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Steel - Global Market Trajectory & Analytics

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    Report

  • 841 Pages
  • May 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 338732

FEATURED COMPANIES

  • ArcelorMittal S.A.
  • EVRAZ plc
  • HBIS Group
  • JFE Steel Corporation
  • Nippon Steel Corporation
  • POSCO

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. While China continues to play an influential role, urbanization trends in other countries would drive growth in the construction and automotive markets in the post COVID-19 period.

Amid the COVID-19 crisis, the global market for Steel estimated at 1.8 Billion Metric Tons in the year 2022, 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 81.5 Million Metric Tons in 2022, While China is Forecast to Reach 1.3 Billion Metric Tons by 2026


The Steel market in the U.S. is estimated at 81.5 Million Metric Tons in the year 2022. 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 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.

Select Competitors (Total 279 Featured):

  • 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
  • POSCO
  • 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

What`s New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the digital archives
  • Complimentary updates for one year

FEATURED COMPANIES

  • ArcelorMittal S.A.
  • EVRAZ plc
  • HBIS Group
  • JFE Steel Corporation
  • Nippon Steel Corporation
  • POSCO

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed?
  • Progress on Vaccinations: Why Should Businesses Care?
  • With IMF’s Upward Revision of Global GDP Forecasts, Most Companies are Bullish about an Economic Comeback Despite a Continuing Pandemic
  • EXHIBIT 1: A Strong Yet Exceedingly Patchy & Uncertain Recovery Shaped by New Variants Comes Into Play: World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2023
  • COVID-19 Crisis Induced Demand Erosion Hampers World Steel Industry in 2020
  • EXHIBIT 2: Global PMI Index Points for the Years 2018, 2019 & 2020
  • Demand for Steel Returns as the Pandemic Subsides
  • Hit by COVID-19 Outbreak, Steel Industry & Demand Returning to Normalcy
  • Regional Recovery Scenario
  • Healthy Prospects for Steel Demand in Developing Countries
  • Competitive Scenario
  • Leading Players in the World Steel Market
  • EXHIBIT 3: Top 20 Steel Producing Companies (2020)
  • EXHIBIT 4: Leading Steel Producing Companies (2020): Percentage Share Breakdown by Volume Production
  • 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
  • Wave of Latest Breakthroughs with Potential to Pave Way for Green, Sustainable Steel Economy
  • Select Innovations & Advancements
  • Competitive Market Presence - Strong/Active/Niche/Trivial for 160 Players Worldwide in 2022 (E)
  • 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
  • Roadmap for Sustainable Development of the Global Steel Industry
  • 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
  • World Steel Industry: Production, Exports & Imports
  • Steel Production Soars in 2017-2019 Period
  • Production of Steel in 2020 and 2021
  • China Remains the Dominant Steel Exporter in 2020
  • EXHIBIT 5: Leading Steel Exporting Countries (2020): Exports (in Million Metric Tons) for China, Russia, Japan , South Korea, European Union, Germany, Turkey, India, Ukraine, and Italy
  • China Becomes the Top Steel Importer
  • EXHIBIT 6: Leading Steel Importing Countries (2020): Imports (in Million Metric Tons) for China, European Union, United States, Germany, Italy, Vietnam, Turkey, France, South Korea, and Poland
  • Recent Market Activity
  • Select Global Brands
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Steel Industry Prospects Strongly Reliant on Global Construction Industry Scenario
  • Depressive Scenario in the World Construction Sector Weakens Momentum in the Steel Industry
  • EXHIBIT 7: World Construction Industry (in US$ Trillion) for the Years 2017, 2019 & 2022
  • EXHIBIT 8: Global Value of Megacity Construction Projects (US$ Billion) in 2019
