Steel Market | Worldwide Growth by Companies, Trends by Types and Application, Forecast Analysis to 2023

Steel Market
Global steel market: by type (long steel and flat steel), by application (building & construction, automotive, mechanical equipment, metal products, other transportation, electrical appliances, and domestic appliances), and by region – Forecast till 2023

Steel Market – Market Overview

Steel is a mixture i.e. alloy of carbon and iron which is manufactured by the two conventional processes. It is used in the large application spectrum and is also produced in the massive amount across the globe. The overall application scope of steel includes building & construction, transportation, metal products, mechanical equipment’s, electrical appliances, and other domestic appliances and others. Increasing demand for appliances, demand for vehicles consumer and commercial, rising repair and new construction activities, and augmented demand for metal products are the factors driving the demand for steel. Moreover, growing industrialization expected to provide momentum to the steel demand.  Although driven by aforementioned factor, the global growth is restrained by the demand for lightweight alternatives such as aluminium, composites and magnesium in the manicuring of the vehicles.

Regional Overview

Asia pacific is the largest consumer as well as producer of the steel and is also emerged as the leading market in the Global Steel Market. The region has presence of market participants with heavy investment in the steel manicuring, which have been supporting the growth of this market. Moreover, factors such as, largest automotive production, industrialization to support product demand and disposable income and consequent demand for residential construction activities are driving the demand. China followed by India are the most prominent country level markets in Asia Pacific. Economic reforms linked with rising country level political alliances expected to surge demand for industrial opportunities and thereby driving scope for steel manufacturing and consumption. 

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Steel Market- Competitive Landscape

Global Steel Industry was on the rise over the over the last two decade, driven by strong demand from end use industries linked with widening application scope. The industry as a whole represents great statistics in terms of consumption and is increasing year by year. On the other hand, by addressing the growth served by the steel market is consistently flooded by the organized as well as unorganized enterprises. The leading players operating in the global steel market are SHAGANG, NIPPON STEEL & SUMITOMO METAlL, JFE Steel Corporation, China BaoWu Steel Group Corporation Limited, HBIS Group, Thyssenkrupp AG, ArcelorMittal, POSCO and others. As per the industry experts, the market is operating is operating at its maturity phase and is driven by high degree of competition. The major strategies observed in this market are expansion, acquisition, investment, and joint venture. As per industry experts, there steel market to witness significant investment over the forecast period

Industry/ Innovation/ Related News:

March 2, 2018 – Arcelor Mittal and Nippon Steel & Sumitomo metal to form joint venture to purchase Essar Steak India. This is expected to be the largest acquisition key development in the 2018. The details of the thief acquisition are yet to be revealed and will be disclosed by April 2018.

December 1, 2016 – Bashan Iron and Steel Group and its smaller rival Wuhan Iron & Steel, and together they make Chinas biggest steel producing company. After the legal transaction combined steel company be named as China Bao-Wu Steel group. As per the our analysis, the merger will create steelmaker with second largest production capacity of 70 million tons ofg alloy every year.The largest capacity recordd as of now is 114 million ton/year is of ArcelorMittal. After this joint venture, jointly burned steel maker to expect to focus on the steel expansion as well as market association with relatively small rivals to further raise the annual capacity.

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