Steel Market is Going to Reach US$ 1,077 Billion by 2028 - IMARC Group

According to the latest report by IMARC Group, "Global Steel Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027", the global steel market size reached US$ 907 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,077 Billion by 2028, exhibiting a growth rate (CAGR) of 2.8% during 2023-2028.

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Steel is a hard, strong grey alloy manufactured by combining essential ingredients with iron and various elements. It is produced by melting raw materials, such as iron ore, coal, and lime, in a blast furnace that removes impurities. It provides various benefits, including improved flexibility, tensile strength, anti-corrosion properties, toughness, design, ductility, and malleability, and enhances overall shelf life. As a result, steel finds extensive applications across manufacturing, automotive, mechanical equipment, metal, transport, domestic appliances, electrical equipment, buildings, and construction industries.

Market Trends:

The market is primarily driven by the expanding automotive industry across the globe and the widespread adoption of steel to produce automobile structures, such as trunk closures, steering, engines, braking systems, doors, fuel tanks, gears, and braking systems. Additionally, the escalating demand for flat steel by automobile manufacturers to improve fuel efficiency and minimize the overall weight of the vehicles represents another major growth-inducing factor.

Along with this, several technological advancements, such as the incorporation of artificial intelligence (AI) and the development of rolling and casting techniques that help to enhance steel production methods, are accelerating market growth. Moreover, the rising awareness about sustainable industrial manufacturing processes is also contributing to market growth. Apart from this, the extensive adoption of steel in the construction industry, owing to its ductility, hardness, and durability, which assist in making the buildings earthquake-resistant, is providing a positive thrust to the market growth.

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Steel Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

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

Some of these key players include:

• ArcelorMittal S.A.
• 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)
• EVRAZ plc
• Gerdau S.A.
• Hyundai Steel Co. Ltd
• thyssenkrupp AG
• United States Steel Corporation.

Key Market Segmentation:

The report has segmented the global steel market based on type, product, application and region.

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
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

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Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• 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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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.