Steel Market is Expected to Reach $1,232.1 by 2031 - ArcelorMittal, Nippon Steel Corporation, Baosteel

The global Steel Market, valued at USD $953.7 billion in 2024, is projected to reach USD $1,232.1 billion by 2031, expanding at a CAGR of 3.3% from 2024 to 2031.

The global steel market remains a crucial part of the industrial sector, playing a vital role in manufacturing, infrastructure development, and economic growth. To address challenges like overcapacity, fluctuating demand, and evolving trade dynamics, the steel industry continues to adapt and innovate to meet the needs of various end-user sectors.

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Market Dynamics:

Investment Driving Production Capacity Expansion in the Steel Industry

Steel companies are boosting their production capacity by investing in new facilities or upgrading existing ones to meet growing domestic and international demand.

On February 21, 2024, Nucor Corp. announced plans to invest $860 million in developing a new rebar micro mill in the Pacific Northwest, marking it as the largest rebar mill ever constructed by the company. This mill will have an annual production capacity of 650,000 tons of steel rebar. Although the exact location of the mill has not been disclosed, it is expected to be completed within two years, subject to regulatory approvals. The investment aligns with anticipated growth in the local rebar market, driven by increased U.S. infrastructure spending under Biden's $1 trillion infrastructure package

Segment Covered in the Steel Market:

By Product: Crude Steel, Finished Steel

By Application: Pre-Engineered Metal Buildings, Panels, Roofs and Walls, Bridges, Industrial Structures, Others

By End-User: Automotive, Construction, Manufacturing, Machinery and Equipment, Consumer Goods, Aviation & Marine, Others

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Major Key players involved in Steel Market:

• ArcelorMittal
• Nippon Steel Corporation
• Baosteel
• TATA Steel
• Steel Authority of India Limited (SAIL)
• Hyundai Steel Co., Ltd.
• JFE Steel Corporation
• HBIS Group
• ThyssenKrupp
• POSCO

Regional Analysis:

The global Steel Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.

The Steel Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Transradial Access Devices Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.

Key Developments

In February 2024, the construction of a $1.5 billion steel mill in Manhize near Mvuma was completed, with commissioning expected to begin on June 10, 2024.
In December 2023, Imperial College London and Tata Steel, an Indian multinational, entered into a partnership to establish a GBP 10 million design and manufacturing center. This initiative aims to develop innovative technologies to advance the decarbonization of steel production.
In January 2023, SteelAsia Manufacturing and China Baowu Steel Group announced a collaboration to build a factory in the Philippines with an investment of PHP 108 billion (approximately $1.98 billion).

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