Remarking on this Report, an analyst from Market Research Future (MRFR)’s team said, Global Steel Market is predicted to grow with a healthy CAGR to reach USD 962431.8 million by the end of 2023. Steel is gaining prominence in the global market with the increasing usage in the end use industries such as automotive, electrical appliances, building & construction, and others.
Some of the key market factors that positively influence the market growth of steel are increasing demand from automotive as well as building & construction industry, increasing demand of high-quality long products & high strength lightweight steel, and increasing urbanization. Speedy industrialization coupled with rising per capita disposable income in developed and developing countries across the globe are predicted to fuel the growth of the market over the estimated period. Furthermore, growing penetration in electrical & domestic appliances and mechanical equipment is estimated to give new impetus to the growth of this market. However, rising usage of substitutes of steel such as aluminum and composites in the manufacturing of automobile parts is estimated to hinder the growth of the market.
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The Global Steel Market is segmented on the basis of type, application, and region. On the basis of type, the market is categorized into long steel and flat steel. Among these, the flat steel holds the largest market share of around 85% in overall steel sales revenue and is estimated to retain its dominance on account of wide utilization in building & construction sector. Moreover, the demand for high quality long rolled steel is increasing at a faster pace due to strong demand from numerous end-use industries. On the basis of application, the market is segmented into building & construction, automotive, mechanical equipment, metal products, other transportation, electrical appliances, and domestic appliances. The building & construction segment accounted for the largest market share in 2016 among the application segment. The growth factors associated with increasing application segment is rising residential, commercial, and institutional construction sectors. Based on region, the steel market is further categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Regionally, Steel Market is classified into five regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific dominated the global steel market in 2016, accounting for more than 67% of the value share of the Global Steel Market. The regional market trends substantiating the growth of steel market include the rising contribution of transportation segment of the developing economies and constant growth of the numerous end-user application industry across Asia Pacific region. Moreover, the rapid urbanization in the region, high penetration of steel manufacturers, availability of cheap cost of labor are considered to have a positive impact on the overall steel market in the region. The other emerging markets such as Latin America and the Middle East & Africa seems to observe a healthy market trend as Asia Pacific.
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