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Future market research insights:
The global Steel Market is anticipated to have grown to over USD 1718.26 billion while expanding at a CAGR of 3.47% by 2030
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 $1353.28 billion USD threshold. In 2020, it’s anticipated to be worth USD 1718.26 billion.
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Segmentation:
The global steel market has been segmented based on type, and application.
By type, the market has been segmented into long steel and flat steel. The flat steel segment is the largest segment and is expected to retain its dominance over the forecast period.
By application, the market has been segmented into building & construction, automotive, mechanical equipment, metal products, other transportation, electrical appliances, and domestic appliances.
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Regional Analysis:
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are the key markets for steel. Among them, Asia Pacific accounts for over 66% of the global market share and is likely to retain its dominance over the forecast period. The rise in construction industry generates high demand for high-quality steel. In addition, the growth of end-use industries such as electrical appliances, and metal products will further aid the growth of the market over the forecast period.
Europe market for steel is expected to grow at a significant rate, Germany, Russia, and Italy being the key contributors to the market. Towering demand from the automotive, building & construction, and the electrical appliances sector drives the market in Europe.
The developed regions of North America and Latin America is expected to witness steady growth over the forecast period on account of rising in the volume of heavy and light duty vehicle production in the regions. Also, the high adoption rate of electrical and domestic appliances induces high demand for steel.
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Key Players:
ArcelorMittal (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)
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