The global steel market is expected to grow at a highest growth rate in the forecast period. The global consumer demand is growing with 2.8% over the period 2017. Construction and transportation sector are the major driving factors of steel market, as they consume two third of the global steel production. In the forecast period developing economies will generate the huge demand for the steel market, due to increase in construction and infrastructural development.
What is Steel?
Steel is the commonly used metal alloy globally. It is an alloy of iron along with erratic amount of carbon content that vary from 0.03% to 1,075% of its structure, according to the grade. Iron and carbon compounds are available abundant in nature. Steel are been reused open-endedly without losing its qualities. Steel ca be available easily and with a wide range of varieties for various uses such as tools, automotive, aeronautics, medical equipment, buildings and public works, construction of machinery, and many more. Steel has the highest resistance power due to which it is contributing to the technological development in industrial sector.
This report incorporates an in-depth assessment of steel market by product type, product form, applications, end user industries and geography. The major types of steel encompassed in the scope includes various carbon steel such as high carbon steel, medium carbon steel, low carbon steel; stainless steel and so on.
What are the major applications for Steel?
The major end-use industry for steel are construction, transport, energy, packaging, appliances and industry. Among which construction is the largest consumer of steel. As bearable structures can be manufactured easily at a low cost. The property of steel in its various forms and alloys makes it more flexible to cater the exclusive projects integrated with infrastructure. Another largest application of steel is in transportation sector due to a huge demand for light weight vehicles, as it requires less energy and also helps to reduce CO2 emission. Various types of steel are used in different parts of vehicles such as steering, doors, engine, wheel axles, car body, suspension, gearbox, and interior. Steel packaging safeguards goods from air, water, light exposure, and is completely recyclable. Steel is lightweight and allows easy to open packaging. Packaging steel is covered with tin plat to prevent corrosion and then coated with a lacquered, polymer, and then printed. Commonly steel packaging is consumed by the food and beverage container industry.
Market Research and Market Trends of Steel
Global demand is estimate to growth by nearly 4%, in the forecast period, along with growth in world GDP, driven mainly by the developing economies.
The demand for steel in the US will be strong supported by, strong investment and consumption activities due of high consumer confidence, low interest rates and increasing per capita income.
Demand for Steel in Europe is braced by a spontaneous growth in non-residential construction and manufacturing activities. Automotive industry in both Europe and the US is predicted to grow at a moderate rate due to growing interest rates, however the machinery sector is projected to drive the steel market due to rising investment.
China is the largest consumer of steel, it consumes nearly half the world’s steel. Due to immense consumption, demand from Chinese gaggle the steel markets.
India is the third largest consumer of steel, it consumed around 87.1 Mt of steel in 2017. Steel consumption in India is mainly driven by various factors such as increasing infrastructure spending, as there are various projects by government like highway construction, high speed railways, and many more. Other factors are rising disposable incomes, and growing urbanization. Due to the Rise in income the demand for automobiles and other appliances will increase gradually which will alternatively will lead to the increase in demand of steel.
Transportation is the second largest global steel consumer sector. The per-capita vehicles in developing countries are expected to rising in the forecast period. Shipbuilding is another major steel user, and is expected to have an increasing demand in the forecast period which will drive the steel market globally.
Who are the Major Players in Steel market?
The companies referred to in the market research report includes ArcelorMittal (Luxembourg), China Baowu Group (China), HBIS Group (China), NSSMC Group (Japan), POSCO (South Korea), Shagang Group (China), Ansteel Group (China), JFE Steel (Japan), Shougang Group (China), Tata Steel Group (India), Shandong Steel Group (China), Nucor Corporation (USA), Hyundai Steel (South Korea), and Maanshan Steel (China)
What is our report scope?
The report gives in-depth analysis of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics and its impact during the forecast period 2018-2024.
All our reports are customizable as per your needs to a certain extent. Wealso provide 20 free consulting hours for purchase of each report, enabling you to request any additional data to customize the report to your needs.
Key Takeaways from this Report
Evaluate market potential through analyzing growth rates (CAGR %), volume (units) and value ($m). Country level data is provided based on – product types, end use applications and by different industry verticals.
Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
Get in-depth insights on your competitors’ performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
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Get a quick outlook on the market entropy – M&As, deals, partnerships, and product launches of all key players in the past four years.
Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than 20 top countries, for the market.
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