Steel Market Trend Analysis and Projected Growth by 2030
The global steel market size was USD 895.32 Billion in 2023 and is expected to register a revenue CAGR of 2.6% over the forecast period, according to the latest report by Reports and Data.
Rising demand for steel due to rapid growth in end-use industries such as automotive, chemical, energy, construction, and building is the major driver of revenue growth of the market. Steel is he one of the most commonly used materials in construction. Without steel, structures cannot withstand seismic impacts such as earthquakes and other natural disasters. It will not rust and is not affected by termites, mildew, bugs, mildew or fungi. Rapid growth in the construction sector due to increasing number of residential, commercial, retail, entertainment and hotel development projects is driving the revenue growth of the market.
Widely used in transportation buildings, such as airports and subway rapid transit systems, in many places such as bollards, ticket counters, benches, escalators, canopies, etc., there is a growing demand for steel market. Steel is used in pools for both architectural and structural purposes, for pool liners, handrails, ladders, structural components, fasteners, fixtures, diving structures, decorations and ventilation systems. On 16th December 2023, Jindal Stainless introduced India’s first hot rolled checker plate named Jindal Infinity at his 2023 International Railway Equipment Exhibition at CII. The new checkered steel plate is made from the finest HE 409M grade steel available.
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Some Key Highlights from the Report
- Based on type, the steel market is segmented into carbon steel, alloy steel, stainless steel, and tool steel. The stainless-steel segment is expected to register significant revenue growth during the forecast period. All stainless steel has good corrosion resistance. The alloying element chromium gives stainless steel corrosion resistance. High alloy grades can withstand corrosion in most acid, caustic and chlorinating conditions, making their quality valuable in process equipment. Low alloy grades are resistant to corrosion in air and clean water conditions. Proprietary high chromium and nickel grades prevent scaling and maintain excellent strength at high temperatures. Stainless steel is used in heat exchangers, superheaters, boilers, feedwater heaters, valves, mains, and aerospace applications, which drives the segment’s revenue growth.
- On November 27, 2020, Tata Steel launched Galvanova, a new generation steel that meets the growing unmet needs of small and medium-sized enterprises (MSMEs). The introduction of Galvanova has strengthened the company’s portfolio by focusing on the consumer electronics and solar industries. This product is suitable for HVAC, false ceilings and solar applications.
- On April 28, 2022, Paul Wurth, a business area of the SMS Group, was acquired by his Jindal Stainless Ltd. (JSL), at Kalinganagar Steelworks he was commissioned to build a 2 million tonne blast furnace. The new blast furnace had an operating volume of 2,307 m3 and included a bellless top, TMT machine, copper and cast-iron staves.
- Companies profiled in the market report include Emirates Steel, Hamriyah Steel, Nippon Steel Corporation, ANIE, United Iron & Steel Co. LLC, AbdulKarim Al-Rajhi Steel Company, Absal, ArcelorMittal, Jiangsu Zhishang Metal Products Co. Ltd, and SABIC.
- For the purpose of this report, Reports and Data has segmented the global steel industry into Type Outlook, Product Outlook, Application Outlook, Regional Outlook:
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Type Outlook (Revenue, USD Billion; 2023-2030)
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Tool Steel
Product Outlook (Revenue, USD Billion; 2023-2030)
- Hot rolled steel
- Cold rolled steel
- Direct rolled steel
- Steel tubes
Application Outlook (Revenue, USD Billion; 2023-2030)
- Pre-engineered metal buildings
- Industrial structures
Regional Outlook (Revenue, USD Billion; 2023-2030)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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