  • Current Prospects Remain Lackluster for Steel in Automotive Industry
  • EXHIBIT 9: World Automobile Production in Million Units: 2008-2022E
  • Ongoing Shift towards Lighter Weight Vehicles to Drive Future Demand for Automotive Steel
  • EXHIBIT 10: Breakdown of Automotive Material Mix: 2020
  • EXHIBIT 11: Lightweighting Trend in Auto Parts: Average Weight of a Passenger Car (In Kgs) for the Years 1990, 2000, 2006, 2016, 2019 & 2022E
  • 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
  • EXHIBIT 12: Manufacturing Industry Bites the Dust Severing All Planned Digital & Electronic Plant Upgrade Investments: Global Manufacturing PMI Index Score January 2020 to May 2020
  • EXHIBIT 13: Manufacturing PMI Indices for Select Asian Countries for Jan 2020 to May 2020
  • 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 Impedes Momentum in the Short-Term
  • EXHIBIT 14: Global Brent Crude Oil Price Trends in US$/barrel: May 2019 -June 2020
  • EXHIBIT 15: Global Daily Crude Oil Demand in Million Barrels for the Years 2015 through 2020
  • Recovery in Oil & Gas Sector Generates Parallel Opportunities for Steel Industry
  • EXHIBIT 16: Global Oil & Gas E&P Industry Spending (2015-2021E)
  • High Volume Opportunities in Shipbuilding
  • Carbon Steel Seeks to Widen Addressable Market
  • EXHIBIT 17: Global Finished Steel Market by Category (2022E): Percentage Breakdown of Production for Carbon Flat Steel, Carbon Long Steel, Specialty Long Steel, and Stainless Flat Steel
  • Demand for Stainless Steel Gains Momentum
  • Stainless Steel Continues to Reign Appliances Market
  • Growing Use Case in Diverse Applications Widens Future Prospects
  • EXHIBIT 18: World Stainless Steel Market (2020): Percentage Breakdown of Volume Demand by Region
  • EXHIBIT 19: World Stainless Steel Market (2020): Percentage Breakdown of Share by End-Market
  • EXHIBIT 20: Global Stainless Steel Market (2020): Percentage Breakdown of Production by Region
  • EXHIBIT 21: Global Stainless Steel Market (2022E): Percentage Breakdown of Production by Segment
  • EXHIBIT 22: Global Stainless Steel Long Products Market (2022E): Percentage Breakdown of Share by Product Group
  • EXHIBIT 23: Global Stainless Steel Market (2022E): Percentage Breakdown by Product
  • The Long Steel Market
  • Demand for Special Long Steel on the Rise
  • EXHIBIT 24: Global Steel Demand (2022E): Percentage Breakdown of Consumption by Product Shape
  • EXHIBIT 25: Global Long Steel Market (2022E): Percentage Breakdown by Product
  • EXHIBIT 26: World Specialty Long Steel Market (2020): Percentage Breakdown of Production by Category
  • Demand for HSS to Surge Over the Coming years, Especially from Marine, Aerospace and Automotive Industries
  • Widening Role of Electric Arc Furnace (EAF) in Steel Production Landscape
  • EXHIBIT 27: Steel Production by Manufacturing Process in Select Countries
  • 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
  • EXHIBIT 28: World Urban Population in Million and as Percentage of Total Population for the Period 1950-2050P
  • 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
  • AI Opportunities Etched in Steel
  • Steel: An Overview
  • Steel Classification
  • EXHIBIT 29: Carbon Steels - Alloying Elements of Steel
  • Steel Manufacturing Process
  • Refining and Casting
  • Forming and Finishing
  • Steel Products (Semi-Finished & Finished)
  • A Brief Note on Major End-Use Segments
  • Go Green: The Road Ahead for the Troubled Steel Industry
  • Challenge of Decarbonization: A Major Issue
  • Technology Playing Key Role
  • Hydrogen-Based Steel Production
4. GLOBAL MARKET PERSPECTIVEIII. MARKET ANALYSIS
UNITED STATES
  • Steel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • COVID-19 Impact: US Steel Industry Remains Jittery
  • Strong Focus on Steel Quality Gives Competitive Edge to US Steel Industry
  • USMCA: A Major Milestone for North American Steel Industry and Supply Chains
  • COVID-19 Affects Steel Prices in the US
  • Construction Industry - An Overview
  • COVID-19 Casts Shadow on the US Construction Sector
  • Delayed Project Completion due to Holdup in Material Availability
