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Increasing contractors’ preference for sustainable, cost-effective and durable building materials is driving revenue growth in the global steel market
New York City, New York, U.S., October 29, 2021/EINPresswire.com/-According to the latest data, the global steel market is expected to reach US$111.77 billion in 2028, with a compound annual growth rate of 2.5% in revenue during the forecast period. And data reports. Increasing demand from the shipbuilding industry and oil and gas fields is driving revenue growth in the global steel market.
Steel is an alloy composed of iron and other elements. It is an important raw material for the production of high-strength panels, rectangular tubes and other building components. Steel in sheet form is used in automotive applications, as well as beams and pillars in construction projects. In 2019, the consumption of scrap steel alone was about 491 million tons. Rapid urbanization and industrialization, coupled with government and private investment in infrastructure, are driving market revenue growth.
Steel is non-flammable and resistant to warpage or buckling, so it is the first choice for areas prone to earthquakes. It has uniform quality and strength, and the continuous improvement of materials makes it very popular in construction. The use of steel frame structure also reduces insurance costs. Steel is the most important construction and engineering material in the world and is used in almost all industries. The material is also environmentally friendly. It can also be recycled again and again without loss of characteristics, which makes it an ideal solution for sustainable growth.
The impact of the COVID-19 pandemic on all markets is extreme. Although the automobile and construction industries (the main terminal industries of steel) have been suspended for some time, the industry has recovered due to the improvement of the Chinese economy.
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The main market players include ArcelorMittal, NSSMC, Hebei Iron and Steel Group, Baosteel, Wuhan Iron and Steel, Pohang, Jiangsu Shagang, Tata Iron and Steel Group, Hyundai Steel and JFE Steel.
Some key points in the report
• In November 2020, Tata Steel launched a new generation of steel, Galvanova, to address the growing and unmet needs of MSMEs (small and medium enterprises). The launch of Galvanova improved the company's product portfolio by focusing on the electrical and solar industries. This product is suitable for HVAC, ceiling and solar applications. • Due to increased strength and strong demand, the carbon steel sector's revenue share in 2020 will increase significantly. Carbon steel has higher carbon content than other types of steel and is ideal for construction and automotive parts. Compared with other materials, this material is cost-effective, wear-resistant, durable and shock-resistant, and safe to operate and work. • Due to the rapid growth of residential and non-residential construction and major urbanization trends, revenues from the infrastructure and construction sectors are expected to grow rapidly during the forecast period. The versatility of steel allows architects to realize their ambitious visions and is worth the money. Since most steel structures are prefabricated, there is almost no need for on-site work except for assembly through bolted connections. • Stainless steel is one of the most common materials in residential and commercial kitchens. It is an excellent alternative to plastic containers and is 100% reusable and recyclable. It is also non-porous, which makes it a sanitary material. It also does not support the growth of pathogens or bacteria. • Due to strong demand in China, India, and Japan, the Asia-Pacific region will have the largest revenue share in 2020. These countries are one of the major steel producing countries in the world. China has the largest construction industry, followed by the United States. China is a major producer and consumer of alloy steel. The country’s strong economic growth has boosted the demand for steel products.
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For the purpose of this report, Reports and Data has segmented the steel market based on type, product, application, and region:
Type outlook (revenue, billion US dollars; 2018-2028)
• Carbon steel • Alloy steel • Stainless steel • Tool steel
Product outlook (revenue, billion US dollars; 2018-2028)
• Structural steel products • Shipbuilding • Pipes • Petrochemical wells • Wires • Accessories • Kitchen appliances • Furniture • Poles • Escalators • Others
Application outlook (revenue, billion US dollars; 2018-2028)
• Infrastructure construction• Equipment• Automotive industry• Household appliances• National defense• Others
The research includes the use of advanced research methods (such as SWOT analysis and Porter's five forces analysis) to conduct in-depth analysis of the market. The report further explores key business players and their in-depth analysis, product portfolio and strategic business decisions. The report was developed through extensive primary and secondary research and further verified by analysts, industry experts and market professionals. The report also shed light on recent mergers and acquisitions, joint ventures, cooperation, partnerships, and product launches.
Regional analysis includes an assessment of imports and exports, production and consumption ratios, supply and demand, costs, prices, estimated revenue and gross margins, and the presence of major players in the region. The report also provides insights on revenue growth, market size, market share, technological progress, and the presence of major players in each region.
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The regional forks of the steel market include:
North America (United States, Canada, Mexico) Europe (UK, Italy, Germany, France, rest of Europe) Asia Pacific (India, Japan, China, South Korea, Australia, rest of Asia Pacific) Latin America (Chile, Brazil, Argentina, Latin America) Rest of the Americas) Middle East and Africa (Saudi Arabia, UAE, South Africa, other MEA regions)
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