Steel Market Size To Hit US$ 1,077 Billion by 2028 | Industry Growth Report

IMARC Group, a leading market research company, has recently releases report titled "Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" 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.

What is steel?

Steel is an alloy that is made of iron (Fe) and a certain percentage of carbon (C), along with other alloying elements like manganese, chromium, and nickel. It is available as carbon steel, alloy steel, and stainless steel, which contains chromium to create a protective oxide layer on the surface for preventing rusting and corrosion. It is also manufactured as tool steel, which has excellent hardness, wear resistance, and heat resistance, making it suitable for cutting, drilling, and shaping materials. It is recyclable, making it an environmentally friendly material. It can withstand excessive loads and resist deformation, making it a preferred choice in structural engineering. It can tolerate extreme environmental conditions, such as exposure to moisture and temperature fluctuations, without significant degradation. It can also be alloyed with various elements to improve its characteristics. It can also enable the development of high-speed trains, energy-efficient cars, and sustainable energy solutions.

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What are the growth prospects and trends in the industry?

At present, the increasing demand for steel, as it is a fundamental material in the construction industry to create the framework for buildings, bridges, and infrastructure, represents one of the crucial factors impelling the growth of the market. Besides this, rising investments by governing agencies of various countries in improving existing infrastructure, along with the development of new roads and bridges to improve the transportation system, are propelling the growth of the market. In addition, the growing push towards sustainability and environmental responsibility is leading to a rising interest in green steel production methods, including hydrogen-based steelmaking and the use of steel in electric arc furnaces. Apart from this, the increasing digitalization and automation of manufacturing processes are enhancing efficiency and reducing the production costs of steel. Additionally, the rising purchase of electric vehicles (EVs) as a sustainable alternative to fuel-run cars is strengthening the growth of the market. Moreover, the increasing automation of steel production processes to improve quality control and enhance operational efficiency is bolstering the growth of the market.

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Who are the key players operating in the industry?

• 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
• United States Steel Corporation.

What is included in market segmentation?

The report has segmented the market into the following categories:

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

Market 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

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