Reports and Data's latest report states that the global steel market had a size of USD 895.32 Billion in 2021 and is predicted to have a revenue Compound Annual Growth Rate (CAGR) of 2.6% during the forecast period. The market's revenue growth is primarily driven by the increasing demand for steel from various end-use industries, such as automotive, chemical, energy, construction, and building.
Steel is a crucial material in construction as it can withstand seismic impacts and is not prone to rust, termites, mildew, bugs, mildew or fungi. The rising number of residential, commercial, retail, entertainment, and hotel development projects in the construction sector is propelling the market's revenue growth.
Furthermore, the steel market is witnessing an increasing demand in transportation buildings such as airports and subway rapid transit systems, for various applications including bollards, ticket counters, benches, escalators, and canopies. Steel is also extensively used in pools for both architectural and structural purposes, such as pool liners, handrails, ladders, and ventilation systems. Jindal Stainless launched India's first hot rolled checker plate named Jindal Infinity made from the finest HE 409M grade steel available, at the 2021 International Railway Equipment Exhibition at CII on December 16th, 2021.
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Steel Market Segments:
Reports and Data has segmented the global steel industry into four categories for the purpose of this report: Type Outlook, Product Outlook, Application Outlook, and Regional Outlook.
The Type Outlook includes four segments: Carbon Steel, Alloy Steel, Stainless Steel, and Tool Steel. The revenue for each segment is measured in USD Billion from 2019 to 2030.
The Product Outlook comprises of five segments: Hot Rolled Steel, Cold Rolled Steel, Direct Rolled Steel, Steel Tubes, and Others. The revenue for each segment is also measured in USD Billion from 2019 to 2030.
The Application Outlook includes three segments: Pre-Engineered Metal Buildings, Bridges, Industrial Structures, and Others. The revenue for each segment is also measured in USD Billion from 2019 to 2030.
Lastly, the Regional Outlook includes five segments: North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Sweden, BENELUX, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Rest of APAC), Latin America (Brazil, Rest of LATAM), and Middle East Africa (Saudi Arabia, UAE, South Africa, Israel, Rest of MEA). The revenue for each region is measured in USD Billion from 2019 to 2030.
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Steel Market: Strategic Developments
The global steel market is segmented by type into carbon steel, alloy steel, stainless steel, and tool steel. Among these, the stainless steel segment is expected to experience significant revenue growth during the forecast period. Stainless steel is highly valued for its corrosion resistance, which is due to the presence of the alloying element chromium. High alloy grades of stainless steel can withstand corrosion in most acid, caustic, and chlorinating conditions, making them highly desirable for use in process equipment. Low alloy grades of stainless steel, on the other hand, are resistant to corrosion in clean water and air conditions. Stainless steel finds application in heat exchangers, superheaters, boilers, feedwater heaters, valves, mains, and aerospace applications, all of which drive the revenue growth of the segment.
Tata Steel launched Galvanova on November 27, 2020. Galvanova is a new-generation steel that meets the growing unmet needs of small and medium-sized enterprises (MSMEs). This product is highly suitable for HVAC, false ceilings, and solar applications, which strengthens Tata Steel's portfolio by focusing on the consumer electronics and solar industries.
On April 28, 2022, Jindal Stainless Ltd. (JSL) acquired Paul Wurth, a business area of the SMS Group, to build a 2 million-tonne blast furnace at the Kalinganagar Steelworks. The new blast furnace has an operating volume of 2,307 m3 and includes a bellless top, TMT machine, copper, and cast-iron staves. This acquisition allows JSL to expand its business and strengthen its position in the global steel market.
Steel Market: Competitive Landscape
The market report profiles various companies operating in the global steel industry. These companies include Emirates Steel, Hamriyah Steel, Nippon Steel Corporation, ANIE, United Iron Steel Co. LLC, AbdulKarim Al-Rajhi Steel Company, Absal, ArcelorMittal, Jiangsu Zhishang Metal Products Co. Ltd, and SABIC. These companies are involved in the manufacturing and production of various steel products and are continuously engaged in research and development activities to improve their product offerings. They also undertake strategic initiatives such as mergers, acquisitions, partnerships, and collaborations to expand their business operations and strengthen their market position. With the rising demand for steel in various industries, these companies are expected to witness significant growth opportunities in the global steel market.
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