Global Steel Market Growth 2023-2029

Global Steel Market Growth 2023-2029

Steel industry is one of the essential industries for the development of any community. In fact, it is really the base for numerous industries that could not have been established without steel industry. The European industrial revolution at the beginning of this century was actually founded on this industry. There are three basic routes to obtain finished steel products: (1) integrated steel production, (2) secondary processing, and (3) direct reduction.
Integrated steel production involves transforming coal to coke in coke ovens, while iron ore is sintered or belletized prior to being fed into the blast furnace (BF). The ore is reduced in the blast furnace to obtain hot metal containing some 4% carbon and smaller quantities of other alloying elements. Next the hot metal is converted to steel in the basic oxygen furnace (BOF). Then, it is continuously cast to obtain semi-finished products, such as blooms, bars or slabs. These semi-finished products are rolled to the finished shapes of bars, sheet, rail, H or I beams. The secondary processing, often called minimills, starts with steel scrap which is melted in an electrical arc furnace (EAF). The molten steel produced is possibly treated in a ladle furnace and then continuously cast and finished in a rolling operation. Originally, minimills provided only lower grade products, especially reinforcing bars. But, they recently have been able to capture a growing segment of the steel market. An alternative mode of steel production is the direct reduction method. In this method, production starts with high grade Iron ore pellets which are reduced with natural gas to sponge pellets. Then, the sponge iron pellets are fed into an electrical arc furnace. The resulting steel is continuously cast and rolled into a final shape.
LPI (LP Information)' newest research report, the “Steel Industry Forecast” looks at past sales and reviews total world Steel sales in 2022, providing a comprehensive analysis by region and market sector of projected Steel sales for 2023 through 2029. With Steel sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Steel industry.
This Insight Report provides a comprehensive analysis of the global Steel landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Steel portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Steel market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Steel and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Steel.
The global Steel market size is projected to grow from US$ 1786770 million in 2022 to US$ 1486570 million in 2029; it is expected to grow at a CAGR of 1486570 from 2023 to 2029.
Global key players of steel include China Baowu Group, ArcelorMittal, Ansteel Group, Nippon Steel Corporation, etc. The top four players hold a share over 15%. Yhe global steel are mainly produced in China. Asia is the largest market, has a share about 68%, followed by Europe and North America, with share 12% and 10%, separately.
This report presents a comprehensive overview, market shares, and growth opportunities of Steel market by product type, application, key manufacturers and key regions and countries.
Market Segmentation:
Segmentation by type
Carbon Steel
Alloy Steel
Segmentation by application
Buildings and Infrastructure
Automotive
Transportation
Energy
Steel Packaging
Mechanical Equipment
Domestic Appliances
Metal Products
Others
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
China Baowu Group
ArcelorMittal
Ansteel Group
Nippon Steel Corporation
Shagang Group
POSCO
HBIS Group
Jianlong Group
Shougang Group
Tata Steel Group
Key Questions Addressed in this Report
What is the 10-year outlook for the global Steel market?
What factors are driving Steel market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Steel market opportunities vary by end market size?
How does Steel break out type, application?
What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.