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Global Steel Market Share, Size, Trends, Analysis, Growth, Forecast: By Product: Long Steel, Flat Steel; By Type: Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel; By Application: Construction, Mechanical Engineering, Automotive, Metalware, Domestic Appliances, Agricultural, Others; Regional Analysis; Competitive Landscape; 2023-2028
Global Steel Market Outlook
The global steel market attained a value of about USD 1.27 trillion in 2022 and expected to grow in the forecast period of 2023-2028 at a CAGR of 4% to reach around USD 1.61 trillion by 2028.
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Extensive Adoption by Downstream Industries to Aid the Growth of the Steel Market
Due to favourable properties of the product, such as malleability, ductility, durability, hardness, and versatility, the demand within the steel industry has witnessed a sustained growth, making it one of the leading industries globally. The market growth has been further catalysed by the extensive adoption of steel within the production processes of a wide variety of industries, including the transportation, manufacturing, construction, and aviation industries, among others. As populations grow and the standards of living improve, the demand for steel is also expected to be augmented. Looking forward, the steel industry is expected to gain momentum owing to the rising demand for automobiles and infrastructural growth. The growing demand for alternative and sustainable energy sources is expected to provide a further impetus to the growth of the market as the infrastructure of renewable energy sources like solar wind and hydropower make ample use of stainless steel. The growth in household income and spending power is also expected to aid the market as a number of home appliances like refrigerators, televisions, ovens, and others make use of steel.
The Asia Pacific Region to Contribute Significantly to the Growth of the Steel Industry
The Asia Pacific region comprises of a number of emerging economies that are some of the major producers of steel globally. Within the Asia Pacific, India is one of the major regional markets for steel. In India, the iron and steel industry is experiencing a robust demand from sectors like infrastructure, oil and gas, and automotive, which has been driving the growth of the steel industry in the region. The Indian steel industry is further being driven by the easy availability of low-cost manpower and the presence of abundant iron ore reserves in the country. The implementation of schemes by the Government of India like the Jal Jiban Mission, Pradhan Mantri Awaas Yojana -Gramin and Urban (PMAY-G & U), Bharatmala and Sagarmala, and the National Steel Policy have provided favourable prospects for public and foreign investments, further leading to the growth of the steel industry. The launch of various projects like the construction of metro railways and new airports and irrigation projects are anticipated to catalyse the market growth in India, thus, aiding the overall growth of the steel industry.
Steel: Industry Definition and Segmentation
Steel is an iron-based alloy, which might contain carbon, silicon, manganese, and other minerals. The process of steelmaking involves the production of steel from iron ore and/or scrap. Due to its high durability and malleability, steel is a preferred choice of raw material in a number of industries like the manufacturing, automotive, and consumer products industries.
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On the basis of product, the market is segmented into:
- Long steel
- Wire Rod
- Rebars
- Merchant Bars
- Heavy Sections
- Others
- Flat steel
- Hot Rolled Wide Strip
- Quarto Plate
- Others
On the basis of type, the market is classified into:
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Tool Steel
Based on application, the market is divided into:
- Construction
- Mechanical Engineering
- Automotive
- Metalware
- Domestic Appliances
- Agricultural
- Others
The EMR report looks into the regional markets of steel like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Post-Pandemic Rebound in Construction and Automotive Activities to Augment the Market Growth of the Steel Industry
Post the COVID-19 pandemic that adversely affected the output of major industries, the global economy is expected to witness a healthy recovery. The steel industry is expected to recover from the adverse impact of the pandemic by 2021 as all the major steel producing countries have been projected to witness an increase in the use of steel with the recovery in downstream demand. As almost all the countries of the world aim at restoring their economies with the help of real estate construction, the steel industry is expected to witness a robust growth. Steel is the material of choice in the construction activities because of its durability, recyclability, resistance to fire, and corrosion.
With the outbreak of the COVID-19 pandemic in 2020, the automobile sector witnessed constrained operations due to the global lockdown restrictions and falling demand, which negatively impacted the steel industry. However, as the pandemic is expected to recede by 2021, the automobile sector is projected to recover and flourish due to the recovery in economy and demand, along with the launch of various new projects. This is anticipated to catalyse the demand growth within the steel industry. As the pandemic has propelled the demand for personal vehicles as opposed to using public transport due to heightened health and hygiene consciousness, the demand for steel is expected to witness further growth.
The market for steel is further expected to be supported by the growing trends of sustainability and eco-consciousness. Being the world’s most recycled material, the product is expected to witness a healthy growth in demand owing to the growing environmental concerns among the consumers. It is further proven that steel does not release toxins into the ground, thus, making it an eco-friendly product, which is further anticipated to boost its demand.
Key Industry Players in the Global Steel Market
The report presents a detailed analysis of the following key players in the global steel market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.
- ArcelorMittal S.A.
