Steel Market Size, Share, Trends, Outlook and Global Forecast 2022-2027

According to the latest report by IMARC Group, “, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027“, the global steel market reached a value of US$ 874.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1,052.25 Billion by 2027, exhibiting a CAGR of 3.02% during 2022-2027.
Steel refers to a hard, strong grey or bluish-grey alloy that is produced by combining vital ingredients with iron and other elements. It is generally manufactured by melting raw materials, such as iron ore, coal, lime, etc., in a blast furnace and removing impurities. Steel offers various benefits, including enhanced toughness, tensile strength, anti-corrosion properties, etc. Furthermore, it is commonly available in flat and long steel variants. Steel can efficiently be designed and molded in numerous forms to provide improved shape with a wide range of dimensions and extreme purity as compared to iron. Consequently, it finds extensive application across several industries, such as automotive, manufacturing, construction, etc.
Steel Market Trends and Drivers:
The widespread adoption of this alloy in the production of automobile structures, including engines, doors, trunk closures, braking systems, fuel tanks, gears, steering, braking systems, etc.,
primarily driving the steel market. Additionally, the growing product utilization, owing to its properties, such as ductility and durability, thereby making the buildings earthquake-resistant, is further catalyzing the market growth.
Besides this, the development of rolling and casting techniques to improve steel production methods and create designs that are resistant to pressure, temperature, corrosion, etc., is acting as another significant growth-inducing factor. Moreover, the escalating demand for flat product variants among the automobile manufacturers to enhance fuel efficiency and minimize the overall weight of the vehicles is anticipated to fuel the steel market over the forecasted period.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Steel Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ArcelorMittal S.A., EVRAZ plc, Gerdau S.A., Hyundai Steel Co. Ltd, JFE Steel Corporation (JFE Holdings Inc.), Jiangsu Shagang Group Co. Ltd, Nippon Steel Corporation, Nucor Corporation, Shougang Group Co. Ltd., Tata Steel Ltd. (Tata Group), thyssenkrupp AG and United States Steel Corporation.
The report has segmented the market on the basis of region, type, product and application.
Breakup by Type:
Flat Steel
Long Steel
Breakup by Product:
Structural Steel
Prestressing Steel
Bright Steel
Welding Wire and Rod
Iron Steel Wire
Breakup by Application:
Building and Construction
Electrical Appliances
Metal Products
Mechanical Equipment
Domestic Appliances
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
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Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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