The global steel market is expected to grow at a CAGR of 3.9%
Visiongain has released a new report titled Steel Market Report 2021-2031. It includes steel market segment profiles and forecasts by MORE COVID-19 Impact Analysis and Recovery Model Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of major companies, region and countries.
the world steel market was valued at US$1092 billion in 2020 and is expected to grow at a CAGR of 3.9% during the forecast period 2021-2031.
Investment growth in the infrastructure sector
Infrastructure is an essential element of the economic development of each region. Electricity, roads, water systems, utilities, airports, railways and telephones are all essential services that channel commerce and traffic and support economic activity. Growing urbanization in emerging countries will promote infrastructure development in areas such as transport and energy. The manufacturing and transportation sectors, which largely source and deliver raw materials for manufacturing consumer goods, will benefit from economic success.
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How has COVID-19 had a significant negative impact on the steel market?
In the first three months of 2020, global crude steel production fell 1.4% compared to the same period a year earlier. Despite the fact that steel was considered an essential industry in some countries, the demand for steel manufacturing plummeted throughout the outbreak. Auto manufacturing, a major consumer of steel, has been cut in a bid to prevent the spread of COVID-19, while lower energy prices have led to much weaker demand from sectors such as than oil and gas. Many non-essential construction projects have been delayed due to the COVID-19 outbreak, which has also had a negative impact on steel demand.
Several automakers, including Volvo, Toyota, Volkswagen, Nissan and Seat, have recently announced plans to reopen factories and restart vehicle production in the European Union and the United Kingdom, which could help boost demand. of steel. There are also signs that China, the world’s biggest consumer of metals, is on the mend, with semi-finished steel imports rising over the past two months.
How will this report help you?
Visiongain’s 732+ page report provides 573 charts and 555 charts/graphs. Our new study is suitable for anyone who needs in-depth business analytics for the global steel market, along with detailed analysis of market segments. Our new study will help you assess the entire global and regional steel market. Obtain the financial analysis of the overall market and different segments including type, application, product, value, volume and capture higher market share. We believe there are still great opportunities in this booming steel market. Find out how to use the existing and upcoming opportunities in this market to generate revenue in the near future. Moreover, the report would help you improve your strategic decision-making, enabling you to define growth strategies, strengthen analysis of other market players and maximize business productivity.
What are the current market drivers?
Growing automotive sector
The development of emerging markets, the rapid rise of new technologies, sustainability policies and changing consumer attitudes towards property are all contributing to huge changes in today’s economies. . Other sectors have been transformed by digitalization, increased automation and new business models, and the automotive industry will be no different. Diversified mobility, autonomous driving, electrification and connection are four disruptive trends driven by technology in the automotive industry due to these dynamics. The four trends will reinforce and accelerate each other, according to most industry leaders and experts, and the auto industry is poised for an upheaval. Despite the universal acknowledgment that game-changing disruptions are on the horizon, there is no overarching vision of how the industry will evolve in 10-15 years as a result of these trends. To that end, our eight key insights into the “Automotive Revolution 2030” aim to provide scenarios of the types of changes that will occur and how they will affect traditional vehicle manufacturers and suppliers, potential new players, regulators, consumers , markets and the automotive value chain.
Growing demand for long steel
Hot rolled bar, cold rolled or drawn bar, rebar, railway rails, wire, cable (stranded wire), steel wire woven fabric, shapes (sections) such as U-sections, I or H, and continuous cast ingots, including blooms and billets, are all examples of long commodities. Long items include fabricated structural units, such as bridge sections. “Flat products” such as slabs, sheets, strips and coils, tinplate and electrical steel are excluded from the definition, as are certain tubular products such as seamless and welded tubes. Long items are widely used in the construction and capital goods industry. Long steel products are steel products such as wires, rods, rails and bars, as well as other types of structural steel profiles and beams, in the steel industry. Bridges that fall under the category of fabricated structural members are called long steel products. Blooms and billets are long steel products from which bars, rods and structural sections are rolled.
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Where are the market opportunities?
Opportunities in steel recycling
Steel is one of the most widely used metals on the planet, with applications ranging from the tallest skyscrapers in the world to ordinary household items. Steel has fueled technical progress and growth throughout the Industrial Age, and it continues to do so today, with over 1,868,800,000 tonnes produced in 2019. Steel is an alloy of iron , which means it is composed of metals and non-metals such as carbon, iron, and tin. Steel, like most metals such as aluminium, copper and brass, can be recycled indefinitely without causing damage or degradation of its qualities, whatever the product or the form it takes.
Steel materials can play a role in the buildings and cities of the future
These advancements offer steel producers a tremendous opportunity to reconsider how steel products can contribute to future buildings and communities. It is no longer enough to consider basic hardware requirements in isolation. The material should incorporate the entire end-to-end lifecycle thinking, starting with the architect’s vision and design and continuing through the end of the building’s life or re-use of many years later. From a functional point of view, it is important to understand how steel materials can help meet the essential needs of smart buildings.
Major players operating in the steel market are ArcelorMittal, HBIS Group, Nippon Steel Corporation, POSCO, Tata Steel Group, Hyundai Steel, Novolipetsk Steel, SAIL, JSW Steel, EVRAZ plc, Gerdau, United States Steel Corporation, Severstal, Steel Dynamics, Inc., Thyssenkrupp, Shougang Group, Nucor Corporation, Zenith Steel Pipes & Industries Ltd, Nanjing Steel, Shandong Steel Group, These major players operating in this market have adopted various strategies including mergers and acquisitions, R&D investments, collaborations, partnerships, regional business expansion, and new product launches.
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