- Ansteel Group Corporation Limited
- Nippon Steel Corporation
- HBIS Group
- Shagang Group Inc.
- POSCO
- JFE Steel Corporation
- Tata Steel Limited
- Hyundai Steel Co., Ltd
- Baowu Steel Group Co., Ltd.
- Others
The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product |
|
| Breakup by Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Trade Data Analysis |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Steel Market Analysis
8.1 Key Industry Highlights
8.2 Global Steel Historical Market (2018-2022)
8.3 Global Steel Market Forecast (2023-2028)
8.4 Global Steel Market by Product
8.4.1 Long Steel
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.1.3 Breakup by Product Type
8.4.1.3.1 Wire Rod
8.4.1.3.2 Rebars
8.4.1.3.3 Merchant Bars
8.4.1.3.4 Heavy Sections
8.4.1.3.5 Others
8.4.2 Flat Steel
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.2.3 Breakup by Product Type
8.4.2.3.1 Hot Rolled Wide Strip
8.4.2.3.2 Quarto Plate
8.4.2.3.3 Others
8.5 Global Steel Market by Type
8.5.1 Carbon Steel
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Alloy Steel
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Stainless Steel
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Tool Steel
8.5.4.1 Historical Trend (2018-2022)
8.5.4.2 Forecast Trend (2023-2028)
8.6 Global Steel Market by Application
8.6.1 Construction
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Mechanical Engineering
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Automotive
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 Metalware
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.6.5 Domestic Appliances
8.6.5.1 Historical Trend (2018-2022)
8.6.5.2 Forecast Trend (2023-2028)
8.6.6 Agricultural
8.6.6.1 Historical Trend (2018-2022)
8.6.6.2 Forecast Trend (2023-2028)
8.6.7 Others
8.7 Global Steel Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
9 North America Steel Market Analysis
9.1 Market by Product
9.2 Market by Type
9.3 Market by End Use
9.4 Market by Country
9.4.1 United States of America
9.4.1.1 Historical Trend (2018-2022)
9.4.1.2 Forecast Trend (2023-2028)
9.4.2 Canada
9.4.2.1 Historical Trend (2018-2022)
9.4.2.2 Forecast Trend (2023-2028)
10 Europe Steel Market Analysis
10.1 Market by Product
10.2 Market by Type
10.3 Market by End Use
10.4 Market by Country
10.4.1 United Kingdom
10.4.1.1 Historical Trend (2018-2022)
10.4.1.2 Forecast Trend (2023-2028)
10.4.2 Germany
10.4.2.1 Historical Trend (2018-2022)
10.4.2.2 Forecast Trend (2023-2028)
10.4.3 France
10.4.3.1 Historical Trend (2018-2022)
10.4.3.2 Forecast Trend (2023-2028)
10.4.4 Italy
10.4.4.1 Historical Trend (2018-2022)
10.4.4.2 Forecast Trend (2023-2028)
10.4.5 Others
11 Asia Pacific Steel Market Analysis
11.1 Market by Product
11.2 Market by Type
11.3 Market by End Use
11.4 Market by Country
11.4.1 China
11.4.1.1 Historical Trend (2018-2022)
11.4.1.2 Forecast Trend (2023-2028)
11.4.2 Japan
11.4.2.1 Historical Trend (2018-2022)
11.4.2.2 Forecast Trend (2023-2028)
11.4.3 India
11.4.3.1 Historical Trend (2018-2022)
11.4.3.2 Forecast Trend (2023-2028)
11.4.4 ASEAN
11.4.4.1 Historical Trend (2018-2022)
11.4.4.2 Forecast Trend (2023-2028)
11.4.5 South Korea
11.4.5.1 Historical Trend (2018-2022)
11.4.5.2 Forecast Trend (2023-2028)
11.4.6 Australia
11.4.6.1 Historical Trend (2018-2022)
11.4.6.2 Forecast Trend (2023-2028)
11.4.7 Others
12 Latin America Steel Market Analysis
12.1 Market by Product
12.2 Market by Type
12.3 Market by End Use
12.4 Market by Country
12.4.1 Brazil
12.4.1.1 Historical Trend (2018-2022)
12.4.1.2 Forecast Trend (2023-2028)
12.4.2 Argentina
12.4.2.1 Historical Trend (2018-2022)
12.4.2.2 Forecast Trend (2023-2028)
12.4.3 Mexico
12.4.3.1 Historical Trend (2018-2022)
12.4.3.2 Forecast Trend (2023-2028)
12.4.4 Others
13 Middle East and Africa Steel Market Analysis
13.1 Market by Product
13.2 Market by Type
13.3 Market by End Use
13.4 Market by Country
13.4.1 Saudi Arabia
13.4.1.1 Historical Trend (2018-2022)
13.4.1.2 Forecast Trend (2023-2028)
13.4.2 United Arab Emirates
13.4.2.1 Historical Trend (2018-2022)
13.4.2.2 Forecast Trend (2023-2028)
13.4.3 Nigeria
13.4.3.1 Historical Trend (2018-2022)
13.4.3.2 Forecast Trend (2023-2028)
13.4.4 South Africa
13.4.4.1 Historical Trend (2018-2022)
13.4.4.2 Forecast Trend (2023-2028)
13.4.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code - 7224)
16.1 Major Importing Countries
16.1.1 By Volume
16.1.2 By Value
16.2 Major Exporting Countries
16.2.1 By Volume
16.2.2 By Value
17 Price Analysis
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 ArcelorMittal S.A.
