Steel Market Share, Outlook, Size, Forecast 2024-2032

IMARC Group, a leading market research company, has recently releases report titled “Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global steel market size reached US$ 942.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,279 Billion by 2032, exhibiting a growth rate (CAGR) of 3.3% during 2024-2032.

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.

Request for sample copy of this report: https://www.imarcgroup.com/steel-market/requestsample

What is steel?

Steel is a versatile alloy primarily composed of iron and a small percentage of carbon. It is known for its strength, durability, and versatility, making it crucial in various industries and applications. It is indispensable in the production of machinery and equipment, ranging from manufacturing plants to farming machinery, due to its resistance to wear and tear. It serves as the backbone for the structural framework of buildings, bridges, and infrastructure, as its high tensile strength allows for tall and robust structures, ensuring safety and longevity. It provides corrosion resistance and aesthetic appeal, making it a popular choice for products that require both functionality and style. It assists in manufacturing armored vehicles, naval vessels, and military equipment due to its durability in harsh conditions. It is used in the manufacturing of automobiles, ships, trains, and aircraft, as its lightweight property contributes to fuel efficiency, safety, and reliability. It is employed in the construction of turbines, nuclear reactors, water treatment plants, sewage systems, and transmission towers. It is utilized in the packaging industry for cans, containers, and closures due to its ability to preserve the freshness and safety of food products. It also finds applications in the development of advanced materials in the aerospace, energy, and electronics industries. As it can be recycled that aids in reducing energy consumption and greenhouse gas emissions, while contributing to environmental sustainability, the demand for steel is rising across the globe.

What are the growth prospects and trends in the industry?

At present, infrastructure development, rapid urbanization, and increasing construction activities represent one of the key factors strengthening the growth of the market. In addition, there is a rise in the demand for structural steel and construction materials to construct residential and commercial buildings to accommodate the growing population across the globe. This, along with the thriving construction industry, is propelling the market growth. Moreover, lightweight steel alloys are essential for vehicle manufacturing, contributing to fuel efficiency and safety. The shift towards electric vehicles (EVs) is also catalyzing the demand for specialized steel components. In line with this, governing agencies of several countries are focusing on large-scale projects, such as bridges, highways, and public transportation systems. They are also implementing stringent environmental regulations that are pushing the steel industry to adopt cleaner and more sustainable production methods. Investments in greener technologies and lower carbon emissions are offering lucrative growth opportunities to industry investors. Besides this, the growing demand for steel in the manufacturing industry for machinery, equipment, and manufacturing processes, coupled with technological advancements and automation, is positively influencing the market. Additionally, the energy sector, including renewable energy projects and oil and gas exploration, requires steel for pipelines, wind turbines, and drilling equipment. The transition to cleaner energy sources is also contributing to the growth of the market.

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

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact US

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

USA: +1-631-791-1145 | Asia: +91-120-433-0800

Email: [email protected]

LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/

Tags: Steel Market