Crude Steel Market | Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The crude steel market was valued at over USD 1,340,036.18 million in 2021, and it is projected to register a CAGR of 1.56% in terms of revenue during the forecast period (2022-2027).
In 2021, the demand for crude steel increased due to an increase in demand in various industries such as construction, tools and machinery, energy, transportation, and others. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2021, around 80.15 million vehicles were produced across the world, witnessing a growth rate of 3% compared to ~77.71 million vehicles in 2020, thereby enhancing the consumption of crude steel in the manufacturing of different automotive parts.
Key HighlightsThe market studied is fragmented in nature, with moderately high competition among the market players to increase their shares. Some of the key companies in the market include China BaoWu Steel Group Corporation Limited, ArcelorMittal, Nippon Steel Corporation, HBIS GROUP, and Shagang Group.
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