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APAC Steel Market Overview
APAC Steel Market Size was valued at USD 520.9 Billion in 2022. The steel industry is projected to grow from USD 544.86 Billion in 2023 to USD 780.79 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.60% during the forecast period (2023 - 2032). The primary market driver boosting its revenue growth are the rapidly developing infrastructure and urbanization of emerging economies, the growing demand for steel in the automotive and construction industries, and the extensive use of steel because of its strength and durability in numerous end-use industries.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Steel Market Trends
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Growing Demand from Automotive Sector is Driving the Market Growth
The market is expected to increase positively due to the notable expansion of the global automotive industry. Steel is a basic material used in the production of vehicles, and its demand rises in unison with the robust global expansion of the automotive sector. Steel is a preferred material by automakers due to its crucial role in guaranteeing structural integrity, safety, and lightweight nature. As environmental standards and consumer preferences change, automakers are increasingly using lightweight, high-strength steel alloys to improve fuel economy and cut emissions. The need for steel solutions that are specifically customized to the automobile industry has increased due to this strategic shift. Therefore, the steel market's expansion, innovation, and continued prominence across various automotive segments are all supported by the growing automotive industry.
The market expansion is primarily being driven by the increase in the use of high-strength steel. Because of its exceptional strength at both room temperature and high temperatures, high-strength stainless steel is becoming more and more popular in consumer, industrial, and architectural applications. High-strength stainless steel is being used more frequently because of its many advantages, including its high strength-to-weight ratio and low cost. Throughout the projection period, factors like expanded product portfolios and strategic positioning will boost sales of high-strength stainless steel. Superior ductility and strength are combined with a strong strain-hardening ability in high-strength steel. Fast hardening rates, high weldability, greater malleability, and a high stress tolerance are a few other advantages. Due to the growing emphasis of the automotive sector on reducing vehicle weight while maintaining critical standards such as stiffness, forming requirements, and crash performance, there is a greater need for high-strength stainless steel. Thus, driving the steel market revenue.
Steel Market Segment Insights
Steel Type Insights
The APAC Steel market segmentation, based on type includes Flat and Long. The flat segment dominated the market mostly. Among the flat alloy products are slabs, coated alloys, heavy plates, tinplates, hot- and cold-rolled coils, and slabs. Flat alloy enjoys a slow but steady growth because it is used to make pipes, different types of heavy machinery, tubes, appliances of all kinds, and packaging. The building industry also makes extensive use of it.
Steel Product Insights
The APAC Steel market segmentation, based on product, includes Structural Steel, Prestressing Steel. The structural steel category generated the most income. In order to reinforce the frames of buildings and bridges, structural alloy is employed increasingly commonly. This precious material can be utilized for truck frames, truck parts, freight cars, machinery, transmission towers, and other applications, which will boost market expansion.
Steel Application Insights
The APAC Steel market segmentation, based on application, includes Building & Construction, Automotive, Electrical Appliance. The building & construction category generated the most income. Steel is widely employed in the building sector because of its exceptional strength and ductility. Typically, it is used to make high-strength plates for highways and bridges, rectangular tubing for welded frames, and beams for structural frameworks. Hollow structural parts and rebar are also made with it. In addition, steel is utilized in fences, sign poles, culverts, columns, pilings, and handrails. Steel is more in demand in the building industry due to attributes like strength, resilience, affordability, and appropriateness for prolonged exposure to weather.
Figure 1: APAC Steel Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Steel Regional Insights
The APAC Steel market is growing rapidly over the forecast period. Steel consumption is anticipated to increase steadily as a result of the area's fast industrialization and infrastructure growth. Numerous initiatives related to industry, commerce, and housing are being developed in nations including South Korea, India, and Indonesia. Furthermore, it is anticipated that growing government initiatives by different nations will increase steel demand, which will support the expansion of the APAC market. For instance, Indonesia pledged in July 2020 to invest about USD 430 billion by 2024 in the development of its infrastructure. The demand for steel will be fueled by these advancements during the predicted period.
Figure 2: APAC STEEL MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Steel Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the steel market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, steel industry must offer cost-effective items.
Key Companies in the steel market include
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ArcelorMittal (Luxembourg)
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POSCO (South Korea)
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Shangang Group (Spain)
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NSSMC Group (Japan)
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China Baowu Group (China)
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HBIS Group (China)
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Tata Steel Group (India)
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Nucor Corporation (US)
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Hyundai Steel Company (South Korea)
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China Steel Company (Taiwan)
Steel Market Segmentation
Steel Type Outlook
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Flat
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Long
Steel Product Outlook
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Structural Steel
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Prestressing Steel
Steel Application Outlook
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Building & Construction
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Automotive
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Electrical Appliance
Steel Regional Outlook
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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