Global Steel Market Size By Product Type, By End-User Industry, By Geographic Scope And Forecast

Steel Market Size And Forecast

Steel Market size was valued at USD 927.66 billion in 2023 and is projected to reach USD 1,676.24 billion by 2030 , growing at a CAGR of 3.8% during the forecast period 2024-2030.

Global Steel Market Drivers

The market drivers for the Steel Market can be influenced by various factors. These may include: Global Economic Growth : As steel is a necessary component of many industries, including manufacturing, infrastructure, and construction, economic growth usually results in higher demand for the metal. Steel has historically been in high demand due to the robust economic expansion in emerging economies, especially in nations like China and India.

Infrastructure Development

: A significant amount of steel is needed for infrastructure projects like utilities, roads, bridges, railroads, and airports. The construction of infrastructure through government programmes can greatly increase the demand for steel.

Urbanisation and Industrialization

: The need for steel is driven by the fast-paced urbanisation and industrialization occurring in developing nations. Steel is used in the construction and manufacturing of machinery, equipment, and residential and commercial buildings.

Automotive Industry

: Especially for car bodywork, chassis, and other components, the automotive industry is a significant consumer of steel. The demand for steel may rise in response to increases in auto sales and manufacturing.

Construction Sector

: A sizeable amount of steel consumption is accounted for by construction activities, which include residential, commercial, and industrial construction. Government infrastructure expenditure, urbanisation trends, and population expansion all have an impact on demand in the building industry.

Energy Sector

: Pipelines, offshore platforms, and power generation facilities are just a few examples of the infrastructure in which steel is crucial. Steel consumption may be influenced by an increase in power infrastructure, oil and gas exploration, and renewable energy initiatives.

Trade Agreements and Tariffs

: By influencing the price of steel imports and exports, trade agreements and tariffs, among other things, can have an effect on the world steel market. Trade disputes between the main producers of steel can alter market dynamics and cause supply chains to break.

Prices for Raw Materials

: Steel production costs and, by extension, steel prices can be greatly influenced by the price and availability of raw materials such as coal, iron ore, and scrap metal. The profitability of steel companies can be impacted by changes in the price of raw materials..

Global Steel Market Restraints

Several factors can act as restraints or challenges for the Steel Market. These may include:

Economic Slowdown

: As building projects, infrastructure development, and manufacturing activity stall out during recessions or downturns, there may be a decrease in the demand for steel goods. Overcapacity and pricing difficulties within the industry may arise from this.

Competitive Pressure

: There are many local and international firms fighting for market share in the fiercely competitive steel sector. Price wars and declining profit margins are potential outcomes of intense competition, especially in times of oversupply.

Environmental Regulations

: The steel sector may face difficulties as a result of stricter environmental laws designed to lower carbon emissions and promote sustainability. Adopting new technologies or paying for expensive facility renovations to meet emissions regulations may have an adverse effect on profitability.

Costs of Raw Materials

: Price fluctuations for raw materials like coal, iron ore, and scrap metal can have a big effect on how much steel is produced. The management of input costs and preservation of profitability can provide issues for steel makers in volatile commodities markets.

Trade Barriers and Tariffs

: Government protectionist policies, tariffs, and trade disputes can sabotage international supply chains and the global steel trade. For instance, tariffs on steel imports may reduce the competitiveness of domestic steel manufacturers and provoke trade partners to take retaliatory action.

Threats from Substitution

: In a variety of applications, steel is up against competition from substitute materials like aluminium, composites, and sophisticated plastics. Increased substitution may result from changing consumer tastes and technological improvements, especially in industries where corrosion resistance and weight reduction are crucial.

Infrastructure Restrictions

: The steel sector may have logistical difficulties due to inadequate infrastructure, which includes port facilities and transportation networks. Transport delays of completed goods or raw materials can cause supply chain disruptions and raise manufacturing costs.

Geopolitical Risks:

In important steel-producing regions, political unrest, trade disputes, and geopolitical conflicts can upset supply chains and have an effect on market dynamics. The unpredictability of geopolitical developments might lead to fluctuations in steel pricing and investment choices..

Global Steel Market Segmentation Analysis

The Global Steel Market is Segmented on the basis of By Product Type, By End-User Industry, and Geography.

By Product Type

Flat Steel

: Hot-rolled, cold-rolled, and coated steel goods such as tinplate and galvanised steel fall within the category of flat steel. Because of its formability and adaptability, flat steel is frequently utilised in appliances, automobile manufacture, and construction.

Long Steel

: Products made of long steel include bars, rods, wires, and structural elements like angles and beams. Because of their strength and endurance, they are mostly used in manufacturing, infrastructure development, and construction applications.

Stainless Steel

: It is a popular material for a variety of applications, such as cookware, automotive parts, and architectural elements. It is renowned for its resistance to corrosion and aesthetic appeal..

By End-User Industry

Construction

: Buildings, bridges, and infrastructure projects are just a few of the uses for steel that the construction sector uses for a variety of purposes.

Automobile

: Steel is also used extensively by the automobile sector, which uses it to make engine parts, car bodywork, and frame components.

Manufacturing

: A wide range of manufacturing industries, including those that produce industrial equipment, appliances, and machinery, use steel extensively.

Energy

: Steel is used in the energy sector to build power plants, pipelines, and other infrastructure projects.

Consumer Goods

: Steel is also utilised in a variety of consumer goods, including furniture, appliances, and containers.

By Geography

North America:

Market conditions and demand in the United States, Canada, and Mexico.

Europe:

Analysis of the Steel Market in European countries.

Asia-Pacific:

Focusing on countries like China, India, Japan, South Korea, and others.

Middle East and Africa:

Examining market dynamics in the Middle East and African regions.

Latin America:

Covering market trends and developments in countries across Latin America.

Key Players

The major players in the Steel Market are:

ArcelorMittal

Nippon Steel Corporation

China Baowu Steel Group

POSCO

HBIS Group

JFE Steel Corporation

Tata Steel Group

Shougang Group

Ansteel Group

United States Steel Corporation.