  • EXHIBIT 30: Projected Growth (%) of the US Construction Market over the Period 2016-2024 by Sector
  • EXHIBIT 31: Number of States Limiting the Construction Industry due to COVID-19 as of April 2020
  • EXHIBIT 32: US Construction Spending in US$ Billion: Jan 2012 - Jan 2022
  • Housing Projects Scenario
  • EXHIBIT 33: Key Indicators for US Residential Construction Market
  • EXHIBIT 34: NAHB/Wells Fargo Housing Market Index: April 2011 - April 2022
  • EXHIBIT 35: New Privately-Owned Housing Units (in ‘000) Authorized in Permit-Issuing Places, and Completed (June 2020 to March 2022)
  • Transportation and Automotive Sector: A Key Market for Steel
  • COVID-19 Brings Vehicle Production to a Grinding Halt
  • Commercial Transportation Sector Hit by the Pandemic: The US Trucking Industry Sees Hope Despite Recession
  • EXHIBIT 36: US Vehicle Production (2013-2020E) (in Thousand Units)
  • Styled Steel Wheels and Steel Cords Make Inroads
  • Cutback in Shale Activity Impacts Steel Market
  • Changing Energy Mix & Demand for Steel LDPs
  • Demand for Steel Scrap Drops amid COVID-19 Pandemic
  • EXHIBIT 37: US Crude Steel Market: Percentage Breakdown of Volume Production by Type of Process - Electric Furnace and Oxygen Blown Converter
  • Competition
  • Market Analytics
CANADA
  • Steel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Canada for 2022 (E)
  • Market Analytics
JAPAN
  • Steel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
  • Brief Market Overview
  • EXHIBIT 38: Leading Players in the Japanese Steel Market (2021E): Percentage Breakdown of Production for Nippon Steel, JFE Steel and Others
  • Market Analytics
CHINA
  • Steel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • Surprising Recovery in China amid COVID-19 Pandemic to Boost Steel Fortunes
  • Faster Resurgence in China to Offset Shrinking Global Steel Demand
  • Steel Production to Drop over Medium-Term
  • EXHIBIT 39: Steel Production in China (2011-2020) (in Million Tons)
  • EXHIBIT 40: Chinese Stainless Steel Production (2021E): Percentage Share Breakdown of Production by Type
  • EXHIBIT 41: Capacity Utilization (in %) for Steel Production in China (2011-2021)
  • Capacity Cuts, Pollution Reduction and Automotive and Construction Sectors Drive Steel Prices in China
  • Construction: The Largest Market for Steel
  • Automotive Industry Drives Demand for High-Strength Steel
  • Impact of the Pandemic on the Chinese Automotive Industry
  • Growing Demand for Bridge Steel Structure Augurs Well for the Market
  • Focus Grows on High Grade Steel
  • Industry Embraces Technological Innovation in Production
  • Market Analytics
EUROPE
  • Steel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • COVID-19 Exacerbates Already Challenging European Steel Market Situation
  • European Steel Market Faces Tough Time: Key Trends
  • Steel Industry - An Integral Part of European Economy
  • EU Steel Industry
  • EXHIBIT 42: Finished Steel Production in EU by Type (2020E): Percentage Breakdown of Volume Production by Type
  • Recovery in Construction Activity Post COVID-19 Pandemic to Sustain Growth in Demand
  • Challenges Facing the Market
  • Market Analytics
FRANCEGERMANYITALYUNITED KINGDOMSPAINRUSSIATURKEYREST OF EUROPE
ASIA-PACIFIC
  • Steel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
  • COVID-19 Triggers Mixed Regional Performances for Steel Markets across Asia
  • Market Analytics
INDIA
  • Steel Demand in India to Grow Marginally after Deep Cuts in Output during Lockdown
  • Indian Steel Sector to Embrace Digitization in a Big Way to become Self-Reliant
  • Market Analytics
SOUTH KOREATAIWANREST OF ASIA-PACIFIC
LATIN AMERICA
  • Steel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)
  • Market Analytics
BRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Steel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)
  • Market Analytics
AFRICA
IV. COMPETITION
  • Total Companies Profiled: 279

A selection of companies mentioned in this report includes:

  • 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
  • POSCO
  • 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