ID: MRFR/CnM/6768-HCR | February 2021 | Region: Global | 140 pages
Steel Products Market size is estimated as 3.47%. Steel is an efficient material that has massive industrial applications. Steel is a heavyweight metal that has a high weight mass. There are both lightweight and heavyweight metals. Production and fabrication of steel are immense. Today, most of the construction process is highly dependent on steel. Using steel reduces time and increases the efficiency of construction. There are hardened steel and structured steel in the market. Moulding, melting and processing steel is possible. Also, it is one of the cost-efficient metals available in many regions.
Converting the steel into sheets and papers is possible. Demand for the global steel products market is surging. Steel is a metal that has high usage than any other metal. It is a highly durable material that can sustain harsh pressure. It is UV resistance, water-resistant and comes with other exceptional properties.
The production of steel products is rising due to its organic properties. A construction with well-built steel can sustain even in harsh climates. Steel is a form alloy that is stronger than iron. Corrosion resistance is a key property of the steel that makes it a superior quality product. Oil, construction, petrochemical, pulp, paper and commercial industries are key need users of the market. All these factors increase overall steel products market value.
COVID-19 is a virus that has a damaging impact on various industries. Unlike other pandemics, the COVID-19 recovery is very quick. It is a tough period for the industries from both the economic and health end. The economic crisis is leading to a declining trend in various markets. The steel products market is facing a downfall in recent years. For the last two years, the demand is less. Also, production rates of the market are declining rapidly.
The lack of raw materials and delay in processing is affecting the market growth. Steel products have less demand during this period. The medical and health sector has slight demand for steel. The development of medical devices is increasing the need for the market. However, a slowdown in production can affect the demand and supply trends of the market. The global steel products market is witnessing revenue losses. In the future years, more opportunities will be available for steel products industry market dynamics
Demand for steel products in the construction market is raising demand. Constructions are growing in merging economies. Urbanisation is creating a demand for the constructions market. In upcoming years residential and commercial construction will be higher than ever. For these construction activities, steel products are used. The rising use of these products creates exceptional demand for the market in the forecast period.
Constructing a building with cement, steel and iron rods provide durability. Apart from the construction installation of steel products are high in the market. Surging demand in the construction market will increase revenue rates in the market. Steel is a popular choice among automakers around the world. High strength, safety, and comparatively low costs compared to other materials are some of the features of this product. These features demand steel products in the automobile sector.
However, the growing demand to minimize an automobile's weight will contribute to an increase in steel product usage in the automotive industry. It will have a high impact on the steel products market by increasing supply rates in the market.
Rapid industrialization will create high steel products market growth opportunities. Industrialization is increasing steel productions across the world. The flat steel, structures steel, hardened steel and steel rods have high production. The increase in production of these materials will create high demand from the user ends.
Also, technological advancements will create high growth opportunities in the steel products market. the technologies to process and manufacture steel are developing. These technological developments are increasing the production and operation of the steel market. Developed nations are investing high in the technologies that are increasing overall demand for the product in upcoming years.
These technological advancements will provide high scope for the steel products market. Also, rising applications of steel products in various sectors will contribute to the overall growth of the market. the steel products applications are rising. they are needed in the construction automobile, defence and packaging industries. Duet the toughness, architectural structure and tensile strength the application of the steel products are rising. it is leading to promising growth opportunities in the steel products market. Heavy military and vehicles market is rapidly adopting its steel products. This development will cause a high expansion rate in the market.
Market limitations are high due to raw material instability. The variation in raw material prices is a market restricting factor. The production process is also impacted by an increase in the number of environmental rules.
During the forecast period, this constriction in the market can affect the market expansion. Other market interruptions include operations delays and supply disruptions. Raw material changes are being caused by the current Covid 19 pandemic. This has an impact on the total price and supply of the market. Government regulations may act as a significant impeding factor.
Failures of steel products in many regions can hamper growth. There is low-quality steel available in many regions. They take over the demand for strong and certified steel products. in many regions, steel construction is misshaping. Due to these challenges, the demand for the steel process is reducing.
Many end users are shifting their preference to metals that are highly durable and suitable for successful constructions. This shift in consumer trends can affect the growth of the market. also, the lack of awareness about a few steel products application is another market challenge. These challenges can affect overall growth in the forecast period.
The steel products market trends shows decent growth. some factors boost demand in the market. the flat steel segments have high demand among the end-users. also, structured steel is useful in applications requiring steel installation.
Crucial drivers such as rising steel products in construction activities are driving demand. Urbanisation and industrialization are other factors contributing to market growth. However, volatility in the raw materials is a restraining factor of the market. The growth rate is surging due to market opportunities. The expanding applications of steel products will create high demand. Also, demand from emerging markets will provide high cope for the market.
The Asia Pacific is expected to dominate with the highest steel products market share. the steel product and manufacturing are high in this market. There are regions in the market that provide high scope for the product. China is the key player in the market. In terms of GDP, China has the greatest economy. China is one of the world's fastest-growing economies and it is grown into the world's largest manufacturing powerhouses. One of the most important contributors to the country's economy is the manufacturing sector.
China is the world's largest vehicle manufacturer. The countries automobile sector is witnessing product evolution. Due to fuel efficiency, the demand from the market is rising. steel strips, plates and structures have high demand in this region.
Based on steel type
Based on the shape of steel products
On the basis of end-users
Based on region
Global Steel Products Market Share, By End-Use Industry, 2018 (%)
Source: MRFR Analysis
The steel products market is diversified into Asia Pacific, Europe and North America. The demand for the market is surging due to industrialization. It is a region that consists of top steel product manufactures. The electronics and consumer electronics sectors have the highest demand for the product. The construction industry is booming in the market. it offers high scope steel products installations.
The US is the next largest region with high demand for steel products. Spending o steel products is high in the region. Automotive sector records use of steel products. Europe is the next largest region with high expansion for the product. UK and Germany are key players in the market with high spending. The Middle East and another emerging market will have more penetration of steel products in the forecast period.
The steel products market players are
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Form, Product Type and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ArcelorMittal (Luxembourg), POSCO (South Korea), Shangang Group (China), NSSMC Group (Japan), China Baowu Group (China), HBIS Group (China), Tata Steel Group (India), Nucor Corporation (US), Hyundai Steel Company (South Korea), China Steel Corporation (Taiwan), JIANLONG GROUP (China), Maanshan Steel (China), Thyssenkrup (Germany), and JSW Steel Limited (India)|
|Key Market Opportunities||Growing electrical & electronics, shipbuilding, and aerospace industries.|
|Key Market Drivers||The automotive industry is expected to play a vital role in the growth of the global steel products market owing to the increasing automobile production and sale particularly|
Frequently Asked Questions (FAQ) :
The growth rate of the steel products market is 3.47%.
The APAC region is predicted to dominate the steel products market.
The automotive industry has the maximum share in the steel products market.
Rising automobile production, growing aerospace industry, and rapid industrialization are boosting market growth.
Leading players profiled in the steel products market include Maanshan Steel (China), JIANLONG GROUP (China), JSW Steel Limited (India), Nucor Corporation (US), China Steel Corporation (Taiwan), Hyundai Steel Company (South Korea), HBIS Group (China), Thyssenkrup (Germany), NSSMC Group (Japan), Tata Steel Group (India), POSCO (South Korea), China Baowu Group (China), ArcelorMittal (Luxembourg), and Shangang Group (China).