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Editing: 18; Published: February 2022
Executive Pool 5173
Companies: 160 – Players covered include Ansteel Group Corporation Ltd. ; ArcelorMittal SA; China Baowu Steel Group Corporation Limited; EVRAZ plc; EVRAZ NTMK; Gerdau AG; HBIS Group; HYUNDAI Steel Company; JFE Steel Corporation; Jiangsu Shagang Group; Nippon Steel Corporation; Nucor Corporation; POSCO; Riva Group; Shandong Iron and Steel Group Co.Ltd. ; Shougang Group Co., Ltd. ; Tata Steel Group; Tata Steel Europe Ltd. ; thyssenkrupp Steel Europe AG; United States Steel Corporation and others.
Blanket: All major geographies and key segments
segments: End use (construction, machinery, transport, metal products, appliances, other end uses)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Turkey; Rest of Europe; Asia Pacific; India; South Korea; Taiwan; Rest of Asia Pacific; Latin America; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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The global steel market will reach 2.2 billion metric tons by 2026
Steel, one of the most essential engineering materials, is known for its various applications in all aspects of human life. Steel is the basis of a number of industries in general and the manufacturing industry in particular. The fortunes of the finished steel products market depend on the health of major end-use markets such as the construction industry, automotive and automotive component manufacturing, fabricated metal product manufacturing, shipbuilding, machinery manufacturing , oil and gas infrastructure, among others. In the post-COVID-19 period, the projected increase in construction activity, improvement in the manufacturing sector and subsequent increase in demand and production of a range of machinery, increase in manufacturing of fabricated metal products and the recovery in demand and production of transportation solutions, alongside an improving global economy, will therefore drive the demand for finished steel. Continued urbanization, growing demand for energy and water are the other major factors driving the growth of the market. While China continues to play an influential role, urbanization trends in other countries would drive the growth of construction and automotive markets in the post-COVID-19 period.
Amid the COVID-19 crisis, the global steel market estimated at 1.8 billion metric tons in 2022 is expected to reach a revised size of 2.2 billion metric tons by 2026, with growth at a CAGR of 4.1% over the analysis period. Construction, one of the segments analyzed in the report, is expected to grow at a CAGR of 3.5% to reach 992 million metric tons by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Machinery segment is readjusted at a revised CAGR of 4% for the next 7-year period. This segment currently represents an 18.2% share of the world steel market. Construction is the largest end-use segment of the steel industry. The state of the construction industry in each geographic area, whether new construction or renovations, has a strong bearing on steel consumption. The steel used in the construction industry meets standard requirements for high performance, corrosion resistance and fire protection. The need to manufacture lightweight, rust-free machinery is driving the demand for steel in the machinery industry. There is a strong demand for high strength steel sheets with improved weldability, formability and low temperature toughness.
The US market is estimated at 81.5 million metric tons in 2022, while China is expected to reach 1.3 billion metric tons by 2026
The steel market in the United States is estimated at 81.5 million metric tons in 2022. The country currently accounts for a 4.55% share of the global market. China, the world’s second largest economy, is expected to reach an estimated market size of 1.3 billion metric tons in 2026 growing at a CAGR of 4.6% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 1.8% and 2.1% respectively over the analysis period. In Europe, Germany is expected to grow around 3.1% CAGR while the rest of the European market (as defined in the study) will reach 1.3 billion metric tons by the end of the analysis period. China remains the largest regional market for finished steel products, due to the huge construction and industrial activity in the region, which generates strong demand for a range of steel products. Steady pace of economic development, industrialization, rapid urbanization, steady increase in construction activity and robust demand for automobiles, among others, will help boost demand for steel in developing regions in the post-COVID-19 environment.
Transportation segment to reach 353.2 million metric tons by 2026
In the Global Transportation segment, United States, Canada, Japan, China and Europe will drive the CAGR of 3.16% estimated for this segment. These regional markets representing a combined market size of 209.9 million metric tons will reach a projected size of 284.8 million metric tons by the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific is expected to reach 56.8 million metric tons by 2026, while Latin America will grow at a CAGR of 4.8% over the analysis period. Continued#
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About Global Industry Analysts, Inc. and StrategyR™
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