Published on: August 07, 2024
The steel industry’s market size is expected to grow by 207.46 million tons at a CAGR of 2.17% between 2022 and 2027. Market growth relies on several factors, including an increase in the consumption of high-strength steel, its corrosion resistance and excellent mechanical properties, and the growing demand from the construction sector. These elements drive the expansion of the market, catering to diverse industries' needs for durable and high-performance materials.
The steel industry plays a vital role in global infrastructure development, catering to various sectors including construction, manufacturing, and transportation. With the rise of urbanization and economic growth, the demand for steel continues to increase. Despite challenges such as price fluctuations and import competition, analysts forecast continued expansion, particularly with the emergence of new trade and investment opportunities.
High-strength steel's ability to withstand harsh conditions and provide structural integrity makes it a preferred choice in construction and other sectors requiring robust materials. With the construction industry's steady growth and the increasing demand for high-strength, corrosion-resistant materials, the market for high-strength steel is expected to experience significant expansion in the coming years, reflecting its importance in various industrial applications.
Steel comes in a variety of forms, such as long products and flat steel strips. Steel manufacturers operate integrated steel-making facilities with downstream capabilities to cater to diverse market needs.
Several trends are shaping the steel industry, including the use of steelmaking processes such as blast furnace-basic oxygen furnace (BF-BOF), the adoption of hydrogen and carbon-neutral initiatives, and the expansion of downstream capabilities to enhance product portfolio and competitiveness. Urbanization, infrastructure development, and the construction sector's demand for steel in various applications such as structures, roofing, and internal walls are all driving the growth of the steel industry.
The steel industry faces challenges such as price fluctuations impacting profit margins, import competition from global markets, and environmental concerns related to carbon emissions. Ensuring the durability and strength of steel products in natural calamities can also be difficult.
Trade and investment opportunities drive market growth and steel manufacturers' profitability. Steel manufacturers can capitalize on trade and investment opportunities, expand downstream capabilities, and innovate product offerings to meet evolving market demands.
APAC is projected to account for 76% of the global market’s growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in APAC is experiencing significant growth due to the increasing demand for conventional product forms such as automobiles, transformers, housing materials, and industrial applications. This is driven by rapid industrialization and infrastructure development in countries like Indonesia, South Korea, and India. Steel is essential for various infrastructure projects, including underground transportation, gas, water, and overhead electrical wires, as well as cable protection. Its corrosion resistance and structural strength make it ideal for industrial structures, such as roofs and walls, panels, and large bridges. Additionally, steel's lightweight and ease of installation properties make it a popular choice for ready-made buildings, hassle-free construction of industrial and residential infrastructures, and HVAC control systems. The market is expected to continue growing, catering to various industries, including warehouses, and providing solutions for extreme weather conditions like snow, storms, and heavy rains.
Technavio's steel industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our steel industry reports include:
In order to provide you with a comprehensive view of the steel industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
Develop a deeper understanding of the steel industry with Technavio’s comprehensive market research reports. We provide the latest information on key industry dynamics, including global and regional market forecasts, internal and external pressure points, the vendor landscape, and more.
Our in-depth knowledge of the steel industry is built on decades of experience and a global network of industry experts. We know the importance of having a strong foundation on which to base important decisions, and with over 500 analysts located around the world, we deliver actionable insights for every segment of the market.
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
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We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
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