Steel Trends and Forecast
The future of the global steel market looks promising with opportunities in the building and construction, electrical appliances, metal products, automotive, transportation, mechanical equipment, and domestic appliances markets. The global steel market is expected to reach an estimated $1,103.9 billion by 2030 with a CAGR of 2.8% from 2024 to 2030. The major drivers for this market are rising number of infrastructure projects, increasing demand for this material in military aircraft manufacturing, and growing people demand for steel-based products.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Steel by Segment
The study includes a forecast for the global steel by type, product, application, and region.
Steel Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Flat Steel
• Long Steel
Steel Market by Product [Shipment Analysis by Value from 2018 to 2030]:
• Structural Steel
• Prestressing Steel
• Bright Steel
• Welding Wire and Rod
• Iron Steel Wire
• Ropes
• Braids
Steel Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Building and Construction
• Electrical Appliances
• Metal Products
• Automotive
• Transportation
• Mechanical Equipment
• Domestic Appliances
• Others
Steel Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Steel Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies steel companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the steel companies profiled in this report include-
• ArcelorMittal
• EVRAZ
• Gerdau
• Hyundai Steel
• JFE Steel
• Jiangsu Shagang
• Nippon Steel
• Nucor
• Shougang
• Tata Steel
Steel Market Insights
Lucintel forecasts that flat steel will remain the larger segment over the forecast period due to its substantial usage in automotive manufacturing, construction, and appliance production.
Within this market, building and construction will remain the largest segment due to considerable demand for steel in this industry for structural purposes, such as beams, columns, and reinforcing bars for enabling strength and integrity among buildings and infrastructure.
APAC will remain the largest region over the forecast period due to extensive demand for the metal in manufacturing industries, such as aerospace and machinery production in the region.
Features of the Global Steel Market
Market Size Estimates: Steel market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Steel market size by type, product, application, and region in terms of value ($B).
Regional Analysis: Steel market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, products, applications, and regions for the steel market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the steel market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the steel market size?
Answer: The global steel market is expected to reach an estimated $1,103.9 billion by 2030.
Q2. What is the growth forecast for steel market?
Answer: The global steel market is expected to grow with a CAGR of 2.8% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the steel market?
Answer: The major drivers for this market are rising number of infrastructure projects, increasing demand for this material in military aircraft manufacturing, and growing people demand for steel-based products.
Q4. What are the major segments for steel market?
Answer: The future of the steel market looks promising with opportunities in the building and construction, electrical appliances, metal products, automotive, transportation, mechanical equipment, and domestic appliances markets.
Q5. Who are the key steel market companies?
Answer: Some of the key steel companies are as follows:
• ArcelorMittal
• EVRAZ
• Gerdau
• Hyundai Steel
• JFE Steel
• Jiangsu Shagang
• Nippon Steel
• Nucor
• Shougang
• Tata Steel
Q6. Which steel market segment will be the largest in future?
Answer: Lucintel forecasts that flat steel will remain the larger segment over the forecast period due to its substantial usage in automotive manufacturing, construction, and appliance production.
Q7. In steel market, which region is expected to be the largest in next 5 years?
Answer: APAC will remain the largest region over the forecast period due to extensive demand for the metal in manufacturing industries, such as aerospace and machinery production in the region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the steel market by type (flat steel and long steel), product (structural steel, prestressing steel, bright steel, welding wire and rod, iron steel wire, ropes, and braids), application (building and construction, electrical appliances, metal products, automotive, transportation, mechanical equipment, domestic appliances, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Steel Market, Steel Market Size, Steel Market Growth, Steel Market Analysis, Steel Market Report, Steel Market Share, Steel Market Trends, Steel Market Forecast, Steel Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.