Press release
What are the Growth Drivers of Steel Market? ArcelorMittal, Tata Steel, Nippon Steel & Sumitomo Metal Corporation, Essar Steel, Mechel OAO, Acerinox S.A., Hyundai Steel
Global steel market share is poised to witness dramatic growth over the next few years on account of surging demand for materials that are strong and at the same time comply with environmental standards. Technological advances and the development of stronger varieties of steel is enabling builders and manufacturers to implement durable and lightweight designs. Steel offers a unique combination of strength, versatility, and formability which makes it best-suited for a wide range of residential, industrial, and commercial applications.
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Electrical sheets and strips will witness increased demand over the next few years. This can be attributed to shifting consumer focus towards the implementation of lightweight materials into automobiles. Tinmill products captured more than 3.5% revenue share in 2018 and will experience a healthy CAGR over the analysis period. Wheel and axles product segment will account for a substantial share of steel market due to surging demand across the automotive sector.
Angles, shapes, and sections product segment is estimated to witness a CAGR of more than 4% during the study period. Drawn wire account for a fair share of steel market and will experience strong demand in the near future. Advantages such as excellent durability have increased the product usage in aerospace applications.
Galvanization of steel increases the durability of the finished product. Application of even a minimum coating thickness works well to enhance the performance, making galvanized steel sheets more reliable. Long lasting nature of the product will further boost its demand. Studies have revealed that the average life expectancy for galvanized steel as a structural material is more than 50 years in rural environments and up to 25 years in urban or coastal settings.
Cold-rolled strips are expected to gain traction during the forecast timeframe. High formability and unique surface finish are key factors propelling the product demand. Hot-rolled sheets & coils product segment is estimated to witness a CAGR of more than 6% through 2026. Hot-rolled steel is generally cheaper than cold-rolled steel on account of faster manufacturing process.
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Steel market is competitive in nature owing to presence of several global and regional players. Major companies present in the industry include SVZ, Sysco Corporation, Archer Daniels Midland Company, Conagra Foods and Nestle
Middle East and Africa steel market size will record a healthy CAGR of 3% through 2026. This can be linked with rapid expansion of the automotive sector along with escalating consumer demand for high-performance vehicles. North America holds more than 12% share in global steel market. Regional growth will be driven by flourishing automotive, industrial, and construction sectors.
Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Steel Industry Insights For Automotive & Aerospace Applications
Chapter 4. Steel Market for Automotive & Aerospace Applications, By Product
Chapter 5. Steel Market For Automotive & Aerospace Applications, By Application
Chapter 6. Steel Market For Automotive & Aerospace Applications, By Region
Chapter 7. Company Profiles
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