Steel Products Market Competitor Analysis, Trends, Insights, and Market Report 2024-2033: Strategic Examination

The steel products market size has grown strongly in recent years. It will grow from $452.66 billion in 2023 to $479.07 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to economic cycles, globalization, government policies, technological advancements.

The steel products market size is expected to see strong growth in the next few years. It will grow to $582.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to infrastructure development, automotive industry, raw material availability, sustainable practices, global economic trends. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .

Market Overview -
Steel products are products derived from steel and iron metal and its alloys obtained through the solidification of hot metal in a pig casting machine to produce various shapes, and are drawn through the rolling or drawing of purchased iron or steel and draw steel wire.

Download Free Sample of Report -

https://www.thebusinessresearchcompany.com/sample.aspx?id=3540&type=smp

Increasing Urbanization Is Fuelling Steel Product Market
Rapidly growing urban populations are expected to drive the demand for steel products in the forecast period. A large number of people living in rural areas are migrating to urban areas in search of a better life. This is expected to increase the need for housing and infrastructure. Infrastructure demand is expected to increase significantly in Asian countries such as China, India, Vietnam, and the Philippines. According to the World Urbanization Prospects Report by the United Nations, 55% of the world's population lived in urban areas and the rate is expected to rise to 68% by 2050. According to the World Bank, the urban population in South Asia grew by 130 million and is expected to grow to 250 million by 2030.

Competitive Landscape -
Major companies operating in the steel products market include Angang Steel Company Limited, Steel Authority of India Limited, SSAB AB, Nucor Corp, Compagnie de Saint-Gobain S.A., Saint-Gobain S.A., Nippon Steel & Sumitomo Metal Corporation, Kobe Steel Ltd., Vallourec SA, Voestalpine AG, Mechel PAO, Nippon Steel Corporation, HBIS Group, POSCO, Shagang Group, Ansteel Group, JFE Steel Corporation, Tata Steel, Shougang Group Co. Ltd., Shandong Iron and Steel Group Co Ltd., Baosteel Group, Wuhan Iron and Steel Corporation, Maanshan Iron and Steel Company Limited, Gerdau S.A., Steel Dynamics Inc., ThyssenKrupp AG, United States Steel Corporation, JSW Steel Limited, Severstal, Evraz Plc, Novolipetsk Steel, Hyundai Steel, Essar Steel, Rizhao Steel, CITIC Limited, China Fangda Group, Guangxi Liuzhou Iron and Steel Group, Inner Mongolia Baotou Steel Union Co. Ltd.

R&D Investment Reshaping The Metal Manufacturing Landscape Including Steel Products
Metal manufacturing companies are increasing research and development (R&D) expenditure to launch new product lines. They are launching advanced products such as ultra-light alloys as opposed to commodities. For instance, in April 2022, according to the US government's FY 2023 budget, the government proposed to spend $111 billion for basic and applied research, an increase of $25 billion (29%) over FY 2021 spending levels, and over $100 billion for the first time, and total spending for R&D of $205 billion, an increase of $45 billion over FY 2021 (28%), and over $200 billion for the first time. Thus, the introduction of new product lines through increased R&D spending is a significant trend in the metal manufacturing industry.

Browse Full Report @

https://www.thebusinessresearchcompany.com/report/steel-products-global-market-report

Key Segments -

The steel products market covered in this report is segmented -
1) By Type: Rolled and Drawn Steel, Iron and Steel Pipe and Tube
2) By Product Type: Flat Steel, Long Steel, Tubular Steel, Steel Pipes, Steel Tubes
3) By Application: Construction, Automotive, Energy, Packaging, Other Applications

Subsegments Covered: Rolled Steel, Drawn Steel

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

"Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model "

"Want To Know More About The Business Research Company?

The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps"

This release was published on openPR.