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Infrastructure and Construction Frenzy Propels Steel Market to Surpass US$ 2,901.9 Billion by 2033 | Future Market Insights, Inc.

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Future Market Insights

28 Nov, 2023, 16:30 GMT

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A comprehensive report on the Global Steel Market unveils promising growth prospects, with the building and construction segment set to expand at a CAGR of 3.8%. China emerges as a frontrunner, poised to reach a staggering valuation of US$ 794.4 billion by 2033. The report offers an insightful analysis of the market's historical growth trajectory, providing valuable insights into the factors driving its expansion

In-Depth Analysis of the Steel Market by Carbon Steel and Stainless Steel, Global Growth Opportunities and Revenue Forecast, from 2023 to 2033

NEWARK, Del., Nov. 28, 2023 /PRNewswire/ -- The global steel market size reached US$ 1,823.5 billion in 2022. Over the assessment period, global steel demand is set to rise at 4.4% CAGR. Total valuation is expected to increase from US$ 1,893.9 billion in 2023 to US$ 2,901.9 billion in 2033.

Get an Exclusive Sample Copy of the Steel Market, 2023-2033: https://www.futuremarketinsights.com/reports/sample/REP-GB-18465 

Several factors are expected to drive the growth of the steel market. These include rising demand for lightweight and cost-effective materials and rapid expansion of building & construction, automotive, oil & gas, consumer appliances, and other industries.

Rapid industrialization and robust economic growth are attracting investments in infrastructure development, construction, and manufacturing activities. This, in turn, is expected to drive demand for steel and its products as they are widely used in the building & construction sector.

The growing adoption of electric vehicles (EVs) is creating the need for lightweight materials to enhance energy efficiency and extend the driving range of EVs. This will encourage the adoption of steel for making different automotive components, thereby fueling its sales.

A key factor propelling the sector forward is the increasing acceptance of pre-engineered metal structures and lightweight construction materials to promote energy savings. Another significant motivator is shifting from traditional casting methods to innovative technologies that employ recycled metals. 

New steel materials help to decrease corporate risks associated with subpar welding quality, save building costs, and improve customer safety. Contractors use materials like tubes and cold and hot rolled steel to satisfy construction and safety regulations.

Advanced high-strength steel (AHSS) and innovative steel alloys strike a crucial balance between strength and weight. This is positioning them as favorable materials for electric vehicle manufacturing.

The global push towards renewable energy sources, including wind and solar power, is another prominent factor expected to drive steel demand globally. This is because steel is widely used in constructing wind turbines, solar panels, and supporting structures for renewable energy projects. 

Key Takeaways from the Global Steel Market Report

  • The global steel market will thrive at 4.4% CAGR through 2033.
  • Based on steel type, carbon steel demand is set to rise at 3.8% CAGR.
  • By end use, the building and construction segment is expected to grow at 3.8% CAGR.
  • China is projected to attain a valuation of US$ 794.4 billion by 2033.
  • The United States market size is pegged to reach US$ 271.6 billion by 2033.

"With a global emphasis on sustainable practices and increased investments in key industries, the steel market is well-positioned for substantial growth. As industries worldwide prioritize durability, strength, and eco-friendly solutions in their operations, the demand for steel is projected to surge, creating significant growth opportunities for the global steel market"- says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Who is Winning?

The global steel market is moderately consolidated, with leading players accounting for around 65 to 70% share. Baowu Steel Group Corporation Limited, ArcelorMittal, Nippon Steel Corporation, and Thyssenkrupp AG are the leading manufacturers and suppliers of steel listed in the report.

Key steel companies invest in continuous research to produce improved steel materials and increase their capacity to meet end-user demand. They are also inclined toward adopting strategies to strengthen their footprint, including acquisitions, partnerships, mergers, and facility expansions.

Recent Developments in the Steel Market:

  • In January 2023, Riwald Recycling, a state-of-the-art ferrous scrap metal recycling business based in the Netherlands, was acquired by ArcelorMittal.

Steel Industry Research Report Coverage:

Attribute

Details

Estimated Market Size (2023)

US$ 1,893.9 billion

Projected Market Size (2033)

US$ 2,901.9 billion

Steel Market Anticipated Growth Rate (2023 to 2033)

4.4 %

Historical Data

2018 to 2022

Forecast Period

2023 to 2033

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis

Steel Market Segments Covered

  • Steel Type
  • End Use
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe

  • East Asia
  • South Asia Pacific
  • Middle East
  • Africa

Key Countries Covered

  • United States
  • Canada
  • Mexico
  • Brazil
  • Chile
  • Peru
  • Germany
  • Italy
  • France
  • United States

  • Spain
  • BENELUX
  • Russia
  • Poland
  • Hungary
  • Balkan and Baltics
  • China
  • Japan
  • South Korea
  • India

  • ASEAN
  • ANZ
  • KSA
  • United Arab Emirates
  • Iran
  • Turkiye
  • Egypt
  • Algeria
  • South Africa

Key Companies in Global Steel Industry

  • Baowu Steel Group Corporation Limited
  • ArcelorMittal
  • Nippon Steel Corporation
  • Thyssenkrupp AG
  • Nucor Corporation
  • JFE Steel Corporation

  • Tata Steel Limited
  • Posco International
  • Cleveland-Cliffs Inc
  • EVRAZ Plc
  • Gerdau S.A.
  • Hyundai Steel Co

  • Jiangsu Shagang Group Co., Ltd.
  • United States Steel Corp.
  • Novolipetsk Steel
  • Severstal
  • Steel Authority of India Limited
  • JSW Steel Limited







Understand global, regional, and country-level parameters with growth opportunities, historical data (2018-2022), and forecasts (2023-2033). Buy this report today!

More Insights into the Steel Market Report

In its latest report, Future Market Insights (FMI) offers an unbiased global steel market analysis, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033.

The research study is based on steel type (carbon steel, stainless steel, austenitic stainless steel, alloy steel, tool steel, others), end use (building and construction, automotive, railways, shipbuilding and marine, aerospace, oil and gas and energy, heavy machinery and equipment, consumer appliances, cutting tools and agriculture equipment), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia Pacific, Middle East, Africa)

About Future Market Insights – Chemical and Materials

Expert analysis, actionable insights, and strategic recommendations – the chemical and materials team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the chemical and materials industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.  

About the Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore FMI's Extensive Coverage in the Chemical Domain:

  • A Detailed Analysis of the Carbon Steel Market by Low and High Carbon Steel, 2023 to 2033. - Review the report overview and request a complimentary sample report.
  • Analysis of Braze Alloys Market by Copper, Gold, Silver, Aluminum, and Other Product Types, 2023-2033. - Review the report overview and request a complimentary sample report.
  • Market Survey on Aluminum Market Covering Sales Outlook, Up-to-date Key Trends, Market Size and Forecast, Production Capacity, Export and Import Analysis, Regulations, Trade Analysis and Company Analysis, 2023-2033. - Review the report overview and request a complimentary sample report.
  • Market Survey on Aluminum Foil Market Covering Sales Outlook, Up-to-date Key Trends, Market Size and Forecast, Supply and Demand Analysis, Production Capacity, Regulations, Trade Analysis, and Competitor Analysis by Primary and Secondary Packaging Manufacturers, 2023-2033. - Review the report overview and request a complimentary sample report.
  • Analyzing Carbon Steel Demand Outlook in North America by Low Carbon and High Carbon Steel Content, 2023 to 2033. - Review the report overview and request a complimentary sample report.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.

Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact Us
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Logo: https://mma.prnewswire.com/media/1197648/3531122/FMI_Logo.jpg

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