Market Scope
The MRFR report suggests that the global Steel Market is projected to cross over USD 1.72 Trillion by the end of 2030 while flouring at a CAGR of 3.47% during the review timeframe.
Major Drivers and Main Challenges
Steel Market , deemed to be a new generation metal, offers remarkable ductility and strength. It exhibits higher resistance to wear and tear as well as corrosion, unlike the traditional carbon steel. For higher strength, these types of steels are alloyed with other elements like vanadium, titanium, and copper. The most extensive applications of Steel Market are in automobiles as these are lightweight and have an array of mechanical properties including high toughness, excellent formability, and better weldability.
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Steel Market is also used in end-use sectors like construction, aviation and hoisting and mining equipment, given their mechanical flexibility and strength. Some common use-cases of high strength low alloy steels include designing of pillars and bridges, along with fabricating huge building structures in view of their easy machinability and weldability characteristics.
Significant opportunities could arise in the next few years, in the form of escalating demand forSteel Market in the manufacturing of welding equipment and technical innovations to render a higher number of appealing properties in ultra-high-strength steel.
Market Segmentation
The Steel Market has been carefully studied and to present an exhaustive understanding, the MRFR report has outlined a few key segments, including product type and end-use industry.
The product types discussed in the market study are dual-phase steel, high strength low alloy steel, carbon manganese steel, hardenable bake steel, and more.
Major end-use industries considered in the report are aviation, construction, automotive, marine, hoisting and mining equipment, and others. Steel Market is extensively deployed in the construction sector, and the rising number of residential construction activities, particularly in developing countries will boost the segmental growth in the years ahead. In the automotive industry, the demand for Steel Market is also witnessing a huge demand as it helps reduce the overall weight, and subsequent brings down the emission levels. Emergence of strict regulations with respect to greenhouse emissions also elevates the product demand in the automotive industry.
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Major Regions
North America, APAC/Asia Pacific, coupled with Europe and MEA are the key regions where the Steel Market is projected to expand at varying rates between 2020 and 2027.
APAC is the currently the reigning market for Steel Market and the growth is bolstered by the skyrocketing demand in construction along with infrastructural development. The surge in automotive production also benefits the APAC market. The Chinese market is largely supported by the thriving electrical appliances industry in the country. The escalating consumption of Steel Market in the region can also be accredited to the growing influx of large-scale direct foreign investments along with the soaring demand in automotive and shipbuilding sectors.
The North American market is highly lucrative and will continue to soar rapidly in the next couple of years, thanks to the mounting demand for hot dipped galvanized steel pipe Market in the construction sector. Extensive applications of Steel Market in commercial and residential construction activities across the United States is a major growth booster. Meanwhile, manufacturers’ high focus on using advanced and sophisticated technologies to produce high performance Steel Market products could foster the applications in the automotive industry, ultimately benefitting the regional market.
Europe commands a substantial portion of the global industry, with Germany identified as the top performer in the region. The German market growth will remain unparalleled throughout the review timeframe, given the surging expenditure for upgradation of the existing infrastructure. Mechanical engineering as well as automotive manufacturing are major consumers of Steel Market and therefore, are responsible for the strong market growth in the region.
Affluent Market Firms
Hyundai Steel Company (South Korea), POSCO (South Korea), Voestalpine AG (Austria), Shandong Steel Group (China), Arcelor Mittal (Luxembourg), SAIL (India), Nippon Steel and Sumitomo Metal Corporation (Japan), Wuhan Iron and Steel Corporation (China), AK Steel Corporation (US), China Antsteel Group Corporation Limited (China), United States Steel Corporation (US), SSAB (Sweden), are the highly recognized contenders in the global industry.
These companies are spending huge amounts on exhaustive R&D/research and development activities to introduce a variety of advanced Steel Market with more impressive features with higher efficiency. These players are focused on catering to the mounting demand for excellence among the leading end-use sectors. Expansion of manufacturing capacity via acquisition, partnership and agreements is a key strategy employed by several firms to enhance their market positions.
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In order to stay updated with the technology and work process of the industry, MRFR often plans to conduct meet with the industry experts and industrial visits for its research analyst members.
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