Steel Market Demand to 2023 by Top 10 Companies POSCO, SHAGANG GROUP Inc, Tata Steel, ArcelorMittal, HBIS GROUP

The global steel market is gaining prominence owing to its increasing use in different end use industries like building, construction, electrical appliances and automotive. Steel is an alloy of iron and carbon and includes 1% manganese and 2% carbon. This metal exhibits superior properties like durable mechanical properties, high strength, corrosion resistance, and low maintenance. Some of the market trends and factors in this market as per an analysis conducted by Market Research Future (MRFR) include increasing demand from construction sectors, constant growth in the automotive sector, and rising demand from electrical and domestic appliance manufacturers.

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Top Key Palyers:

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 Synopsis:

During the assessment period (2017-2023), the steel market is likely to experience a new momentum and the factors here can be linked to increase in per capita disposable income especially in the developing countries, escalating investments, and increasing urban population. Moreover, increasing production of automotive and sales together with enhanced economic conditions in the emerging economies is likely to boost the growth of the global steel market. Growing construction and building activities along with higher use of high strength steel particularly in the development of infrastructure is anticipated to propel the market growth. The global steel market is eyeing for a substantial growth at a healthy CAGR over the forecast period.

Industry Segments:

Based on type, the steel market is segmented into flat and long steel. Of these, the flat steel accounted over 85% of the market share and is expected in holding its position owing to its increasing use in the building and construction sector.

Based on application, it is segmented into domestic appliances, electric appliances, other transportation, metal products, mechanical equipment, automotive and building and construction.

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Geographical Analysis:

Asia Pacific dominated the global steel market in 2016, accounting for more than 67% of the value share of the global steel market. The regional market trends substantiating the growth of steel market include the rising contribution of transportation segment of the developing economies and constant growth of the numerous end-user application industry across Asia Pacific region.

Moreover, the rapid urbanization in the region, high penetration of steel manufacturers, availability of cheap cost of labor are considered to have a positive impact on the overall steel market in the region.

The other emerging markets such as Latin America and the Middle East & Africa seems to observe a healthy market trend as Asia Pacific.

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This release was published on openPR.