Demand for steel is projected to remain high in the building & construction. The latest steel market analysis predicts the target segment to grow with a CAGR of 3.8% during the assessment period.
The global steel market size reached US$ 1,823.5 billion in 2022. Over the assessment period, global steel demand is set to rise at 4.4% CAGR. Total valuation is expected to increase from US$ 1,893.9 billion in 2023 to US$ 2,901.9 billion in 2033.
Several factors are expected to drive the growth of the steel market. These include rising demand for lightweight and cost-effective materials and rapid expansion of building & construction, automotive, oil & gas, consumer appliances, and other industries.
Rapid industrialization and robust economic growth are attracting investments in infrastructure development, construction, and manufacturing activities. This, in turn, is expected to drive demand for steel and its products as they are widely used in the building & construction sector.
The growing adoption of electric vehicles (EVs) is creating the need for lightweight materials to enhance energy efficiency and extend the driving range of EVs. This will encourage the adoption of steel for making different automotive components, thereby fueling its sales.
A key factor propelling the sector forward is the increasing acceptance of pre-engineered metal structures and lightweight construction materials to promote energy savings. Another significant motivator is shifting from traditional casting methods to innovative technologies that employ recycled metals.
New steel materials help to decrease corporate risks associated with subpar welding quality, save building costs, and improve customer safety. Contractors use materials like tubes and cold and hot rolled steel to satisfy construction and safety regulations.
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Advanced high-strength steel (AHSS) and innovative steel alloys strike a crucial balance between strength and weight. This is positioning them as favorable materials for electric vehicle manufacturing.
The global push towards renewable energy sources, including wind and solar power, is another prominent factor expected to drive steel demand globally. This is because steel is widely used in constructing wind turbines, solar panels, and supporting structures for renewable energy projects.
Key Takeaways from the Global Steel Market Report
“With a global emphasis on sustainable practices and increased investments in key industries, the steel market is well-positioned for substantial growth. As industries worldwide prioritize durability, strength, and eco-friendly solutions in their operations, the demand for steel is projected to surge, creating significant growth opportunities for the global steel market”– says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Who is Winning?
The global steel market is moderately consolidated, with leading players accounting for around 65 to 70% share. Baowu Steel Group Corporation Limited, ArcelorMittal, Nippon Steel Corporation, and ThyssenKrupp AG are the leading manufacturers and suppliers of steel listed in the report.
Key steel companies invest in continuous research to produce improved steel materials and increase their capacity to meet end-user demand. They are also inclined toward adopting strategies to strengthen their footprint, including acquisitions, partnerships, mergers, and facility expansions.
Recent Developments in the Steel Market:
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More Insights into the Steel Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased global steel market analysis, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033.
The research study is based on steel type (carbon steel, stainless steel, austenitic stainless steel, alloy steel, tool steel, others), end use (building and construction, automotive, railways, shipbuilding and marine, aerospace, oil and gas and energy, heavy machinery and equipment, consumer appliances, cutting tools and agriculture equipment), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia Pacific, Middle East, Africa)
Steel Market Outlook by Category
By Steel Type:
By End Use:
By Region:
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
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Feb 08, 2024
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