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Steel Market Growth Projections and Opportunities
By the end of 2023, it's expected that the global steel market will be around 1,780.4 million tons. This is because big companies have increased their production capacity, leading to an oversupply of steel worldwide. A few years ago, the prices of steel went down due to this surplus. However, recent demand growth and shutdowns of steel production in China have stopped the price decline. The demand for steel is rising because of more cars being made and increased spending on construction in major markets. Steel is a vital material in industries like construction, automotive, and oil & gas, making up about 60% of the weight of an average car. Although car manufacturers are trying to use lighter materials to meet fuel efficiency rules, the decreasing use of steel in cars will be balanced by more passenger cars being made in Asia-Pacific.
Steel has various uses, including in building, automotive, machinery, metal products, transportation, electrical appliances, and home appliances. Building and construction are the biggest users, making up over 50% of steel consumption in 2017. It's expected that by the end of 2023, the value of steel used in building and construction will be around USD 487.6 billion. The increased spending on private residential buildings is a major reason for the growing demand for steel in construction. Another significant use of steel is in cars, where its strength and durability are crucial. The increasing production of cars is expected to boost the demand for steel in this application, with a predicted high annual growth rate.
Steel is produced in two main forms: flat steel and long steel. Flat steel is more common and is mainly used in building and construction. In 2017, flat steel made up around 77.43% of overall steel sales revenue. However, there is a growing demand for high-quality long rolled steel, which is expected to have a high annual growth rate over the forecast period.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 1353.28 Billion |
| Market Size Value In 2023 | USD 1,787.45 billion |
| Growth Rate | 3.47% (2022-2030) |
Steel Market Highlights:
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