Long Steel Segment to Exhibit a High CAGR of 3.47% During the Forecast Period Owing to Increasing Demand in the Construction and Transportation Industries

Market Research Future (MRFR) recognizes the following companies as the key players in the global Steel market—ArcerolMittal (Luxemborg), POSCO (South Korea), Shangang Group (Spain), NSSMC Group (Japan), China Baowu Group (China), HBIS Group (China), Tata Steel Group (India), Nucor Corporation (US), Hyundai Steel Company (South Korea), and China Steel Company (Taiwan), among others.

Steel Market Highlights

The MRFR analysis reports state that the global Steel Market was worth nearly USD 1307.9 billion in 2022. The reports further project the market worth to attain around USD 1718.26 billion by the end of 2032 while thriving at a substantial growth rate of around 3.47%.

The global Steel market has grown dramatically in the last few years. The main aspects causing a surge in the performance of the market are the increasing infrastructural activities in commercial & residential construction, the domestic availability of raw materials, cost-effective labor, the growing Prevalence of the automotive industry, and several technological developments.

Segment Analysis

The global market for Steel is fragmented into various segments based on Application, Type, Product, and Region.

Based on the type, the global market for Steel has been split into long and flat.

Based on the Application areas, the global market for Steel has been split into electrical appliances, automotive, and building & construction.

Based on the Products, the global market for Steel has been split into prestressing and structural.

Regional Analysis

The global market for Steel is analyzed across five major geographies: Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.

The MRFR analysis reports that the Asia-Pacific region secured the leading spot across the global market for Steel in 2022, with the largest contribution of around USD 574.17 billion. The region has China as the largest contributor in terms of revenue share. On the other hand, the Indian market is likely to grow at the highest pace over the coming years. The main parameter enhancing regional market development is the building industry's explosive growth in the region. Furthermore, the increasing infrastructure investment is also considered to be one of the vital parameters enhancing the growth of the regional market. Moreover, factors such as the explosive growth of the electronics appliance sector and the automobile industry's quick expansion are also likely to positively impact the development of the regional market for Steel over the coming years.

The European regional market for Steel is anticipated to ensure the second position across the global market for Steel over the assessment period. The region has Germany market as the largest contributor in terms of revenue share. On the other hand, the UK market is likely to grow at the highest pace over the coming years. The main parameter enhancing regional market development is that Germany's economy is one of the largest and fastest growing in the European Union. The steel market across Central Europe is also booming. The sudden rise in new infrastructure projects and buildings across the parts of the region is also projected to have a positive influence on the development of the regional market over the coming years.

The North American, Regional Steel market will likely demonstrate maximum growth over the coming years. The region has the US market as the largest contributor in terms of revenue share. On the other hand, the Canadian market is likely to grow at the highest pace over the coming years. The main parameter enhancing the development of the regional market is cost-effectiveness. A duplex series alloy is becoming progressively prevalent in electronic and engineering applications. Furthermore, the growth of industrial facilities is also projected to positively influence the development of the regional market over the coming years. Moreover, the number of businesses increasing their production capacity is also likely to increase the regional market's growth over the review timeframe.

Competitive Analysis

The global market for Steel is known to have a strong and competitive landscape. The players across the market are focusing on investments in research & development activities to expand their product lines, which will help the Steel market grow even more. They are also considering several strategic activities to expand their footprint, with vital market developments including new product launches, higher investments, mergers & acquisitions, contractual agreements, and collaboration with other organizations. The list of prominent participants across the global market for Steel includes players such as China Steel Company (Taiwan), Nucor Corporation (US), HBIS Group (China), NSSMC Group (Japan), POSCO (South Korea), Hyundai Steel Company (South Korea), Tata Steel Group (India), China Baowu Group (China), Shangang Group (Spain), and ArcelorMittal (Luxembourg) among others.

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