New York, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Steel Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Steel Market Research Report, by Type, Product, Application and Region - Forecast till 2028” the market size is projected to be worth USD 1.43 Trillion by 2028, registering a CAGR of 3.47% during the forecast period (2021 - 2028).
Market Competitive Analysis
The leading companies in the steel market are adopting several new strategies such as expansion, acquisitions, product development, and innovation to expand their businesses, Companies Profiled in the steel market research report are as follows:
- China Steel Company (Taiwan),
- China Baowu Group (China),
- ArcerolMittal (Luxemborg),
- Hyundai Steel Company (South Korea),
- Shangang Group (Spain),
- Tata Steel Group (India),
- POSCO (South Korea),
- NSSMC Group (Japan),
- HBIS Group (China).
- Among others.
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Market Research Future’s Review on Steel Market
Market Overview:
As per the reports on the steel market by MRFR, the market is projected to be worth USD 1.43 Trillion by 2028, registering a CAGR of 3.47% during the forecast period (2021 - 2028).
Market Scope:
Steel is an alloy produced by combining its vital ingredient with iron and various elements. The market's growth is supported by the factors like increasing adoption of steel in numerous end-user industries and rising infrastructural activities.
Market USP Covered
Market Drivers
The growing demand from the construction industry is primarily driving the global steel market's growth. With the development in construction activities across the globe, the steel market is projected to grow speedily in the review timeframe. Additionally, the rapid urbanization and the rise in government initiatives such as the Telehealth Network Grant Program (TNGP) and Manufacturing Extension Partnership (MEP) are also expected to catalyze market growth over the coming years. Furthermore, the growth in investments in infrastructural development in several regions worldwide is likely to propel the market growth over the review timeframe.
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Market Restraints
However, the rising steel price is one of the major aspects anticipated to restrict the steel market's growth.
COVID-19 Impact
The COVID-19 outbreak has had a major impact on the global steel market, given the weakened demand and short-term shutdown of manufacturing facilities. Even now, as the global economy is trying to get back on track, several market players are focusing on boosting their supply chains and fast-tracking operations to curb further losses.
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Segment Analysis
The market segment for structural steel dominated the steel market with the maximum market share in 2017 and is pictured to exhibit a CAGR of 3.15% over the assessment time. The segment's growth is driven principally by the rise in adoption in construction applications. Among these, the market segment for flat steel recorded maximum market share in 2019 and is projected to maintain dominance over the review timeframe, recording a CAGR of 2.5%. Their growing adoption is driving the segment's growth in applications such as packaging, appliances, heavy machinery, construction, pipes, and tubes. The building & construction segment registered for the largest market share in 2019 with a segment valuation of USD 417.3 billion. The growth in residential construction activities is the primary factor driving the segment's growth worldwide.
Regional Analysis
The Asia-Pacific region held the top position in the global steel market in 2019 and is projected to exhibit a considerable growth rate of 3.09% during the review timeframe. The market is projected to attain a valuation of USD 651.5 billion by the end of 2027. The regional market's growth is being driven by the factors like the growth of the electrical appliances market, growing automotive production, and rising demand in construction and infrastructural development.
The European region bagged the second rank in the global steel market in 2019 and is expected to exhibit a CAGR of 2.30% during the assessment period. Germany is expected to drive the growth of the regional market over the review timeframe. Additionally, the increase in expenditure on infrastructure construction in Central Europe is also expected to boost market growth in the coming years. The Middle East & African region have been exhibiting a gradual growth rate in recent times. The regional market is expected to acquire a size of USD 74.8 billion by 2027. The regional market's growth is being driven by the factors like speedy industrialization in the North African countries and the expanding construction industry in the Middle East.
Segmentation of Market covered in the research:
Steel Market: Information by Type (Flat and Long), Product (Structural Steel, Prestressing Steel), Application (Building & Construction, Automotive, Electrical Appliance) and Region (Asia-Pacific, Europe, North America, Latin America and the Middle East & Africa) - Forecast till 2028
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
