Steel Market - Forecast(2023 - 2028)

In terms of type, the Steel Market is segmented into carbon steel, stainless steel, alloy steel, tool steel and others. In 2021, the Stainless-steel segment generated the greatest revenue of $336.9 billion, and is projected to reach a revenue of $433.1 billion by 2027. Owing to the various benefits posed by stainless steel such as corrosion resistance, high and low temperature resistance, the ease of fabrication, strength, aesthetic appeal is one of the key factors for its adoption among various end-use industries, which in turn is boosting its market growth. The stainless-steel segment can be further classified as Austenitic stainless steels, Ferritic stainless steels, Martensitic stainless steels, Precipitation hardening grade stainless steel and Duplex stainless steels. 

By form, the steel market is segmented into bar, rod, tube, pipe, plate, sheet, structural and others. The bar segment accounted for the major market share in 2021, with a revenue of $506.1 billion and is forecast to grow at a CAGR of 4.68% by 2027. The increasing demand for steel bar from various end-user industries such as building and construction, bridges, and many others, are driving the growth of the segment during the forecast period of 2022-2027.

Steel Market is segmented by its application that includes transportation, construction, packaging, water projects, energy and others. The energy segment held the dominant market share, 31% of the whole market, in 2021, and is expected to maintain its dominance by 2027 with a CAGR of 4.69%. One of the major factors for the segment growth is the increasing awareness and focus towards renewable energy sources. Steel plays a crucial role in producing and distributing energy as well as improving energy efficiency. Renewable energy is further classified as Wind Towers and Foundation, Wind Turbines and Solar Parabolic Mirror Supports & Collectors. 

The Steel finds its application across the industries such as construction, machinery, automotive and transportation, kitchenware and domestic appliance, electrical and electronics, healthcare, energy and others. Among them, the construction segment is the largest consumer of steel, as bearable structures can be manufactured easily at a low cost. The property of steel in its various forms and alloys makes it more flexible to cater the exclusive projects integrated with infrastructure. Moreover, the rapid industrialization and urbanization in various developing countries are fueling the segment growth in strengthening its dominant market position during the forecast period.

The report comprises of the region wise study of the global market including North America, South America, Europe, Asia-Pacific and Rest of the World. Above all, Asia-Pacific region held the biggest share in 2021, up to 72% of the whole steel market owing to the rapidly expanding defense, machinery, automotive, and shipbuilding industries in the countries such as India, China, South Korea, and Japan. Foreign direct investment in energy and infrastructure is likely to provide opportunities for the market vendors. Coupled with favorable government regulations, growing infrastructure and construction activities in developing economies of the Asia-Pacific region are boosting the demand for the market. 

Several factors have a significant impact on the overall development of the steel market. The major growth factor driving the Steel Market is growing demand for steel across a variety of developing regions. For example, in India, the second largest producer of crude steel, domestic per capita finished steel consumption is expected to rise from 72.3kg in 2021 to 160kg by 2030-2031. Additionally, steel production in India increased by 9.3% in July 2021 over July 2020

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The companies referred in the study include Arcelormittal, Baosteel Co., Ltd., Posco Holding Inc., Nippon Steel Corporation, JFE Holdings, Jiangsu Shagang Group Company Limited, Tata Steel Limited, United States Steel Corporation, Anshan Iron and Steel Group Corporation, and Gerdau.  Technology launches, acquisitions, and R&D activities are key strategies adopted by the key players in the Steel Market. 

Steel Market - Recent Developments

In April 2021, Nippon Steel Corporation announced the launch of their new ZAM-EX high corrosion resistant coated steel sheets for overseas market.

In August 2021, Tata Steel announced to invest Rs. 8,000 crore ($1.08 billion) in capital expenditure to develop operations in India in FY22. 

In September 2021, ArcelorMittal announced that the company has signed an agreement with the Government of Liberia to expand the company’s mining and logistics operation in Liberia.

The base year of the study is 2021, with forecast done up to 2027. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Steel Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, and Steel manufacturing method analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the key global Steel Market players, to define, describe and analyze the sales value, market share, SWOT analysis and development plans in upcoming years.

By Type: Carbon Steel, (Low Carbon Steel, Medium Carbon Steel, High Carbon Steel), Stainless Steel (Austenitic Stainless Steels, Ferritic Stainless Steels, Martensitic Stainless Steels, Precipitation Hardening Grade Stainless Steels, Duplex Stainless Steels), Alloy Steel (Chromium Molybdenum Steel, Nickel-Chromium-Molybdenum Steel, Chromium Vanadium Steel, HSLA -Nickel-Chromium-Molybdenum Steel), Tool Steel (Water-hardening tool steels, Shock-resisting tool steels, Cold-work tool steels, Hot-work steels, High-speed tool steels, Others), Others

By Form: Bar, Rod, Tube, Pipe, Plate, Sheet, Structural, Others

By Application: Transportation (Road, Bridges, Barriers, Rail, Tracks, Rail Cars), Construction (Cool Metal (infrared reflecting) Roofing, Purlins, Beams, Pipe, Recyclable steel framing (studs), Desks/Furniture), Packaging (Canes, Bottles, Others), Water Projects (Levees/Dams/Locks), Energy (Renewable, Nuclear, Bio-fuels, Fossil, Electric Grid), Others

By Industry: Construction (Steel Skeletons, Concrete Walls, Pillars, Nails, Bolts, Screws, Others), Machinery (Bulldozers, Backhoe Leaders, Pipelayers, Others), Automotive and Transportation (Exhaust, Trim/Decorative, Engine, Chassis, Fasteners, Tubing For Fuel Lines), Kitchenware and Domestic Appliances (Small Household Appliances, Black Home Appliances, White Home Appliances), Electrical and Electronics (Motor Mount Brackets, Adapter Plates, Electronic Frames and Chassis, Brackets, Others), Healthcare (Orthopaedic Implants, Artificial Heart Valves, Bone Fixation, Catheters, Others), Energy (Scrubbers, Heat Exchangers, Others)

By Region: North America, South America, Europe, Asia-Pacific and Rest of the World