Press release
Steel Products Market 2024 - By Size, Share, Trends, Growth Analysis And Outlook By 2033
Steel Products Market
As per the report, 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 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%.
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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.
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.
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
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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.
Contents of the report:
1. Executive Summary
2. Steel Products Market Report Structure
3. Steel Products Market Trends And Strategies
4. Steel Products Market - Macro Economic Scenario
5. Steel Products Market Size And Growth
…..
27. Steel Products Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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