Market Snapshot:
Steel is an alloy of iron and carbon containing less than 2 percent carbon and 1 percent manganese and small amounts of silicon, sulphur, phosphorus, and oxygen. It is the world's most vital engineering and construction material. It is also society’s most important industrially produced material. A large share of the finished steel products e.g. plate, rods, strip, and bars, profiles, wire, and tube are further processed by the engineering industry into products for their intended applications i.e. the end products. Certain finished products are used directly in the construction sector e.g. profiles and bars. Some product fabrication also occurs at the steel companies. This so-called manufacturing spans an extensive area: from high-purity stainless steel tubing for the electronics industry, metal injection moulded safety components in motor vehicles to welded profiles for structures.
Highlights from Steel Product Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The key Vendors profiled in the report are China Baowu Steel Group (China), Shougang Group (China), POSCO (South Korea), Hesteel Group (China), JFE Holdings (Japan), Nippon Steel and Sumitomo Metal (Japan), Shandong Iron and Steel Group (China), Ansteel Group (China), Jiangsu Shagang (China), Tata Steel (India), Novolipetsk Steel (Russia), China Steel (China), Nucor Corporation (United States), JSW Steel Ltd (India), Jianlong Steel (China), ThyssenKrupp (Germany), Hyundai Steel (South Korea), Valin Steel Group (China), Gerdau (Brazil), Maanshan Iron and Steel Company (China), Evraz (United Kingdom), Benxi Steel Group (China) and Fangda Steel (China). Additionally, other players that are part of this comprehensive study are Rizhao Steel (zh) (China), Baotou Steel (China), IMIDRO (Iran), Steel Authority of India Limited (India), Magnitogorsk Iron and Steel Works (Russia) and United States Steel Corporation (United States).
Geographic Breakdown and Segment Analysis
The Global Steel Product market presents a comprehensive analysis of the Steel Product market by product type (Flat Steel, Long Steel, Tubular Steel, Steel Pipe, Steel Tube and Others), by end-user/application (Automotive, Machinery, Oil and Gas, Construction and Others), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Steel Product industry. Investors and Vendors can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Steel Product market
Analyst at AMA have segmented the market study of Global Steel Product market by Type, Application and Region.
Influencing Trend:
The Increased Demand from the Automotive Sector
Market Growth Drivers:
Increasing Urban Population, Increasing Industrialization and Infrastructure Investment in Emerging Markets and The Growing Machinery Industries Worldwide
Challenges:
Eliminating Excess Capacity
Restraints:
Volatile Price of Raw Materials
Opportunities:
High Recyclability of Steel Scrap and Relaxed Credit Policy in Emerging Economies
Market Developments Activities:
In February 2023, India’s Essar Group announced that company re-enter to steel business through organic and inorganic routes. Essar group would be looking to set up greenfield steel mills in a capacity range of 3-4 million mt per year.
In February 2023, ArcelorMittal France is accelerating the decarbonization of its steel processing through hydrogen. Spanish engineering company Idom has been contracted by “GravitHy”, the joint venture created last year by a consortium of energy and steel-related companies, to produce the pre-feasibility studies to build a green hydrogen-based direct reduced and hot briquetted iron facility at the steelmaker’s plant.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Key Target Audience
Steel Product Manufacturers, Steel Product Raw Material Suppliers, Steel Product Traders/Distributors, Steel Product Importer/Exporter, Regulatory & Government Bodies, End User Industries and Others