Global Steel Markets to 2026 - Hit by COVID-19 Outbreak, Steel Industry & Demand Speedily Returning to Normalcy
6 October 2021
Dublin, Oct. 06, 2021 (GLOBE NEWSWIRE) -- The "Steel - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Steel Market to Reach 2.2 Billion Metric Tons by 2026
Steel, one of the most essential engineering materials, is known for its diverse applications in every aspect of human life. Steel is the foundation for a number of industries in general and manufacturing industry in particular.
Market fortunes of finished steel products market depend on health of key end-use markets such as construction sector, automobile and automotive component manufacturing, metal goods fabrication, ship building, machinery manufacturing, oil & gas infrastructure, among others.
In the post COVID-19 period, anticipated increase in construction activity, improvement in manufacturing sector and subsequent rise in demand for and production of a range of machinery, rise in fabrication of metal goods, and renewed demand for and production of transportation solutions, in line with improvement in global economy, will therefore drive demand for finished steel. Ongoing urbanization drive, escalating demand for energy and water are the other major factors promoting growth in the market.
Amid the COVID-19 crisis, the global market for Steel estimated at 1.7 Billion Metric Tons in the year 2020, is projected to reach a revised size of 2.2 Billion Metric Tons by 2026, growing at a CAGR of 4.1% over the analysis period. Construction, one of the segments analyzed in the report, is projected to grow at a 3.5% CAGR to reach 992 Million Metric Tons by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Machinery segment is readjusted to a revised 4% CAGR for the next 7-year period. This segment currently accounts for a 18.2% share of the global Steel market. Construction is the largest end-use segment of steel industry.
The state of the construction industry in each geographic region, both new constructions as well as refurbishments, has a heavy bearing on steel consumption. Steel used in the construction segment adheres to standard requirements of high performance, corrosion resistance and fire protection.
The need for manufacturing lightweight and rust-free machinery drives the demand for steel in machinery industry. There is strong demand for high strength steel plates featuring improved weldability, formability and low temperature toughness.
The U.S. Market is Estimated at 79.4 Million Metric Tons in 2021, While China is Forecast to Reach 1.3 Billion Metric Tons by 2026
The Steel market in the U.S. is estimated at 79.4 Million Metric Tons in the year 2021. The country currently accounts for a 4.55% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of 1.3 Billion Metric Tons in the year 2026 trailing a CAGR of 4.6% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.8% and 2.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR while Rest of European market (as defined in the study) will reach 1.3 Billion Metric Tons by the end of the analysis period.
China remains the largest regional market for finished steel products, owing to the huge construction and industrial activity in the region, which generates high demand for a range of steel products. Strong pace of economic development, industrialization, rapid urbanization, steady rise in construction activity and robust demand for automobiles among others will help boost demand for steel in developing regions in the post COVID-19 environment.
Transportation Segment to Reach 353.2 Million Metric Tons by 2026
In the global Transportation segment, USA, Canada, Japan, China and Europe will drive the 3.16% CAGR estimated for this segment. These regional markets accounting for a combined market size of 209.9 Million Metric Tons in the year 2020 will reach a projected size of 284.8 Million Metric Tons by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach 56.8 Million Metric Tons by the year 2026, while Latin America will expand at a 4.8% CAGR through the analysis period.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
- COVID-19 Crisis Induced Demand Erosion Hampers World Steel Industry in 2020
- Hit by COVID-19 Outbreak, Steel Industry & Demand Speedily Returning to Normalcy: The Current Scenario
- Regional Recovery Scenario
- Healthy Prospects for Steel Demand in Developing Countries
- Global Market Prospects & Outlook
- Critical Importance of Steel in Every Aspect of Human Life to Create Conducive Environment for Future Growth
- Properties of Different Types of Steel
- A Snapshot of Steel End-Use Sectors
- Regional Analysis
- Contraction in Demand across Developed Economies
- China Holds the Key for Future Growth of Steel Industry
- Steel Demand to Drop in Developing Economies before Notable Recovery in 2021
- World Steel Industry: Production, Exports & Imports
- Steel Production Soars in 2017-2019 Period
- China Remains the Dominant Steel Exporter in 2020
- China Becomes the Top Steel Importer
- Competitive Scenario
- Leading Players in the World Steel Market
- Globalization & Rationalization Remain the Core Surviving Strategies for Steel Firms
- Steel Firms Emphasize Restructuring of Operations
- Moving Closer to Customers: The New Strategic Initiative
- Innovations & Product Differentiation Grow in Focus among Vendors
- Consolidation Picks up Pace
- Recent Market Activity
- Wave of Latest Breakthroughs with Potential to Pave Way for Green, Sustainable Steel Economy
- Select Innovations & Advancements
2. FOCUS ON SELECT PLAYERS
- Ansteel Group Corporation Ltd.
- ArcelorMittal S.A.
- China Baowu Steel Group Corporation Limited
- EVRAZ plc
- EVRAZ NTMK
- Gerdau S.A.
- HBIS Group
- HYUNDAI Steel Company
- JFE Steel Corporation
- Jiangsu Shagang Group
- Nippon Steel Corporation
- Nucor Corporation
- Riva Group
- Shandong Iron and Steel Group Co. Ltd.
- Shougang Group Co., Ltd.
- Tata Steel Group
- Tata Steel Europe Ltd.
- thyssenkrupp Steel Europe AG
- United States Steel Corporation
3. MARKET TRENDS & DRIVERS
- Steel Industry Prospects Strongly Reliant on Global Construction Industry Scenario
- Prevailing Depressive Scenario in the World Construction Sector Weakens Momentum in the Steel Industry
- Current Prospects Remain Lackluster for Steel in Automotive Industry
- Ongoing Shift towards Lighter Weight Vehicles to Drive Future Demand for Automotive Steel
- Emissions Regulations Landscape in Major Countries/Regions
- Steel Vs Aluminum: The Dilemma Continues for Better Lightweight Automotive Material
- Critical Importance of Steel in Machinery Manufacturing Augurs Well for Future Growth
- High Performance Steel Grades Gain Importance in Machinery Manufacturing
- Relevance of Steel in Household Appliances & Metal Goods Domains Bodes Well for Future Growth
- Metal Cans: Niche End-Use Segment
- Sluggish Trajectory in Oil & Gas Sector to Impede Momentum in the Short-Term
- Anticipated Recovery in Oil & Gas Sector in 2021 to Generate Parallel Opportunities to Steel Industry
- High Volume Opportunities in Shipbuilding
- Carbon Steel Seeks to Widen Addressable Market
- Demand for Stainless Steel Gains Momentum
- Stainless Steel Continues to Reign Appliances Market
- Growing Use Case in Diverse Applications Widens Future Prospects
- Demand for Special Long Steel on the Rise
- Widening Role of Electric Arc Furnace (EAF) in Steel Production Landscape
- Steel Industry Persists with its Energy Conservation Drive
- Environmentally Friendly Approach Gains Focus
- Steel Scrap Recycling: Robust Approach for Energy Conservation
- Population Growth & Urbanization Favor Future Growth in Steel Market
- Steel Prices: A Play of Demand and Supply
- Sharp Uptick in Demand after COVID-19 Pause Leads to Steel Shortage & Price Hikes
- Skyrocketing Steel Prices in US Raise Speculations about Possible Bubble
- Steel: An Overview
- Steel Classification
- Steel Manufacturing Process
- Refining and Casting
- Forming and Finishing
- Steel Products (Semi-Finished & Finished)
- A Brief Note on Major End-Use Segments
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
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