Global Steel Market By Type Overview
Steel Market accounted for US$ 1.65 Billion in 2020 and is estimated to be USD 2.11 Billion by 2030 and is anticipated to register a CAGR of 3.0%.
The steel industry is one of the most vital parts of the economy for several developed and developing countries. Steel industry dynamics are shaped by global trends in steel demand. Steel trade flows under raw material markets. The World Steel Association (world steel) is one of the largest and most dynamic industry associations in the world, with members in each major steel-producing country. World steel represents steel producers, national and regional steel industry associations, and steel research institutes. Members signify around 85% of global steel market production.
Global Steel Market By Type Dynamics
Growing steel consumption is a major factor driving the steel market growth. For instance, according to the World Steel Association's global steel demand in 2019 is forecast to reach 1,775.0 million tons and 1,805.7 million tons in 2020. Additionally, Economic development and rapid urbanization in various nation markets are likely to push up global steel demand. For instance, According to UN ORG 55% of the world's population exists in urban areas, and it is expected to increase to 68% by 2050. Also, the growth in construction industries is backing up the growth of the target market. Infrastructure development propels steel demand from the longer period, for instance, according to CIOB.org by forecasts the volume of construction output will grow by 85% to $15.5 trillion worldwide by 2030. Moreover increasing automotive production, growing food industry and other industries are a key factor boosting the growth of the target market. However, volatility in raw
Global Steel Market By Type Segmentation
The steel market is segmented based on product, production methods, and region.
Based on by type, the Steel market classified into steel, alloy steel, stainless steel, tool steel and other steel types. Alloy steels are expected to dominate the market segment owing to improved properties as compared to steel such as strength, hardness, toughness, wear resistance, corrosion resistance, hardenability, and hot hardness. Additionally, it has high demand in various applications, such as in the turbine blades of jet engines, in spacecraft, and nuclear reactors. By production methods the Steel market classified into blast furnace-basic oxygen furnace (BF-FOF), electric arc furnace (EAF) and others. By Applications the Steel market classified into the automotive industry, construction industry, mining equipment industry, aviation & marine industry.
The Asia Pacific is expected to dominate the target market, owing to the presence of emerging countries in the region such as India & China. Additionally the increasing production and export of steel in various countries in the region drive the steel market growth. For instance, according to World steel Org - China is the top country to have the highest total export which accounted for 108.1 million tons. China was followed by Japan as the country exported 40.5 million tons of steel. Also, China was the leading country to use steel products accounted at 681.0 million tons. Such factor led Asia to be the largest consumer of finished steel products.
Steel Market, by type:
- Steel
- Alloy Steel
- Stainless Steel
- Tool Steel
- Other Steel Types
Steel Market, By Production methods:
- Blast furnace-basic oxygen furnace (BF-FOF)
- Electric arc furnace (EAF)
- Others
Steel Market, By Applications:
- Automotive Industry
- Construction Industry
- Mining Equipment Industry
- Aviation & Marine Industry
Steel Market, By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
Global Steel Market By Type Key Players
The key players operating the global Steel market involves ArcelorMittal, POSCO, SHAGANG GROUP Inc, NIPPON STEEL and SUMITOMO METAL CORPORATION, China BaoWu Steel Group Corporation Limited, HBIS GROUP, Tata Steel, Nucor, HYUNDAI STEEL, ChinaSteel, Maanshan Iron and Steel Company Limited, ThyssenKrupp AG, JFE Steel Corporation, JSW, and JIANLONG GROUP among others.
The key players in the market are focusing on the various agreement and mutual understanding and acquisition strategy. For instance, on 16 December 2019 ArcelorMittal completed the acquisition of Essar Steel India Limited and simultaneously established a joint venture with Nippon Steel Corporation called ArcelorMittal Nippon Steel India Limited, this acquisition looking at suitable opportunities to build a meaningful production presence in the country for over a decade.
