New York, NY -- (SBWIRE) -- 04/29/2021 -- The global Steel market is forecast to reach USD 1,018.58 Billion by 2027 and will grow at a rate of around 2.3% during the period 2020-2027, according to a new report by Reports and Data. The major factors contributing to this growth is the increase in demand in the construction and aerospace industry.

During the period 2020-2027, demand for steel would be majorly driven by growth in the construction and automotive sectors. The alloy in sheet form are used in automotive applications, and beams and pillars are extensively used in construction works. Thus the combination of both would majorly contribute to the global demand for steel in the forecast period.

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The report provides a comprehensive overview of the competitive landscape and provides an analysis of the key companies operating in the industry. The top players operating in the industry are ArcelorMittal, NSSMC, Hebei Iron and Steel Group, Baosteel, Wuhan Iron and Steel Group, Posco, Jiangsu Shagang, Tata Steel Group, Hyundai Steel Company and JFE Steel Corporation.

For the purpose of this report, Reports and Data have segmented into the Steel market on the basis of types, products, application type and region:

Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2027)

Carbon Steel
Alloy Steel
Stainless Steel
Tool Steel

Product Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2027)

Structural steel products
Shipbuilding
Pipes
Petrochemical Wells
Wires
Fittings
Kitchen Appliances
Furniture
Rods
Escalator

Application Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2027)

Infrastructure and Construction
Equipment
Automobile Sector
Domestic and Electric Appliances
Defense

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Further key findings from the report suggest

-Carbon Steel will continue to enjoy the largest market share and the demand of Tool Steel is likely to increase during the period 2020-27. Carbon steel is likely to have a CAGR of 2.4% during the forecast period. Asia Pacific region is expected to be the largest consumer of carbon steel during the forecast period, and this is attributed to the fact that countries in this region like China, India, and Southeast Asian countries are focusing more on infrastructural development. In the US market, the demand for carbon steel would be driven due to the increase in spending in the construction sector as well as a fair amount of growth in the automotive sector.

-Consumption of structural steel would be the highest during 2020-27 with a CAGR of 2.5% due to its extensive use in construction sector. The USA is responsible for major consumption of structural steel, and the upcoming FIFA World Cup in 2022 in Qatar would drive significant amount of demand for the product in this region.

-Infrastructure & Construction segment and Automotive sectors are majorly driving steel demand and this trend will persist during the forecast period with a growth rate of 2.5% and 2.4%, respectively.

-There has been a decline in the exports of the alloy, globally and exports have decreased from India by 29.3%, from United States by 13.4%, from China by 9.3%, from Europe by 6.4% and from Japan by 3.1%.

-The production capacity of steel is higher than production and demand. Thus the resources are not well utilized.

-Small players like Kalyani Steels, Vardhman Special steels are struggling due to the slow rate of growth in the sector and have been forced to cut down their production levels significantly in order to save costs...Continue

Key considerations of the Steel Market Report:

Strategic Developments:

The study includes an assessment of key strategic developments of the Steel industry, including R&D advancements, product launches, brand promotions, mergers and acquisitions, joint ventures, collaborations, government deals, agreements, and partnerships. Regional growth of the leading companies is also provided on a global as well as country-wise scale.

Vital Features of the Market:

The report covers the evaluation of the key market features such as revenue, price analysis, capacity, gross margin, production and consumption ratio, import/export, and supply and demand ratio. Along with this, CAGR, gross margins, and estimated revenue generation is also covered by the report. The report further covers the market growth based on each segment and sub-segment of the industry.

Analytical Tools:

The report is furnished with accurate and assessed statistical data of the key industry players and their scope in the market. The analytical tools include SWOT analysis, Porter's Five Forces Analysis, feasibility analysis, and investment return analysis. These tools have been utilized to gain a deeper understanding of the key market players and their operations in the industry.

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About Reports and Data
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