Steel Market Share, Outlook, Trends, Revenue, Industry Forecast 2023-2028

How big is the steel market?

The global steel market size reached US$ 907 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,077 Billion by 2028, exhibiting a growth rate (CAGR) of 2.8% during 2023-2028.

IMARC Group, a leading market research company, has recently releases report titled “Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global steel market forecast, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

What is steel?

Steel is a composite material created by blending essential components with iron and diverse elements. This amalgam is formed through the fusion of raw constituents like coal, iron ore, and lime within a blast furnace, followed by the elimination of impurities. The material’s adaptability permits it to be fashioned into an assortment of configurations, enabling the creation of intricate shapes with a range of dimensions while maintaining exceptional purity. By bolstering durability, design versatility, tensile potency, and malleability, steel also contributes to extending the overall lifespan of various products.

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What are the growth prospects and trends in the industry?

There is an increase in the use of steel in the construction industry for building structures to provide structural integrity that can withstand heavy loads. Along with this, the rising construction projects in residential and commercial areas represent one of the primary factors strengthening the market growth around the world. Moreover, the growing usage of steel in the automotive industry for producing components, such as doors, engines, trunk closures, braking systems, fuel tanks, gears steering, and braking systems, is influencing the market positively. In addition, the increasing adoption of steel in power plants and pipelines on account of its numerous benefits like high strength and heat resistance, is favoring the growth of the market. Besides this, the rising utilization of steel in the production of containers and cans is bolstering the market growth.

Who are the key players operating in the industry?

• ArcelorMittal S.A.
• EVRAZ plc
• Gerdau S.A.
• Hyundai Steel Co. Ltd
• JFE Steel Corporation (JFE Holdings Inc.)
• Jiangsu Shagang Group Co. Ltd
• Nippon Steel Corporation
• Nucor Corporation
• Shougang Group Co. Ltd.
• Tata Steel Ltd. (Tata Group)
• thyssenkrupp AG
• United States Steel Corporation.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

• Flat Steel
• Long Steel

Breakup by Product:

• Structural Steel
• Prestressing Steel
• Bright Steel
• Welding Wire and Rod
• Iron Steel Wire
• Ropes
• Braids

Breakup by Application:

• Building and Construction
• Electrical Appliances
• Metal Products
• Automotive
• Transportation
• Mechanical Equipment
• Domestic Appliances

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

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