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Ansteel Group Corporation Limited
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Nippon Steel Corporation
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 HBIS Group
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Shagang Group Inc.
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 POSCO
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 JFE Steel Corporation
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 Tata Steel Limited
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 Hyundai Steel Co., Ltd
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 Baowu Steel Group Co., Ltd.
18.2.10.1 Company Overview
18.2.10.2 Product Portfolio
18.2.10.3 Demographic Reach and Achievements
18.2.10.4 Certifications
18.2.11 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Steel Market: Key Industry Highlights, 2018 and 2028
2. Global Steel Historical Market: Breakup by Product (USD Million), 2018-2022
3. Global Steel Market Forecast: Breakup by Product (USD Million), 2023-2028
4. Global Steel Historical Market: Breakup by Type (USD Million), 2018-2022
5. Global Steel Market Forecast: Breakup by Type (USD Million), 2023-2028
6. Global Steel Historical Market: Breakup by End Use (USD Million), 2018-2022
7. Global Steel Market Forecast: Breakup by End Use (USD Million), 2023-2028
8. Global Steel Historical Market: Breakup by Region (USD Million), 2018-2022
9. Global Steel Market Forecast: Breakup by Region (USD Million), 2023-2028
10. North America Steel Historical Market: Breakup by Country (USD Million), 2018-2022
11. North America Steel Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Europe Steel Historical Market: Breakup by Country (USD Million), 2018-2022
13. Europe Steel Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Asia Pacific Steel Historical Market: Breakup by Country (USD Million), 2018-2022
15. Asia Pacific Steel Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Latin America Steel Historical Market: Breakup by Country (USD Million), 2018-2022
17. Latin America Steel Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Middle East and Africa Steel Historical Market: Breakup by Country (USD Million), 2018-2022
19. Middle East and Africa Steel Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Major Importing Countries by Value
21. Major Exporting Countries by Value
22. Major Importing Countries by Volume
23. Major Exporting Countries by Volume
24. Global Steel Market Structure
Key Questions Answered in the Report
The global steel market attained a value of around USD 1.27 trillion in 2022.
The market is projected to grow at a CAGR of 4% in the forecast period of 2023-2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 1.61 trillion by 2028.
The superior qualities of the product, like strength, malleability, and recyclability, are aiding market growth. Other factors, such as the implementation of favourable government schemes, increased public and foreign investments, and rapid industrialisation, are also aiding the growth of the market.
The market key trends in the market are the surging demand for steel from the construction sector, growing automotive industry, and development of new types of steel.
The major regional markets for steel are North America, Latin America, the Asia Pacific, Europe and the Middle East and Africa.
The major products of steel in the market are long steel and flat steel.
Construction, mechanical engineering, automotive, metalware, domestic appliances, and agricultural, among others, are the major applications of steel in the market.
The major players in the market are ArcelorMittal S.A., Ansteel Group Corporation Limited, Nippon Steel Corporation, HBIS Group, Shagang Group Inc., POSCO, JFE Steel Corporation, Tata Steel Limited, Hyundai Steel Co., Ltd, and Baowu Steel Group Co., Ltd., among others.
Analyst Review
The global steel market attained a value of approximately USD 1.27 trillion in 2022, driven by the product’s properties of durability, malleability, and recyclability. Aided by the rising demand from the construction and automobile industries, the market is further expected to grow at a CAGR of 4% in the forecast period 2023-2028 to reach about USD 1.61 trillion by 2028.
EMR’s meticulous research methodology delves deep into the market covering the macro and micro aspects of the industry. On the basis of product, the market is divided into long steel and flat steel. Based on application, the market is categorised into construction, mechanical engineering, automotive, metalware, domestic appliances, and agricultural, among others. The major regional markets for steel are North America, Latin America, the Asia Pacific, Europe and the Middle East and Africa. The key players in the above market are ArcelorMittal S.A., Ansteel Group Corporation Limited, Nippon Steel Corporation, HBIS Group, Shagang Group Inc., POSCO, JFE Steel Corporation, Tata Steel Limited, Hyundai Steel Co., Ltd, and Baowu Steel Group Co., Ltd., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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