Steel Market Outlook 2022-2027: Top Companies Analysis, Growth, Trends, Industry Share, Future Demand and Opportunities

The latest research study "Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" by IMARC Group, finds that the global steel market reached a value of US$ 874.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1,052.25 Billion by 2027, exhibiting a CAGR of 3.02% during 2022-2027.

Covid-19 Impact:

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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Industry Definition and Application:

Steel refers to a hard, strong grey or bluish-grey alloy that is produced by combining vital ingredients with iron and other elements. It is generally manufactured by melting raw materials, such as iron ore, coal, lime, etc., in a blast furnace and removing impurities. Steel offers various benefits, including enhanced toughness, tensile strength, anti-corrosion properties, etc. Furthermore, it is commonly available in flat and long steel variants. Steel can efficiently be designed and molded in numerous forms to provide improved shape with a wide range of dimensions and extreme purity as compared to iron. Consequently, it finds extensive application across several industries, such as automotive, manufacturing, construction, etc.

Global Steel Market Trends and Drivers:

The widespread adoption of this alloy in the production of automobile structures, including engines, doors, trunk closures, braking systems, fuel tanks, gears, steering, braking systems, etc., is primarily driving the steel market. Additionally, the growing product utilization, owing to its properties, such as ductility and durability, thereby making the buildings earthquake-resistant, is further catalyzing the market growth.

Besides this, the development of rolling and casting techniques to improve steel production methods and create designs that are resistant to pressure, temperature, corrosion, etc., is acting as another significant growth-inducing factor. Moreover, the escalating demand for flat product variants among the automobile manufacturers to enhance fuel efficiency and minimize the overall weight of the vehicles is anticipated to fuel the steel market over the forecasted period.

Global Steel Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

ArcelorMittal S.A., EVRAZ plc, Gerdau S.A., Hyundai Steel Co. Ltd, JFE Steel Corporation (JFE Holdings Inc.), Jiangsu Shagang Group Co. Ltd, Nippon Steel Corporation, Nucor Corporation, Shougang Group Co. Ltd., Tata Steel Ltd. (Tata Group), thyssenkrupp AG and United States Steel Corporation.

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The report has segmented the market on the basis of region, type, product and application.

Breakup by Type:
• Flat Steel
• Long Steel

Breakup by Product:
• Structural Steel
• Prestressing Steel
• Bright Steel
• Welding Wire and Rod
• Iron Steel Wire
• Ropes
• Braids

Breakup by Application:
• Building and Construction
• Electrical Appliances
• Metal Products
• Automotive
• Transportation
• Mechanical Equipment
• Domestic Appliances

Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.