The global Steel Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
Global Steel Market is expected to reach USD 1.01 trillion by 2025. Steel is an alloy of carbon and iron-containing less than 2% carbon and 1% manganese and little amount of oxygen, silicon, Sulphur, and phosphorous. It is known as the universe most important construction and engineering material. It is exclusively used in cargo ships and surgical scalpels, cars and construction products, and refrigerators and washing machines.
Key Players:
- Emirates Steel
- Hamriyah Steel FZC
- Al Nasser Industrial Enterprises LLC
- United Iron & Steel Co. LLC
- Al Ghurair Iron & Steel LLC
- Al Rajhi Steel
- Absal Steel
- ArcelorMittal
- Hadeed (SABIC)
- Solb Steel Company
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Growth Drivers:
The Steel Market is estimated to grow at a significant CAGR of 2.6% over the forecast period as the scope and its applications are rising enormously across the globe. Increasing use of strong building materials, rising inclination of contractors towards sustainable, and low cost of materials are documented as major factors of steel industry that are estimated to enhance the growth in the years to come. However, ban on iron ore may restrain overall market growth in the coming years. Steel Market is segmented based on type, product type, application, end user, and region.
Product Outlook:
- Hot Rolled Steel
- Cold Rolled Steel
- Direct Rolled Steel
- Tubes
Application Outlook:
- Pre-Engineered Metal Buildings
- Primary Members
- Secondary Members
- Roofs & Walls
- Panels
- Bridges
- Industrial Structures
End users Outlook:
- Automotive
- Infrastructure and Construction
- Mechanical Machinery
Regional Outlook:
Globally, Asia Pacific accounted for the substantial market share of steel industry and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be rise in infrastructure spending in developing countries as rising population, growth in residential construction, and rising demand from customers like maintainable yet low-cost building materials and selecting for lightweight products. The developing countries like India and China are the major consumers of Steel in the region.
Instead, Europe and North America are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. However, Europe is estimated to grow at fastest pace with the highest CAGR in the foremost period.
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