According to a new report by Expert Market Research titled, “Global Steel Market Share, Size, Report and Forecast 2024-2032″, the global steel market size is projected to grow at a CAGR of 1.63% between 2024 and 2032. Aided by the diverse applications across various industries and technological advancements, the market is expected to grow significantly by 2032.
Steel, an alloy of iron and carbon, is one of the most widely used materials in the world due to its high tensile strength, durability, and malleability. Its prominence stems from its critical role in the construction, automotive, infrastructure, and machinery sectors.
The construction industry is a significant driver of the steel market growth. Steel is fundamental in constructing residential and commercial buildings, bridges, and other infrastructures due to its strength and versatility. The ongoing urbanisation and industrialisation, especially in emerging economies, are fuelling the demand for steel in construction projects.
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Another vital factor contributing to the market’s growth is the automotive industry. Steel is extensively used in vehicle manufacturing, forming a critical component of chassis, engines, and body panels. The automotive sector’s evolution, with a focus on lightweight and fuel-efficient vehicles, is driving the demand for advanced high-strength steel.
The machinery and heavy equipment sector also significantly impacts the steel market demand. Steel is used in manufacturing heavy machinery for agriculture, mining, and other industrial applications due to its durability and resistance to wear and tear.
Moreover, technological advancements in steel production, such as the development of energy-efficient manufacturing processes and the production of high-strength, lightweight steel grades, are enhancing the market’s growth prospects. As per the steel market analysis, these advancements are not only improving the quality and performance of steel products but also aligning with global sustainability trends.
The market also benefits from the development of green steel, produced using environmentally friendly processes. With increasing environmental awareness and stringent regulations, the demand for sustainable steel production methods is rising. The development of new steel alloys and the expansion of steel recycling practices offer potential avenues for market expansion.
The steel market exhibits significant regional diversity. Asia-Pacific, led by China, India, and Japan, is the largest market, driven by rapid industrialisation and urbanisation. North America and Europe also hold considerable market shares, supported by well-established automotive and construction sectors.
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Market Segmentation
The market can be divided based on product, type, application, and region.
Market Breakup by Product
• Long Steel
o Wire Rod
o Rebars
o Merchant Bars
o Heavy Sections
o Others
• Flat Steel
o Hot Rolled Wide Strip
o Quarto Plate
o Others
Market Breakup by Type
• Carbon Steel
• Alloy Steel
• Stainless Steel
• Tool Steel
Market Breakup by Application
• Construction
• Mechanical Engineering
• Automotive
• Metalware
• Domestic Appliances
• Agricultural
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global steel market. Some of the major players explored in the report by Expert Market Research are as follows:
• ArcelorMittal S.A.
• Ansteel Group Corporation Limited
• Nippon Steel Corporation
• HBIS Group
• Shagang Group Inc.
• POSCO
• JFE Steel Corporation
• Tata Steel Limited
• Hyundai Steel Co., Ltd
• Baowu Steel Group Co., Ltd.
• Others
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