Global Steel Market Driven by the Manufacturing Capacity Acquisitions by Major Firms
Global Steel Market - Overview
As per the assessment conducted by Market Research Future (MRFR), the global steel market is projected to cross over USD 1.43 Trillion by the end of 2030 while flouring at a CAGR of 3.47% during the review timeframe.
The increasing inclination towards sustainable and low-cost durable building materials are anticipated to play a significant role in driving the global steel market during the forecast period. The strict regulations promoting green & energy-efficient buildings is predicted to be another salient cause that is likely to drive the market in the coming time. Furthermore, the increasing popularity of pre-engineered metal buildings and lightweight building materials are likely to bolster the market expansion in the assessment tenure. In addition to these, the increasing population and the rising urbanization, expanding automobile sector, and the surging demand for long steel is projected to be other salient causes that can make a significant contribution in augmenting the market size. On the contrary, the industry is anticipated to be challenged by the fluctuating prices. The outbreak of COVID-19 has brought a negative impact on the global steel market due to the temporary shutdown of the construction and automobile sector. The lockdown imposed affected the demand and supply in a negative manner. The market is likely to pick up pace in the coming year.
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Global Steel Market – Prominent Players
ArcelorMittal (Luxembourg), POSCO (South Korea), Shangang Group (Spain), NSSMC Group (Japan), China Baowu Group (China), HBIS Group (China), Tata Steel Group (India), Nucor Corporation (US), Hyundai Steel Company (South Korea), China Steel Company (Taiwan).
Steel Market Highlights -
Driven by the manufacturing capacity acquisitions by major firms, the global steel industry is oversupplied. The excess production in the global steel industry has contributed in recent years to a fall in prices. Nonetheless, rising demand and capacity shutdowns in China have forced down costs.
It is anticipated that global steel demand will see growth, but at a slower rate. Growing infrastructural activities in both commercial and residential construction are the multiple factors supporting the industry, accompanied by increasing steel adoption in the automotive, electrical equipment, and other end-use industries.
One of the important market determinants for steel demand is the dynamics of the building industry worldwide. In the forecast era, steel demand will increase with the growth in construction activities in developed and emerging economies.
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Steel Market - Segments:
The global steel size has been segmented into flat and long steel, depending on form. The flat steel segment accounted for the largest share of the global steel industry in 2017 and during the review period it is projected to record a CAGR of 2.21 per cent. Slabs, hot-rolled coils, cold-rolled coils, polished steel, tinplate, and hard plates are flat steel objects. The growth of the flat steel segment is due to its growing use in various applications, including tubing, pipes, houses, heavy machinery, appliances, and packaging.
The global steel industry has been split into structural steel, iron steel wire, bright steel, welding wire / rod, ropes, prestressing steel, braids, among others, depending on the commodity. In 2017, the structural steel segment accounted for the largest share of the global steel industry and a CAGR of 3.15 percent is projected to be reported during the review period. The growth of the segment is due to the growing use of structural steel in building applications , mainly in the construction of bridges and buildings. In uses, including freight vehicles, building equipment, vehicle parts, machinery, truck frames, and transmission towers, structural steel grades find use. The second largest share of the global steel industry in 2017 was in the pre-stressing steel group.
Based on use, the global steel industry has been classified into building & construction, automobiles, mechanical machinery, metal goods, other transportation, electrical appliances, and domestic appliances. With a market size of USD 417.3 billion in 2017, the building & construction segment accounted for the significant share of the global steel sector and is forecast to record a 2.72 percent CAGR to hit USD 487.6 billion by the end of 2023. The development of the segment is due to the rise in residential construction activities worldwide.
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https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=5465 Global Steel Market Driven by the Manufacturing Capacity Acquisitions by Major Firms
Global Steel Market - Overview
As per the assessment conducted by Market Research Future (MRFR), the global steel market is projected to cross over USD 1.43 Trillion by the end of 2030 while flouring at a CAGR of 3.47% during the review timeframe.
The increasing inclination towards sustainable and low-cost durable building materials are anticipated to play a significant role in driving the global steel market during the forecast period. The strict regulations promoting green & energy-efficient buildings is predicted to be another salient cause that is likely to drive the market in the coming time. Furthermore, the increasing popularity of pre-engineered metal buildings and lightweight building materials are likely to bolster the market expansion in the assessment tenure. In addition to these, the increasing population and the rising urbanization, expanding automobile sector, and the surging demand for long steel is projected to be other salient causes that can make a significant contribution in augmenting the market size. On the contrary, the industry is anticipated to be challenged by the fluctuating prices. The outbreak of COVID-19 has brought a negative impact on the global steel market due to the temporary shutdown of the construction and automobile sector. The lockdown imposed affected the demand and supply in a negative manner. The market is likely to pick up pace in the coming year.
Obtain Brochure For Latest Technology Advancements @ https://www.marketresearchfuture.com/sample_request/5465
Global Steel Market – Prominent Players
ArcelorMittal (Luxembourg), POSCO (South Korea), Shangang Group (Spain), NSSMC Group (Japan), China Baowu Group (China), HBIS Group (China), Tata Steel Group (India), Nucor Corporation (US), Hyundai Steel Company (South Korea), China Steel Company (Taiwan).
Steel Market Highlights -
Driven by the manufacturing capacity acquisitions by major firms, the global steel industry is oversupplied. The excess production in the global steel industry has contributed in recent years to a fall in prices. Nonetheless, rising demand and capacity shutdowns in China have forced down costs.
It is anticipated that global steel demand will see growth, but at a slower rate. Growing infrastructural activities in both commercial and residential construction are the multiple factors supporting the industry, accompanied by increasing steel adoption in the automotive, electrical equipment, and other end-use industries.
One of the important market determinants for steel demand is the dynamics of the building industry worldwide. In the forecast era, steel demand will increase with the growth in construction activities in developed and emerging economies.
Access Complete Report @ https://www.marketresearchfuture.com/reports/steel-market-5465
Steel Market - Segments:
The global steel size has been segmented into flat and long steel, depending on form. The flat steel segment accounted for the largest share of the global steel industry in 2017 and during the review period it is projected to record a CAGR of 2.21 per cent. Slabs, hot-rolled coils, cold-rolled coils, polished steel, tinplate, and hard plates are flat steel objects. The growth of the flat steel segment is due to its growing use in various applications, including tubing, pipes, houses, heavy machinery, appliances, and packaging.
The global steel industry has been split into structural steel, iron steel wire, bright steel, welding wire / rod, ropes, prestressing steel, braids, among others, depending on the commodity. In 2017, the structural steel segment accounted for the largest share of the global steel industry and a CAGR of 3.15 percent is projected to be reported during the review period. The growth of the segment is due to the growing use of structural steel in building applications , mainly in the construction of bridges and buildings. In uses, including freight vehicles, building equipment, vehicle parts, machinery, truck frames, and transmission towers, structural steel grades find use. The second largest share of the global steel industry in 2017 was in the pre-stressing steel group.
Based on use, the global steel industry has been classified into building & construction, automobiles, mechanical machinery, metal goods, other transportation, electrical appliances, and domestic appliances. With a market size of USD 417.3 billion in 2017, the building & construction segment accounted for the significant share of the global steel sector and is forecast to record a 2.72 percent CAGR to hit USD 487.6 billion by the end of 2023. The development of the segment is due to the rise in residential construction activities worldwide.
Buy Now @ https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=5465