Remarking on this report, an analyst from Market Research Future (MRFR)’s team said, global steel market is predicted to grow with a healthy CAGR to reach USD 962431.8 million by the end of 2023. Steel is gaining prominence in the global market with the increasing usage in the end use industries such as automotive, electrical appliances, building & construction, and others.
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.
Top 10 Key Players:
ArcelorMittal, POSCO, SHAGANG GROUP Inc, NIPPON STEEL & SUMITOMO METAL CORPORATION, China BaoWu Steel Group Corporation Limited, HBIS GROUP, Tata Steel, Nucor, HYUNDAI STEEL, ChinaSteel, Maanshan Iron & Steel Company Limited, thyssenkrupp AG, JFE Steel Corporation, JSW, and JIANLONG GROUP among others.
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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.
Downstream Analysis:
The global steel market is segmented on the basis of type, application, and region.
On the basis of type, the market is categorized into long steel and flat steel. Among these, the flat steel holds the largest market share of around 85% in overall steel sales revenue and is estimated to retain its dominance on account of wide utilization in building & construction sector. Moreover, the demand for high quality long rolled steel is increasing at a faster pace due to strong demand from numerous end-use industries.
On the basis of application, the market is segmented into building & construction, automotive, mechanical equipment, metal products, other transportation, electrical appliances, and domestic appliances. The building & construction segment accounted for the largest market share in 2016 among the application segment. The growth factors associated with increasing application segment is rising residential, commercial, and institutional construction sectors.
Based on region, the steel market is further categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
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Geographical Snaps:
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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