Global Steel Market By Type Key Issues Addressed
- In June 2024, India's April-May steel imports hit five-year high on buoyant domestic demand. India's finished steel imports touched a five-year high in the first two months of the fiscal year that began in April, with the country continuing to be a net importer, according to provisional government data seen by Reuters.
- In June 2024, Tata Steel To Proceed With Port Talbot Restructuring Amid Policy Disputes. Tata Steel expressed its concerns on Tuesday regarding the ongoing policy differences between the UK government and the Opposition concerning the transformation plan at its Port Talbot plant in Wales.
- In December 2023, US Steel to be bought by Japan's Nippon in $15bn deal. Japanese steel giant Nippon has announced plans to buy US Steel in a deal worth nearly $15bn (£12bn). The purchase would create one of the world's biggest steel companies outside of China and resolve questions about the future of the storied US firm.
Global Steel Market By Type Company Profile
- ArcelorMittal
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- POSCO
- SHAGANG GROUP Inc
- NIPPON STEEL And SUMITOMO METAL CORPORATION
- China BaoWu Steel Group Corporation Limited
- HBIS GROUP
- Tata Steel
- Nucor
- HYUNDAI STEEL
- ChinaSteel
- Maanshan Iron and Steel Company Limited
- ThyssenKrupp AG
- JFE Steel Corporation
- JSW
- JIANLONG GROUP
“*” marked represents similar segmentation in other categories in the respective section.
Global Steel Market By Type Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Industry Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Preview
- Executive Summary
- Key Findings—Global Outlook for Steel Strategies
- Key Questions this Study will Answer
- Market Snippet, By Type
- Market Snippet, By Production methods
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Market Segmentation, By Type, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Steel
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Alloy Steel
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Stainless Steel
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Tool Steel
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Other Steel Types
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Market Segmentation, By Production Methods, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Blast furnace-basic oxygen furnace (BF-FOF)
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Electric arc furnace (EAF)
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Others
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Market Segmentation, By Application, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Automotive Industry
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Construction Industry
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Mining Equipment Industry
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Aviation & Marine Industry
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Market, By Region, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Production Methods, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Production Methods, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Production Methods, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Production Methods, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Production Methods, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- ArcelorMittal
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- POSCO
- SHAGANG GROUP Inc
- NIPPON STEEL And SUMITOMO METAL CORPORATION
- China BaoWu Steel Group Corporation Limited
- HBIS GROUP
- Tata Steel
- Nucor
- HYUNDAI STEEL
- ChinaSteel
- Maanshan Iron and Steel Company Limited
- ThyssenKrupp AG
- JFE Steel Corporation
- JSW
- JIANLONG GROUP
The Last Word
- Future Impact
- About Us
- Contact
Global Steel Market By Type Highlights
FAQs
The Steel market accounted for US$ 1.65 billion in 2019 and is projected to register a moderate CAGR of 3.0% over the forecast period.
The market report has been segmented based on body type and region.
Trends in the Steel Market may include advancements in steel production technologies, increased demand for high-strength and lightweight steel in automotive and construction industries, and the development of sustainable and eco-friendly steel manufacturing processes.
The global economic growth, urbanization, infrastructure development, and increased construction activities. The automotive industry's demand for high-performance steel, the rise in manufacturing activities, and the recovery of the oil and gas sector can also influence the steel market.
Regions typically considered include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Considerations for these regions are based on factors such as industrial activities, construction projects, automotive production, and steel demand.
The prominent player operating in the global Steel market includes ArcelorMittal, POSCO, SHAGANG GROUP Inc, NIPPON STEEL and SUMITOMO METAL CORPORATION, China BaoWu Steel Group Corporation Limited, HBIS GROUP, Tata Steel, Nucor, HYUNDAI STEEL, ChinaSteel, Maanshan Iron and Steel Company Limited, ThyssenKrupp AG, JFE Steel Corporation, JSW, and JIANLONG GROUP among others. The key players in the market are focusing on the various agreement and mutual understanding and acquisition strategy.