounted for the largest share of the global steel industry and a CAGR of 3.15 percent is projected to be reported during the review period. The growth of the segment is due to the growing use of structural steel in building applications, mainly in the construction of bridges and buildings. In uses, including freight vehicles, building equipment, vehicle parts, machinery, truck frames, and transmission towers, structural steel grades find use. The second largest share of the global steel industry in 2017 was in the pre-stressing steel group.
Based on use, the global steel industry has been classified into building & construction, automobiles, mechanical machinery, metal goods, other transportation, electrical appliances, and domestic appliances. With a market size of USD 417.3 billion in 2017, the building & construction segment accounted for the significant share of the global steel sector and is forecast to record a 2.72 percent CAGR to hit USD 487.6 billion by the end of 2023. The development of the segment is due to the rise in residential construction activities worldwide.
Key Players:
ArcerolMittal (Luxembourg), POSCO (South Korea), Shangang Group (Spain), NSSMC Group (Japan), China Baowu Group (China), HBIS Group (China), Tata Steel Group (India), Nucor Corporation (US), Hyundai Steel Company (South Korea), and China Steel Company (Taiwan) are a few of the major companies in the world’s steel market.
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