Global Steel Market is expected to reach USD 1.01 trillion by 2025. Steel is an alloy of carbon and iron-containing less than 2% carbon and 1% manganese and little amount of oxygen, silicon, Sulphur, and phosphorous. It is known as the universe most important construction and engineering material. It is exclusively used in cargo ships and surgical scalpels, cars and construction products, and refrigerators and washing machines. The Steel Market is estimated to grow at a significant CAGR of 2.6% over the forecast period as the scope and its applications are rising enormously across the globe.
Increasing use of strong building materials, rising inclination of contractors towards sustainable, and low cost of materials are documented as major factors of Insurance Analytics Market that are estimated to enhance the growth in the years to come. However, ban on iron ore may restrain overall market growth in the coming years. Steel Market is segmented based on type, product type, application, end user, and region.
Stainless steel, carbon steel, and alloy steel are the types that could be explored in Steel in the forecast period. Alloy steel is exclusively used in auto parts, electric motors, pipelines, transformers, and power generators.
Tubes, hot rolled steel, directly rolled steel, cold rolled steel, and other product types could be explored in Steel in the forecast period. The market may be categorized based on applications like industrial structures, pre-engineered metal buildings, bridges, and others that could be explored in the forecast period.
End users comprise automotive industry, infrastructure and construction, mechanical machinery, and others that could be explored in Steel in the forecast period. Others sector may comprise transportation, electrical, and domestic appliances. Infrastructure and construction sector accounted for the substantial market share of Steel and is estimated to lead the overall market in the coming years. This may be because of growing steel intensive infrastructure like power sector, roads, airports, rails, and ports.
Globally, Asia Pacific accounted for the substantial market share of steel industry and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be rise in infrastructure spending in developing countries as rising population, growth in residential construction, and rising demand from customers like maintainable yet low-cost building materials and selecting for lightweight products. The developing countries like India and China are the major consumers of Steel in the region.
Instead, Europe and North America are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. However, Europe is estimated to grow at fastest pace with the highest CAGR in the foremost period.
The key players of Steel Market are POSCO, ArcelorMittal, Nippon Steel & Sumitomo Metal, Ansteel, Jiangsu Shagang, Baosteel, and Hebei Iron and Steel. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
Steel Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• Hot Rolled Steel
• Cold Rolled Steel
• Direct Rolled Steel
• Other Profiles
Steel Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• Pre-Engineered Metal Buildings
• Primary Members
• Secondary Members
• Roofs & Walls
• Industrial Structures
Steel Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
• Saudi Arabia
• United Arab Emirates
Research Support Specialist, USA