Steel market is projected to grow at a CAGR of 3.9% by 2033: Visiongain
Visiongain has published a new report entitled Steel Market Report 2023-2033: Forecasts by Production Technology (Basic Oxygen Furnace, Electric Arc Furnace, Open Hearth), by Product (Steel Sheets, Steel Beams, Steel Bars, Other), by Application (Building and Infrastructure, Mechanical & Electrical Equipment, Automotive, Metal & Domestic Products, Other), by Type (Carbon Steel, Stainless Steel, Alloy Steel, Aluminium Steel, Cobalt Steel, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global steel market was valued at US$1,600.1 billion in 2022 and is projected to grow at a CAGR of 3.9% during the forecast period 2023-2033.
The Energy Sector Heavily Relies on Steel for Power Generation Facilities
Steel is used in the construction of thermal power plants, nuclear reactors, renewable energy structures (such as wind turbines and solar panels), and oil and gas extraction platforms. As the world transitions towards sustainable energy sources, the demand for steel in the energy sector is likely to increase, reinforcing steel’s crucial role in powering the future.
Manufacturing and Industrial Growth
Steel is an essential material in various manufacturing industries. It is used in machinery, equipment, and tools due to its durability and reliability. As industrialization progresses, the demand for steel in manufacturing sectors such as aerospace, machinery, and consumer goods continue to rise. Moreover, steel’s recyclability and adaptability further enhance its appeal in industrial applications, supporting the growth of the steel market in the manufacturing sector.
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How has COVID-19 had a significant negative impact on the Steel Market?
COVID-19 has had a significant negative impact on the steel market worldwide. The pandemic disrupted supply chains, causing a domino effect of challenges for the steel industry. As countries implemented lockdowns and restricted movement, construction activities came to a halt, leading to a decreased demand for steel in infrastructure and building projects. The automotive sector, another major consumer of steel, experienced a severe downturn as vehicle sales plummeted due to reduced consumer spending and factory closures.
Furthermore, the energy industry, including oil and gas, faced a drop in demand, impacting the need for steel in energy infrastructure. Steel manufacturers also encountered workforce disruptions, logistics challenges, and limited access to raw materials, affecting production capacity and causing delays in deliveries.
The overall economic uncertainty during the pandemic led to cautious spending and investment decisions, affecting steel consumption across various industries. As a result of these combined factors, the steel market witnessed a decline in demand and prices, making it one of the industries hardest hit by the COVID-19 pandemic. However, with vaccination efforts and gradual economic recovery, the steel market is expected to rebound, although it may take time to fully recover from the negative effects of the pandemic.
How will this Report Benefit you?
Visiongain’s 352-page report provides 121 tables and 178 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global steel market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Steel. Get financial analysis of the overall market and different segments including type, product, production technology, application, and capture higher market share. We believe that there are strong opportunities in this fast-growing steel market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Global Trade and Shipping
Steel plays a significant role in global trade and shipping. It is used in the construction of ships, ports, and cargo containers, facilitating the movement of goods across borders. As international trade grows, the demand for steel to support transportation and logistics infrastructure also increases. The steel industry is interwoven with the global supply chain, and its growth is closely tied to the expansion of international commerce and trade relationships.
Advances in steel production and processing techniques lead to improved efficiency, quality, and cost-effectiveness. Technological innovations also drive the development of high-performance, lightweight steel, which finds applications in sectors like aerospace and automotive. The steel industry’s ability to adapt and integrate cutting-edge technologies enhances its competitiveness and ensures its relevance in a rapidly evolving world.
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Where are the Market Opportunities?
Urbanization and Population Growth
The world’s population is continuously growing, and with it, urbanization is accelerating. More people are moving to cities, increasing the demand for residential and commercial buildings, public transport systems, and urban infrastructure. Steel’s strength, durability, and versatility make it an ideal material for constructing tall buildings and complex structures. As urban centres expand and evolve, the steel market experiences a surge in demand to support the needs of rapidly growing urban populations.
Automotive Industry Demand
The automotive sector is a major consumer of steel. Steel is used in car bodies, frames, and various components due to its high strength-to-weight ratio and crash resistance. As the automotive industry continues to expand globally, especially in emerging markets, the demand for steel in the manufacturing of automobiles remains robust. Technological advancements and the increasing popularity of electric vehicles also drive innovation in steel usage, creating new opportunities for the steel market in the automotive sector.
The major players operating in the steel market are Anshan Iron and Steel Group Corporation, ArcelorMittal S.A., China Baowu Steel Group, Delong Steel Group, Hesteel Group Company Limited, Hyundai Steel Co., Ltd., JFE Steel Corporation, Jiangsu Shagang Group Company Limited, Jiangxi Fangda Iron & Steel Group Co Ltd, Jianlong Group, Liuzhou Iron & Steel Co., Ltd, Nucor Corporation, POSCO, Shandong Iron and Steel Co., Ltd., Tata Steel Limited, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- 15 June 2023, In an effort to decarbonize the steel value chain, Rio Tinto and China Baowu Steel Group have partnered to build low-carbon projects in China and Australia. Rio Tinto, the largest producer of iron ore in the world, and China Baowu Steel Group, the largest manufacturer of steel in the world, have agreed to collaborate on a number of ground-breaking projects to decarbonize the steel value chain in China and Australia.
- 09 March 2023, ArcelorMittal has successfully acquired Companhia Siderrgica do Pecém (‘CSP’) in Brazil for an estimated enterprise value of $2.2 billion. CSP is a top-notch enterprise that creates high-quality slab at prices that are competitive around the world.
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To find more Visiongain research reports in the Construction sector, click on the following links:
- Magnesium Alloys Market Report 2023-2033
- Building Thermal Insulation Market Report 2021-2031
- Carbon Fibre Reinforced Plastic (CFRP) Composites Market Report 2021-2031
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