Steel Market Analysis, Outlook and Opportunities 2023 | POSCO, SHAGANG GROUP Inc, HBIS GROUP, Tata Steel, NIPPON STEEL & SUMITOMO METAL CORPORATION

The global steel market is estimated to attain USD 962431.8 Mn and expand at an incremental compound annual growth rate over the forecast period which ends in 2023, reveals Market Research Future (MRFR) in a recently published research report. Steel is a key intermediate good used across diverse industries which leads to massive demand for steel.

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Top 10 Manufacturers:

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,
JIANLONG GROUP

Market Summary:

With improvements in global industrial production, the global steel market is expected to pick up in the coming years. The demand for steel has grown manifolds in recent years since it is of strategic importance to various industries such as automotive, manufacturing, consumer durables and others. Rise in developmental and infrastructural activities across the globe is one of the critical determinants of the growth of the global steel market. More than half of the steel produced on a global scale goes into building and infrastructure. With the rapid rise in urbanization and population boom, infrastructural activities will continue to expand which will augment the growth of the global steel market since they are essential to the building of roads, bridges, stations, airports, and others.

Higher economic growth trend observed in various economies, especially the developing nations is expected to generate considerable demand for steel in varying proportions and augment the growth of the market. Stringent regulatory norms which promote energy-efficient and green buildings also contribute to the growth of the global steel market.

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The automotive industry is a major end user of the global steel market and consumes massive amounts of steel for every new vehicle design. The ongoing drive for lighter weight vehicles coupled with increased focus on emission reduction further strengthens the demand for the global steel market. Heightened demand for stainless steel across the electronic appliances market also contributes to the growth of the market.

However, a slowdown in chins, surging steel imports in the US and degrading oil prices are major hurdles for the growth of the global steel industry. The economic downturn in China coupled with overcapacity issues is expected to be a hindrance to the global steel market. Falling oil prices are likely to have a high impact on the growth of the global steel markets owing to the industry's exposure to the energy sector. Energy exploration companies are expected to reduce their capital expenditure budget to curtail costs which will slow down the growth of the global steel market.

Industry Updates:

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.

Market Segments:

The global steel market has been segmented based on type, and application.

By type, the market has been segmented into long steel and flat steel. The flat steel segment is the largest segment and is expected to retain its dominance over the forecast period.

By application, the market has been segmented into building & construction, automotive, mechanical equipment, metal products, other transportation, electrical appliances, and domestic appliances.

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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This release was published on openPR.