With 5.4% CAGR, Global Steel Market Value [2023-2029] To Reach US $ 910 Billion Report by Exactitude Consultancy

Exactitude Consultancy, the market research has completed and published the final copy of the detailed research report on the Steel Market. The Steel Market is expected to register a CAGR of 5.4% over the forecast period.

The Exactitude Consultancy Comprehensive study on Steel Market includes historical data as well as share, size, and projection information for the major players, geographies, applications, and product categories for the years 2023 to 2029. The Steel Industry study includes comprehensive insights on the competitive environment, description, broad product portfolio of key players, SWOT analysis, and significant business strategy implemented by rivals, revenue, Porters Five Forces Analysis, and sales projections. The report also features an impact analysis of the market dynamics, highlighting the factors currently driving and limiting Steel Market growth, and the impact they could have on the short, medium, and long-term outlook. The main goal of the paper is to further illustrate how the latest scenario, the economic slowdown, and war events effect the market for Steel.

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Overview of Steel Market Analysis:

Market Size 2022: US $ 566 Billion

Market Size by 2029: US $ 910 Billion

CAGR (%): 5.4

Forecast Year: 2023-2029

Base Year: 2022

Leading Players Profiled in Steel Market Report:

ArcelorMittal (Luxembourg), POSCO (South Korea), Shangang Group (Spain), NSSMC Group (Japan), China Baowu Group (China), HBIS Group (China), Tata Steel Group (India), Nucor Corporation (US), Hyundai Steel Company (South Korea), China Steel Company (Taiwan).

Recent News:

February, 2023: ArcelorMittal accelerates Fos' decarbonisation through hydrogen - ArcelorMittal France is accelerating the decarbonisation of its steel processing through hydrogen. Spanish engineering company Idom has been contracted by "GravitHy", the joint venture created last year by a consortium of energy and steel-related companies, to produce the pre-feasibility studies to build a green hydrogen-based direct reduced and hot briquetted iron (DRI/HBI) facility at the steelmaker's plant in Fos-sur-Mer, southern France, Kallanish notes.

The plant will generate green and low-carbon hydrogen to produce DRI that will be used either on-site as a feedstock for green steelmaking or traded globally as HBI. Construction is set to begin in 2024 for commissioning in 2027. The future facility is planned to have an annual throughput of 2 million tonnes of DRI. Located on the Mediterranean coast, the plant will have direct access to European trading markets.

February, 2023: India's Essar Group to re-enter steel business through organic and inorganic routes - India's Essar Group has drawn up to re-enter the steel industry through organic and inorganic routes, company sources said on Monday, February 27.Essar Steel's assets located in the western state of Gujarat were acquired by the combination of ArcelorMittal and Nippon Steel through the bankruptcy resolution process and has since 2019 been operated by ArcelorMittal Nippon Steel Limited (AMNS).

Essar Group sources said that, while it has been shortlisted among bidders for NMDC Steel Limited's 3 million mt greenfield steel mill project nearing completion in Chhattigarh state, the group is also exploring options to construct a greenfield steel mill in Odisha and Karnataka. The sources said that land is being actively sought in these two states as the latter offers sufficient supplies of iron ore.

For starters, Essar Group would be looking to set up greenfield steel mills in a capacity range of 3-4 million mt per year, with the option to ramp it up to levels of 8-10 million mt per year in subsequent phases.

What Information does this report contain?

Historical data coverage: 2018 to 2022; Growth Projections: 2022 to 2029.

Expert analysis: Industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.

6-7 year performance forecasts: Major segments covering applications, top products and geographies.

Competitive landscape reporting: Market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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Steel Market Segmentation:

By Type

Flat Steel
Long Steel

By Product

Structural Steel
Iron Steel Wire
Bright Steel
Welding Iron/Rod
Ropes
Prestressing Steel
Braids
Others

By Application

Automotive
Mechanical
Building And Construction
Metal Products
Mechanical Equipment
Electric Appliances
Domestic Appliances
Other Transportation

By Region

North America
Europe
Asia Pacific
South America
Middle East And Africa

What are the market factors explained in the report?

Analytical Tools: The Global Outsourced Steel Industry reserach report includes accurately researched and analyzed data on the key market players. Analytical tools such as Porter's five forces analysis, feasibility study, and ROI analysis have been used to analyze the growth of the key players operating in the market.

Key Strategic Developments: The study includes key strategic developments of the Steel Market, comprising R&D, new product launch, mergers and acquisitions, agreements, partnerships, collaborations, joint ventures, and regional growth of key competitors operating in the market globally and region.

Key Market Features: The report analyzed key market features including price, revenue, capacity, supply/demand, capacity utilization rate, gross production, production rate, market share, consumption, import/export, cost, CAGR and gross margin. Furthermore, the report also offers a comprehensive study of the key Steel Market dynamics and its latest trends, along with relevant market segments and sub-segments.

Secondary Research:

This research study made extensive use of secondary sources, directories, and databases such as Hoover's, Bloomberg BusinessWeek, Factiva, and OneSource to identify and collect information useful for a technical, market-oriented, and commercial study of the global Steel Market. Other secondary sources included company annual reports, press releases, and investor presentations, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research:

Various sources from both the supply and demand sides were interviewed during the primary research process to obtain qualitative and quantitative information for this report. Primary sources included industry experts from the core and related industries, as well as preferred suppliers, manufacturers, distributors, technology developers, researchers, and organizations from all segments of the value chain of this industry. To obtain and verify critical qualitative and quantitative information, in-depth interviews were conducted with a variety of primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants.

Estimation of Market Size

The total size of the Steel Market was estimated and validated using both top-down and bottom-up approaches. These methods were also widely used to estimate the size of various market sub segments. The following research methodologies were used to estimate market size:

Extensive secondary research was used to identify the industry's key players.

The revenues generated by the market's leading players in molecular diagnostics have been determined through primary and secondary research.

All percentage shares, splits, and breakdowns were calculated using secondary sources and confirmed using primary sources.

Highlights of the Report:

Market Penetration: Comprehensive information on the product portfolios of the top players in the Steel Market.

Product Development/Innovation: Detailed insights on the upcoming technologies, RandD activities, and product launches in the market

Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market

Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Steel Market
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This release was published on openPR.