IMARC Group, a leading market research company, has recently releases report titled “Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The global steel market size reached US$ 907 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,077 Billion by 2028, exhibiting a growth rate (CAGR) of 2.8% during 2023-2028.
What is steel?
Steel is an alloy that is composed of iron and carbon and provides enhanced strength, durability, and versatility. It is manufactured by melting iron ore in a blast furnace and then adding carbon and other elements to achieve the desired properties. It is cost-effective, resistant to fire and corrosion, and a highly sustainable material that can be easily recycled while maintaining its quality. Besides this, it allows designers and architects flexibility in creating innovative and complex structures. As a result, steel is widely employed in construction, automotive, manufacturing, electronics, and packaging industries across the globe.
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What are the growth prospects and trends in the industry?
At present, the rising utilization of steel in the automotive industry for manufacturing various components of a vehicle represents one of the key factors supporting the market growth. Besides this, the growing demand for steel due to the increasing number of construction activities and infrastructure development projects around the world is offering a positive market outlook. Apart from this, technological advancements in steel manufacturing processes, such as the introduction of rolling and casting techniques to manufacture value-adding product variants, are providing a lucrative growth opportunity to industry investors. In line with this, the growing preference for eco-friendly steel products due to the rising environmental concerns among the masses is positively influencing the market.
Report Highlights
How big is the steel market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 907 Billion |
| Market Forecast in 2028 | US$ 1,077 Billion |
| Growth rate (2023 to 2028) | 2.8% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
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.
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
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