R&D Investment Reshaping The Metal Manufacturing Landscape Including Steel Products Industry Trends Gaining Momentum in the Global Steel Products Market

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Steel Products Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for steel products has evidently expanded over the past few years. It is projected to rise from $482.61 billion in 2024 to $510.92 billion in 2025, showcasing a compound annual growth rate (CAGR) of 5.9%. The notable growth observed in the past can be credited to factors such as economic fluctuations, globalization, governmental strategies, and advancements in technology.

Steel Products Market Size Forecast: What's the Projected Valuation by 2029?
The market size for steel products is anticipated to witness consistent expansion in the coming years. It is predicted to attain a value of $609.09 billion in 2029, with a compound annual growth rate (CAGR) of 4.5%. The projected growth during this period can be credited to factors such as infrastructure development, the automotive industry, raw material availability, sustainable practices, and global economic trends. Key trends expected during this period are electrification and lightweighting, the use of advanced materials, additive manufacturing, digitalization and connectivity, and collaboration and partnerships.

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What Are the Drivers Transforming the Steel Products Market?
The growing urban population is predicted to bolster the demand for steel products during the projected period. Due to urban migration from rural areas in pursuit of improved living conditions, there's an anticipated uptick in housing and infrastructure requirements. The demand for infrastructure is projected to grow dramatically in Asian countries like China, India, Vietnam, and the Philippines. As per the World Urbanization Prospects Report by the United Nations, 55% of the global population resides in urban areas with a projected increase to 68% by 2050. The World Bank reports that the urban population in South Asia has experienced growth by 130 million and is forecasted to reach 250 million by 2030.

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What Long-Term Trends Will Define the Future of the Steel Products Market?
Companies in the metal manufacturing sector are escalating their expenditure on research and development (R&D) in efforts to roll out fresh product ranges. They are introducing innovative products such as ultra-light alloys instead of mere commodities. As an example, the US government's FY 2023 budget in April 2022 highlighted a proposal to allocate $111 billion for standard and applied research. This marks a $25 billion (29%) increase from FY 2021 spending levels. Exceeding $100 billion for the first time with a total R&D spending of $205 billion, reflecting a $45 billion rise over FY 2021 (28%) and surpassing $200 billion for the first time. Therefore, the launch of innovative product lines via enhanced R&D spending represents a prominent trend in the metal manufacturing sector.

Which Segments in the Steel Products Market Offer the Most Profit Potential?
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:
1) By Rolled And Drawn Steel: Hot Rolled Steel, Cold Rolled Steel, Drawn Steel
2) By Iron And Steel Pipe And Tube: Seamless Pipes And Tubes, Welded Pipes And Tubes, ERW (Electric Resistance Welded) Pipes, Spiral Welded Tubes, Stainless Steel Tubes, Alloy Steel Pipes And Tubes

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Which Firms Dominate the Steel Products Market by Market Share and Revenue in 2025?
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.

Which Regions Offer the Highest Growth Potential in the Steel Products Market?
Asia-Pacific was the largest region in the steel products market in 2023. Western Europe was the second-largest region in the steel products market. The regions covered in the steel products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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