Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for marketing & advertising industry professionals · Friday, March 29, 2024 · 699,715,410 Articles · 3+ Million Readers

Steel Market estimated to be US$ 2.11 billion by 2030 with a CAGR of 3.0% - BY PMI

Steel Market - PMI

Steel Market - PMI

The report “Steel Market, By Type, By Production Methods, By Applications - Trends, Analysis and Forecast till 2030’’

COVINA , CALIFORNIA, UNITED STATES, March 28, 2023 /EINPresswire.com/ -- According to the latest research study, the demand of Steel Market accounted for US$ 1.65 billion metric ton in 2020 and is estimated to be US$ 2.11 billion metric ton by 2030 and is anticipated to register a CAGR of 3.0%.

The steel market is a global industry that involves the production and sale of steel, a versatile and widely used metal that is essential for infrastructure, construction, manufacturing, and many other applications. The steel industry is highly competitive and influenced by various factors including supply and demand, raw material costs, government policies, and economic conditions. The steel market can experience fluctuations in prices and demand, with periods of growth and decline. During times of growth, steel prices increase, and there is a high demand for steel products. Conversely, during times of decline, steel prices decrease, and there is a low demand for steel products.

Steel is an important commodity for many industries, including automotive, construction, energy, and manufacturing. The steel market provides opportunities for producers and traders to generate revenue and for consumers to purchase steel products for their needs. The steel industry involves various professionals, including producers, distributors, and traders, who assist buyers and sellers in navigating the market. The industry is also subject to regulations and policies, such as tariffs and trade agreements, which can impact prices and market conditions.

Report Metrics:

Report Attribute - Details
Market Size - US$ 1.65 billion
CAGR – 3.0%
Base Year - 2020
Forecast Period – 2020 - 2030

Request Sample Pages:
https://www.prophecymarketinsights.com/market_insight/Insight/request-sample/3924

Key Highlights:

• Dec 31, 2019, Government aims to reduce imports in steel industry hopes because the domestic market face with surge in imports, increased dependence on imported coking coal from select countries, therefore the steel ministry will be focusing on managing availability of iron ore as leases of a clutch of mines are scheduled to expire in March next year.
• Jul 02, 2019, Posco Steel India has signed a memorandum of understanding with Essar to buy 1 million tons hot rolled products worth close to Rs 5,000 crore.
• In July 2020 Merger of Nippon Steel Coated Sheet Corporation and Nippon Steel Nisshin A&C Co., Ltd. Nippon Steel Nisshin Co. Ltd. ("NSN") to strengthen the competitiveness of the NSC Group's exterior building material steel sheet business.

Key Market Insights from the report:

Steel market accounted for US$ 1.65 billion in 2020 and is projected to register a moderate CAGR of 3.0% over the forecast period. The market report has been segmented based on body type and region.

• By type, the steel market is classified into steel, alloy steel, stainless steel, tool steel and other steel types.
• By Production methods, the steel market is classified in to blast furnace-basic oxygen furnace (BF-FOF), electric arc furnace (EAF) and others
• By Applications, the steel market is classified into the automotive industry, construction industry, mining equipment industry, aviation & marine industry
• By Region, Asia Pacific is expected to dominate the target market, owing to the presence of emerging countries in the region such as India & China. Additionally the increasing production and export of steel in various countries in the region drive the steel market growth.

Download PDF Brochure:
https://www.prophecymarketinsights.com/market_insight/Insight/request-pdf/3924

Competitive Analysis:

The prominent player operating in the global Steel market includes ArcelorMittal, POSCO, SHAGANG GROUP Inc, NIPPON STEEL and SUMITOMO METAL CORPORATION, China BaoWu Steel Group Corporation Limited, HBIS GROUP, Tata Steel, Nucor, HYUNDAI STEEL, ChinaSteel, Maanshan Iron and Steel Company Limited, ThyssenKrupp AG, JFE Steel Corporation, JSW, and JIANLONG GROUP among others. The key players in the market are focusing on the various agreement and mutual understanding and acquisition strategy.

Request For 20% Discount:
https://www.prophecymarketinsights.com/market_insight/Insight/request-discount/3924

Drivers and Restrains of Steel Market:

For companies and organizations looking to comprehend their clients, rivals, and the larger market, market research is a crucial instrument. Nonetheless, the market research sector is vulnerable to a variety of factors and restraints that can have an impact on its growth and development, just like any other business.

Drivers:
• Infrastructure and construction: Steel is a primary material used in the construction of infrastructure and buildings, and therefore, demand for steel increases when there is a rise in construction and infrastructure projects.
• Manufacturing and industrial production: Steel is used in the manufacturing of various products, including automobiles, appliances, and machinery, which leads to increased demand for steel when manufacturing production is on the rise.
• Economic growth: Strong economic growth can lead to increased demand for steel as industries expand, and infrastructure projects increase.
• Urbanization: The growth of urban areas and population can lead to increased demand for steel in construction projects.
• Government policies: Government policies such as infrastructure spending, trade agreements, and tariffs can influence the demand and supply of steel.

Restrains:
• Economic downturns: Economic downturns can lead to decreased demand for steel as construction and manufacturing activities slow down.
• Raw material costs: The cost of raw materials, such as iron ore and coal, can impact the cost of producing steel and therefore, affect steel prices and demand.
• Environmental regulations: Regulations regarding pollution and emissions can increase production costs for steel producers.
• Competition from alternative materials: Competition from alternative materials such as aluminum, plastics, and composites can negatively impact the demand for steel in some industries.
• Overcapacity: Overcapacity in the steel industry can lead to oversupply and decreased prices, negatively impacting the profitability of steel producers.

Key Reasons to Purchase:

1. Industry insights: A report on the steel market can provide valuable insights into the current state of the industry, including market size, growth potential, and major players.
2. Market analysis: A report on the steel market can provide an in-depth analysis of the market's drivers, restraints, opportunities, and challenges, helping individuals and businesses make informed decisions about investments and business strategies.
3. Competitive analysis: A report on the steel market can provide a competitive analysis of key players in the industry, including their market share, strategies, and strengths and weaknesses.
4. Forecasting: A report on the steel market can provide a forecast of future market trends, allowing individuals and businesses to plan and prepare for changes in the market.
5. Strategic planning: A report on the steel market can provide valuable information for strategic planning, including identifying opportunities for growth, market gaps, and potential threats to the industry. This information can help individuals and businesses develop effective business strategies to succeed in the market.

For people who want to learn more about a topic, industry, or market and who appreciate the knowledge and expertise offered by a thorough, well-researched paper, purchasing a report may generally be a reasonable investment.

Other Trending Reports:

High Strength Steel Market - By Grade (Dual Phase (DP), Complex Phase (CP), Transformation-induced plasticity (TRIP), Twining-induced plasticity (TWIP), other), By End User (Automotive, Aerospace & Defence, and Construction) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Trends, Analysis and Forecast till 2030

Wear Resistant Steel Market - By Product (High Manganese Steel, Middle and Low Alloy Wear Resistant Steel, Erosion Corrosion Resistant Steel, Special Wear Resistant Steel, and Others), By Application (Mining Machinery, Construction Machinery, Transportation, Engineering Machinery, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029

About Prophecy Market Insights

Prophecy Market Insights is specialized market research, analytics, marketing/business strategy, and solutions that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome them and transform their business.

Shweta Raskar
Prophecy Market Insights
+1 860-531-2574
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
YouTube

Powered by EIN Presswire
Distribution channels: Media, Advertising & PR


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release