Steel Products Market

Steel Products Market Industry Overview:

Steel products can be defined as products which are made up of alloys of carbon & iron that comprise 2% carbon and 1% manganese. These products possess superior properties such as high strength and durability owing to which they are being widely used in a broad range of end-use industries including automotive, construction, shipbuilding, oil & gas, and electrical & electronics among others. Various steel grades are produced using two conventional production processes such as blast furnace-basic oxygen furnace (BF-BOF) and electric arc furnace (EAF) to fulfill application-specific requirements. The global steel products market was pegged at around 1895 million metric tons in 2020 and is expected to register a CAGR of 2.6% during the review period to reach to around 2199 million metric tons by end of 2028.

Steel Products Market Segmentation:

By product type, the global steel products market has been segmented into structural steel, iron steel wire, plates & sheets, ingots and semi-finished material, castings & forgings and others. The structural steel segment accounted for the largest market share in 2020 and is expected to register significant growth during the review period. The segment growth can be attributed to widespread product use in the end-use industries particularly automotive and construction. Structural steel is primarily used for making construction materials in various types of shapes owing to its superior properties such as high strength, ease of use, lightweight and uniformity. Structural steel is available in various shapes in the market which includes L-beam, HSS shape, Z shape, and L shape (angle) among others. By application, the global steel products market has been segmented into automotive, construction, oil & gas, shipbuilding, electrical appliances, mechanical equipment, domestic appliances, and others.

The automotive segment accounted for the largest market share in 2020 and is expected to grow at a significant CAGR during the review period. The segment growth can be attributed to expanding demand for passenger vehicles across the geographies. Growing demand for high strength steel products is likely to drive the segment growth. Steel products are being used in various automotive applications including body structure, doors, panels, and trunk closures among others. The construction application segment accounted for the second largest market share in 2020 and is expected to grow at a considerable CAGR during the review period. Steel products are being used in various construction projects including skyscrapers, bridges, tunnels, road barriers, and towers among others. Increasing spending on both residential and commercial construction activities across the globe is likely to propel the market growth further.

Steel Products Market Dynamics and Factors:

The growth of the global lithium market is primarily driven by increasing product demand in various end-use industries particularly automotive & transportation and building & construction. Expanding growth of the automotive and transportation industry with rising demand for light weight vehicles is likely to drive the market growth significantly. In addition to this, growing construction industry with rise in residential construction activities in the developing economies is expected to add to the global steel products market growth substantially during the review period.

Growing electrical & electronics industry with rising demand for smart home appliances is another important factor supporting the global steel products market growth.

Expanding industrialization in the developing countries coupled with growing urbanization and rising per capita disposable income is projected to offer lucrative growth opportunities to the market players.

However, rising preference for plastic over steel due to its lightweight is likely to hamper the global steel products market growth in the coming years.

Steel Products Market Geographical Analysis:

By geography, the global steel products market has been segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. The market in Asia-Pacific accounted for the largest share in 2018 and is expected to grow at a significant CAGR during the review period. The market growth can be attributed to the expanding production and sale of passenger vehicles particularly in China and India. Strong presence of the shipbuilding industry in the region coupled with expanding international maritime trade is likely to add to the global steel products market growth substantially during the review period.  Furthermore, expanding electrical & electronics industry with increased spending on consumer electronics is also supporting the global steel products market growth.

The market growth in North America is driven by the established presence of the end-use industries including automotive, electrical & electronics and oil & gas among others. Growing building and construction industry with increasing spending on renovation and remodelling of the buildings to meet environmental regulations is likely to add to the regional steel products market growth. The European market is expected to grow at a considerable CAGR on account of increasing spending on infrastructure projects such as bridges and tunnels.

The market in Latin America and the Middle East & Africa is expected to be driven by the growth of the key end-use industries including automotive, building & construction, and electrical & electronics among others.

Steel Products Market Report Scope

Key Market Segmentation

Steel Products Market - By Product Type

 o   Structural Steel

 o   Iron Steel Wire

 o   Plates & Sheets

 o   Ingots and Semi-Finished Material

 o   Castings & Forgings

 o   Others

Steel Products Market - By Application

 o   Automotive

 o   Construction

 o   Oil & Gas

 o   Shipbuilding Electrical Appliances

 o   Mechanical Equipment

 o   Domestic Appliances

 o   Others

Steel Products Market - By Region

North America

 o   US

 o   Canada

 o   Mexico

Europe

 o   Germany

 o    UK

 o    France

 o    Italy

 o   Spain

 o   Russia

 o   Benelux

 o   Nordics

 o   Rest of Europe

 Asia-Pacific

 o    China

 o    India

 o    Japan

 o    South Korea

 o    Rest of Asia-Pacific

 Middle East and Africa

 South America