Steel Market Size to Surpass Valuation of USD 963.6 Billion by 2027 at 2.5% CAGR, Predicts Market Research Future (MRFR)

Steel Market Size to Surpass Valuation of USD 963.6 Billion by 2027 at 2.5% CAGR, Predicts Market Research Future (MRFR)

Top Companies Associated to Steel Market are China Steel Company (Taiwan), Shangang Group (Spain), NSSMC Group (Japan), China Baowu Group (China), Nucor Corporation (US), ArcerolMittal (Luxemborg), POSCO (South Korea), Hyundai Steel Company (South Korea), HBIS Group (China), and Tata Steel Group (India).

Pune, India, Feb. 08, 2021 (GLOBE NEWSWIRE) — Steel Market Overview:

Market Research Future (MRFR) anticipates tremendous growth for the steel market and expects it to touch a whopping value of USD 963.6 billion by 2027. The MRFR’s Steel Market report also projects the growth rate to be 2.5% between 2020 and 2027 (evaluation period).

Steel is primarily an alloy that is created by combining its key ingredient with iron and various elements. These elements, at the right pressure and temperature, play an important role in influencing steel’s properties in terms of toughness, strength, weldability, durability and ductility. Combining iron with elements like carbon, manganese, or base metals including copper and nickel, results in a type of steel that has crucial applications. Some of the most commonly used methods for altering steel’s properties are tempering, annealing, peening and quenching, along with cold or hot rolling.

Developments Post COVID-19 Outbreak

The COVID-19 outbreak has had a brutal impact on the steel industry, considering the temporary shutdown of manufacturing facilities and weakened demand. Even as the world is trying to curb the spread of SARS-CoV-2, various companies are focusing on bolstering their supply chains and accelerating operations with the aim to curb further losses. Additionally, with the gradual lifting up of the lockdown across countries and the novel coronavirus under control, the global market for steel seems to be picking up speed and can recover fast in the years to follow.

Key Players Locking Horns:

Most of the renowned manufacturers in the global market spend considerably on rigorous research and development activities to come up with various types of advanced steel that have better features in order to facilitate higher performance and efficiency. These players launch highly efficient products that meet with the escalating demand for excellence among the end-use industries. Expansion of production capacity via acquisition and partnership remains another key competitive strategy usually undertaken by the companies to further establish themselves in the market.

The top companies highlighted in the MRFR report include:

  • China Steel Company (Taiwan)
  • Shangang Group (Spain)
  • NSSMC Group (Japan)
  • China Baowu Group (China)
  • Nucor Corporation (US)
  • ArcerolMittal (Luxemborg)
  • POSCO (South Korea)
  • Hyundai Steel Company (South Korea)
  • HBIS Group (China)
  • Tata Steel Group (India)

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Future Market Growth Factors:

Rising preference for low cost, durable and sustainable building materials among contractors worldwide has fostered the steel demand significantly in several construction projects as well as in industrial infrastructure. Technological innovations have led to enhanced structural integrity in pre-engineered metal buildings, where steel has emerged as a vital component that lends an aesthetic appeal, design flexibility and stability. All these factors combined can translate into significant revenues and bolster the global steel market size over the next few years.

Market Segmentation:

The global market for steel can be distributed into type, product and application.

Flat Steel Type to Create Highest Revenues

Depending on type, the steel market has been considered for flat as well as long steel. Flat steel has remained the market leader since the year 2019 and should thrive at a rate of 2.5% over the projected timeline. Products made of flat steel are hot-rolled coils, slabs, coated steel, cold-rolled coils, heavy plate and tinplate, which are mostly used in pipes, tubes, heavy machinery, construction, packaging and appliances.

Structural Steel Witnesses Highest Demand

The product-based market segments include iron steel wire, braids, structural steel, welding wire/rod, bright steel, prestressing steel, ropes, and others. In 2017, the lead was achieved by the structural steel segment, which is set to record a CAGR of 3.15% over the analysis period, thanks to the mounting use of structural steel in various applications like frames of buildings and bridges. Structural steel also finds extensive applications in construction equipment, freight cars, machinery, truck parts, transmission towers and truck frames. Meanwhile, prestressing steel will be the second-biggest segment in the global industry.

Steel Applications Expand Rapidly in Building & Construction Sector

Major applications of steel include automotive, building & construction, domestic appliances, metal products, mechanical equipment, electrical appliances, other transportation and more. The building & construction segment in 2019 took the top spot and was valued at USD 417.3 billion and could soar at a rate of 2.5% to reach USD 487.6 billion by 2027-end. The notable surge in residential construction across various countries has led to the segmental growth in the global market.

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Regional Status:

Geographically, the steel industry can be segmented into Europe, the Americas, the Middle East & Africa or MEA and Asia Pacific or APAC.

Asia Pacific Sees Highest Gains as Direct Foreign Investments Rise

Asia Pacific led the global market in 2019 and will continue to expand at the fastest rate of 3.09% to touch a whopping value of USD 651.5 billion by 2027. The APAC market growth is offset by the skyrocketing demand in construction as well as infrastructural development and the surge in automotive production. The China steel market is mostly supported by the thriving electrical appliances industry in the country. The escalating steel consumption in the region is the result of the influx of large-scale direct foreign investments along with the soaring demand in automotive and shipbuilding sectors.

Europe to Remain Second in Lead

Europe commands the second biggest share in the global market and is touted to project a growth rate of 2.30% in the years to come. Germany has emerged as the top performing market in the region and can maintain its winning streak throughout the conjectured period. Other than this, the Central European market should demonstrate healthy growth on account of the rising expenditure for infrastructure development. Mechanical engineering and automotive manufacturing in the region are the top consumers of steel and are expected to contribute significantly to the market growth in the ensuing years.

MEA Market to Show Steady Progress as Construction Activities Increase

Middle East & Africa will be the third dominant market, right behind Europe, in view of the mounting demand for steel in the construction industry, which itself has been witnessing significant growth in the region. The enhanced industrialization rate across North African economies is bound to favor the regional market in the years to come. As a result, the MEA market can touch a solid USD 74.8 billion by 2027.

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Latest Developments:

In December 2020 , JSW Steel Italy formed an agreement with Industrial Development Corporation (South Africa), to acquire a share of 30.73% in GSI Lucchini. Th deal is a significant opportunity for JSW for consolidation of its stake in GSI. GSI Lucchini is a well-known brand in Africa and Europe and is among the top steel firms in the African Mines.

In other news, in January 2021 , the U.S. Steel finished the acquisition of Big River Steel for USD 774 million. This move is expected to provide U.S. Steel enhanced steelmaking capacity, with respect to its conventional blast furnaces and also bolster its mini mill production.

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