Steel Market 2018 Size, Trends, Growth, Outlook and Forecast to 2023
Synopsis of Steel
Steel is an alloy of carbon & iron which includes 2% carbon and 1% manganese. A wide range of Steel grades are manufactured by using two conventional production processes namely, blast furnace-basic oxygen furnace (BF-BOF) and electric arc furnace (EAF) to suffice the specific needs of the application. It exhibits superior properties such as high strength and durable mechanical properties. With the above-mentioned properties Steel is widely utilized in numerous end-use industries such as building & construction, automotive, electrical appliances, domestic appliances, oil & gas, and other transportation industry.
Key Findings:
Global Steel Market is projected to reach USD 962431.8 million by 2023. Expanding with a healthy CAGR over the forecast period. Building & construction accounted for the largest application segment accounting for value market share of 51% in 2016. Automotive is the second largest market exhibiting highest CAGR over the forecast period. Asia-Pacific is the largest and fastest growing market accounting for 67.2% in the overall market in 2016. Above 50% of the total production capacity flat steel product is owned by major twenty players in the market. ArcelorMittal Group is the leading producer with highest production capacity for flat and long steel products.
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Segmentation
The Steel Market is categorized on the basis of Type, Application and Region. On the basis of Type, the market is bifurcated into long steel and flat steel. Among these, flat steel accounted for around 85% market share in overall steel sales revenue and is expected to retain its dominance due to wide utilization in building & construction sector. On the Basis of Application, the market is segmented into building & construction, automotive, mechanical equipment, metal products, other transportation, electrical appliances, and domestic appliances. On the Basis of Region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Key Players:
Some of the key players operating in the Global Steel Market are ArcelorMittal, POSCO, SHAGANG GROUP Inc, NIPPON STEEL & SUMITOMO METAL CORPORATION, China BaoWu Steel Group Corporation Limited, HBIS GROUP, Tata Steel, Nucor, HYUNDAI STEEL, ChinaSteel, Maanshan Iron & Steel Company Limited, thyssenkrupp AG, JFE Steel Corporation, JSW, and JIANLONG GROUP among others.
Regional Analysis
Geographically, the Steel Market is segmented into five regions viz. North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these, Asia Pacific emerged as the leading Steel Market in 2016, driven by the growth of industries such as automotive and building & construction. Asia Pacific region accounted for around 67% of the overall volume share in 2016 and is estimated to retain its dominance due to rising construction activities along with the burgeoning demand for high-quality steel. The demand for Steel is expected to surge in emerging economies such as China, India, and Japan due to the flourishing growth of building & construction, electrical appliances, and metal products sector. China accounted for the largest regional market share with a value of USD 367834.8 million in 2016 and is predicted to retain its dominance on account of rising demand from the electrical appliances application sector.
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