Global Steel Market is projected to grow at a CAGR of 3.9% By 2031: Visiongain Research Inc

Visiongain has published a new report entitled the Steel Market Report 2021-2031. It includes profiles of Steel and Forecasts Market Segment by PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.

The global steel market was valued at US$1092 billion in 2020 and is projected to grow at a CAGR of 3.9 % during the forecast period 2021-2031.

Growing Investments in Infrastructure Sector

Infrastructure is a critical component of every region's economic development. Electricity, roads, water systems, public utilities, airports, railways, and telephones are all critical services that channel trade and movement and promote economic activity. Growing urbanisation in emerging countries will aid infrastructure development in areas such as transportation and energy. The manufacturing and transportation sectors, which largely source and deliver raw materials for the fabrication of consumer goods, will benefit from economic success.

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How has COVID-19 had a significant negative impact on the Steel Market?

In the first three months of 2020, global crude steel production fell by 1.4 percent compared to the same time the previous year. Despite the fact that steel was deemed an essential industry in some countries, demand for steel manufacturing has plummeted throughout the epidemic. Automotive manufacture, one of the main steel consumers, has been reduced in a move to prevent the spread of COVID-19, while declining energy prices have resulted in much lower demand from sectors such as oil and gas. Many non-essential building projects have been delayed as a result of the COVID-19 outbreak, which has also had a detrimental impact on steel demand.

Several automakers, including Volvo, Toyota, Volkswagen, Nissan, and Seat, have recently announced plans to reopen plants and restart vehicle production in the European Union and the United Kingdom, which could contribute to higher demand for steel. There are also signs that China, the world's largest metal consumer, is on the mend, with imports of semi-finished steel growing in the last two months.

How this Report Will Benefit you?

Visiongain’s 732+ page report provides 573 tables and 555 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global steel market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Steel. Get the financial analysis of the overall market and different segments including type, application, product, value, volume and capture higher market share. We believe that high opportunity remains in this fast-growing steel market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the current market drivers?

Growing Automobile Sector

The development of emerging markets, the rapid rise of new technology, sustainability policies, and shifting consumer attitudes surrounding ownership are all contributing to tremendous changes in today's economies. Other sectors have been transformed by digitization, increased automation, and new business models, and the car industry will be no different. Diverse mobility, autonomous driving, electrification, and connection are four disruptive technology-driven trends in the automotive industry as a result of these dynamics. The four trends will reinforce and accelerate one another, according to most industry leaders and experts, and the automobile industry is ready for upheaval. Despite universal recognition that game-changing disruption is on the horizon, no comprehensive view of how the industry will look in 10 to 15 years as a result of these trends exists. To that end, our eight key perspectives on the “2030 automotive revolution” are intended to provide scenarios about the types of changes that will occur and how they will affect traditional vehicle manufacturers and suppliers, potential new players, regulators, consumers, markets, and the automotive value chain.

Growing Demand for Long Steel

Hot rolled bar, cold rolled or pulled bar, rebar, railway rails, wire, rope (stranded wire), woven cloth of steel wire, forms (sections) such as U, I, or H sections, and ingots from continuous casting, including blooms and billets, are all examples of lengthy goods. Long items include fabricated structural units, such as bridge sections. "Flat Products" such as slab, plate, strip and coil, tinplate, and electrical steel are excluded from the definition, as are certain tubular products such as seamless and welded tube. Long items are widely used in the building and capital goods industry. Long steel products are steel products such as wire, rod, rail, and bars, as well as other types of steel structural sections and girders, in the steel industry. Bridges that fall within the category of fabricated structural units are known as long steel products. Blooms and billets are long steel products from which bars, rods, and structural shapes are rolled.

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Where are the market opportunities?

Opportunities in Steel Recycling

Steel is one of the most widely used metals on the planet, with applications ranging from the world's highest skyscrapers to ordinary household items. Steel fueled technical advancement and growth throughout the Industrial Age, and it continues to do so now, with over 1,868,800,000 tonnes produced in 2019. Steel is an iron alloy, which means it is made up of metals and non-metals such as carbon, iron, and tin. Steel, like most metals such as aluminium, copper, and brass, may be recycled indefinitely without causing damage or degradation to its qualities, regardless of the product or form it takes.

Steel Materials Can Play a Role in The Buildings and Cities of the Future

These advances present a tremendous opportunity for steel producers to reconsider how steel products may contribute to future buildings and communities. It is no longer sufficient to consider the basic material requirements in isolation. The material must incorporate entire, end-to-end lifecycle thinking, beginning with the architect's vision and design thinking and continuing through the building's end-of-life or re-purposing many years later. From a functional standpoint, it's important to understand how steel materials can help fulfil essential smart building needs

Competitive Landscape

The major players operating in the steel market are ArcelorMittal, HBIS Group, Nippon Steel Corporation, POSCO, Tata Steel Group, Hyundai Steel, Novolipetsk Steel, SAIL, JSW Steel, EVRAZ plc, Gerdau, United States Steel Corporation, Severstal, Steel Dynamics, Inc., Thyssenkrupp, Shougang Group, Nucor Corporation, Zenith Steel Pipes & Industries Ltd, Nanjing Steel, Shandong Steel Group, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

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About Visiongain

Visiongain is one of the fastest growing and most innovative, independent, market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10-year forecast, are hundreds of pages long, with in depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets, which currently can influence one another, these markets include automotive, aviation, chemicals, cyber, defense, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customized and syndicated market research reports means that you can have a bespoke piece of market intelligence customized to your very own business needs.


Catherine Walker
PR at Visiongain Inc.
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SOURCE Visiongain Limited.