Global Steel Market Projected Growth - CAGR of 3.9% By 2031

The global steel market in 2020 was valued at US$1092 billion with a projected growth at a compound annual growth rate of 3.9 % during the forecast period 2021-2031.

Infrastructure Sector sees Growing Investments

Every economy in every region has their infrastructure as a critical piece of their economic development. Increasing urbanization in emerging economies will drive infrastructure development in the transportation and energy sectors. Manufacturing alongside transportation, source and deliver the materials needed for making consumer products, this sector will benefit as well

Growth in Automotive Manufacturing

Emerging markets, increasing use of new technologies, sustainable policies and changing consumer mindsets around ownership are creating major changes in today’s economies. The car industry will see this large transformation among the other affected sectors. All new ways of getting around are causing disruption trends that will energize each other. Altogether, steel will be at the forefront of demand to meet these consumer needs.

Long Steel and Growth in Demand

Whether it’s hot rolled bar, rebar, railway rails, wire, rope, cold rolled or pulled bar, (stranded wire), woven cloth of steel wire, among others, these are all types of lengthy goods. Increased demand for long items will be seen in the building and capital goods industry. Demand will be felt particularly for bridges that are found within the category of fabricated structural units. Developing countries around the world will be increasing demand for steel in bridge and railway projects.

What are the opportunities?

Emerging Opportunities in Steel Recycling

Steel brought forth technical advances and economic expansion during the Industrial Age, and it continues as such now, with over 1.8 billion tons produced during 2019. Steel is an iron alloy - it is comprised of metals and non-metals such as iron, carbon, and tin. Steel, like most metals, may be recycled repeatedly without causing degradation to its properties, irrespective of the form it becomes.

Steel Products Can Contribute to the Buildings and Cities to Come

New technologies present a massive opportunity for steel companies to rethink how steel products may play a key role in future buildings and cities. It is no longer “good enough” to simply consider the basic material needs apart from other material needs. The material must encompass the total, end-to-end lifecycle management, starting with the architect's solution and continuing to the end plan several years in the future. From a functional perspective, it's critical to know how steel products can help satisfy essential smart building requirements.

Competitive Marketplace

The major players operating in the steel market are ArcelorMittal, HBIS Group, Nippon Steel Corporation, United States Steel Corporation, Severstal, POSCO, Tata Steel Group, Nanjing Steel, Shandong Steel Group, Hyundai Steel, Novolipetsk Steel, SAIL, Steel Dynamics, Inc., Thyssenkrupp, Shougang Group, JSW Steel, EVRAZ plc, Gerdau, Nucor Corporation, Zenith Steel Pipes & Industries Ltd,

These major competitors operating in the global market have adopted several approaches in strategy comprising regional business expansion, M&A, investment in R&D, collaborations, partnerships, and new product launch.

Source: Visiongain Ltd