The global steel market reached a value of US$ 874.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1,052.25 Billion by 2027, exhibiting a CAGR of 3.02% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Steel is a hard, strong grey or bluish-grey alloy produced by combining vital ingredients with iron and various elements. It is commonly available in flat and long steel variants. It is manufactured by melting raw materials, such as coal, iron ore and lime in a blast furnace and removing impurities. Steel is commonly used for the manufacturing of utensils, electrical cable trays, machines crews and hinges. It enhances toughness, design flexibility, tensile strength, anti-corrosion properties and malleability and improves overall shelf life. In comparison to iron, steel can efficiently be designed and molded in various forms to offer enhanced shape with a wide range of dimensions and extreme purity. As a result, steel finds extensive application across various industries, such as automotive, manufacturing and construction.

Steel Market Trends:
Significant growth in the automotive industry across the globe is creating a positive outlook for the market. Steel is widely used in the production of automobile structures, such as doors, engines, trunk closures, braking systems, fuel tanks, gears steering and braking systems. In line with this, the increasing demand for flat steel by automobile manufacturers to enhance fuel efficiency and reduce the overall weight of the vehicles is favoring the market growth. Moreover, various technological advancements, such as the integration of artificial intelligence (AI) and the development of rolling and casting techniques that assist in improving steel production methods to create designs that are resistant to pressure, temperature and corrosion, are providing an impetus to the market growth. Additionally, the widespread product adoption in the construction industry due to its properties, including ductility and durability, thus making the buildings earthquake-resistant, is positively impacting the market growth. Other factors, including the increasing product demand for manufacturing military aircraft and extensive infrastructural developments across the globe, are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global steel market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, product and application.

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

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

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and United States Steel Corporation.

Key questions answered in this report:
How has the global steel market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global steel market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the product?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global steel market and who are the key players?
What is the degree of competition in the industry?