Market Research Future (MRFR), the global steel market is anticipated to record a CAGR of 2.5% while garnering a market value of USD 963.6 billion by 2030.
The increasing inclination towards sustainable and low-cost durable building materials are anticipated to play a significant role in driving the global steel market during the forecast period. The strict regulations promoting green energy-efficient buildings is predicted to be another salient cause that is likely to drive the market in the coming time. Furthermore, the increasing popularity of pre-engineered metal buildings and lightweight building materials are likely to bolster the market expansion in the assessment tenure. In addition to these, the increasing population and the rising urbanization, expanding automobile sector, and the surging demand for long steel is projected to be other salient causes that can make a significant contribution in augmenting the market size. On the contrary, the industry is anticipated to be challenged by the fluctuating prices.
The outbreak of COVID-19 has brought a negative impact on the global steel market due to the temporary shutdown of the construction and automobile sector. The lockdown imposed affected the demand and supply in a negative manner. The market is likely to pick up pace in the coming year.
Competitive Leaderboard:
Some of the renowned players of the global steel market are China Steel Company (Taiwan), POSCO (South Korea), ArcerolMittal (Luxemborg), Shangang Group (Spain), China Baowu Group (China), NSSMC Group (Japan), HBIS Group (China), Nucor Corporation (US), Tata Steel Group (India), Hyundai Steel Company (South Korea), and others.
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Market Segmentation:
The global steel market can be segmented into product, type, and application.
The product-based segments of the global steel market are iron steel wire, structural steel, bright steel, ropes, prestressing steel, welding wire/rod, braids, and others. Among all, the structural steel segment is anticipated to the rising application of structural steel in the construction sector for building frames of bridges and buildings.
The type-based segments of the global steel market are flat and long steel. Between the two segments, the flat steel is expected to record a CAGR of 2.5% during the assessment period. The rise of the flat steel segment can be attributed to their rising usage in various applications consisting of tubes, construction, and pipes.
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Regional Analysis:
As per the assessment conducted by MRFR, the global steel market is expected to be dominated by APAC. The region is likely to procure the highest CAGR while garnering a market value of USD 651.5 billion in 2030. The presence of established players in the region is anticipated to play a significant role. The rising investments in B2B construction sector is another salient cause that can drive the market in the region. For example, the venture debt firm InnoVen Capital announced that it invested USD 6.8 million in the Infra market, an online procurement marketplace based in India. Infra Market helps construction and real estate companies in procuring materials through its platform. Such initiatives are likely to augment the market size in the region during the assessment timeframe. Europe is anticipated to procure the second-largest market share while expanding at a CAGR of 2.30% during the assessment period.
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