The global market for steel products is expected to register a CAGR of ~2.5%. In terms of volume, the market was pegged at 1,800 million metric tons in 2018. The steel products market is expected to witness moderate growth during the forecast period owing to the healthy growth of various end-use industries, including automotive, electrical & electronics, construction, oil & gas, and shipbuilding. With the growing population, urbanization, and rapid industrialization along with economic growth in developed as well as developing countries is expected to support the growth of the global steel products market during the forecast period.
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The product types analyzed under the scope of the steel products market are structural steel, iron steel wire, ingots and semi-finished material, bars and rods, tubes and pipes, castings & forgings, plates & sheets, and others. The structural steel segment is expected to hold a dominant share of the global steel products market owing to increasing demand in the construction industry across the globe. Tubes & pipes casting & forgings segments are expected to witness healthy growth due to the increasing demand in the oil & gas and automotive industries.
The end-use industries of steel products are construction, automotive, oil & gas, shipbuilding, mechanical equipment, electrical appliances, domestic appliances, and others. The construction segment accounted for over half of the global steel products market in 2018 and is expected to witness moderate growth driving the global market owing to increasing residential construction activities and infrastructure development. The automotive is expected to be the second-largest segment for steel products and is expected to be the fastest-growing during the forecast period. The high growth of the segment is attributed to increasing automobile production in countries such as China, India, Brazil, the US, and ASEAN.
The global steel products market, by region, has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is estimated to dominate the global market in 2018, led by India and China. The region is expected to showcase significant growth during the forecast period owing to increasing automobile production, expanding construction industry, urbanization, and industrialization. The North American and European markets are expected to witness moderate growth during the forecast period driven by increasing demand in the construction and automotive industries. The markets in Latin America and the Middle East and Africa are expected to exhibit considerable growth during the review period owing to the expanding end-use industries in the regions.
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Some of the key players operating in the global steel products market are Shangang Group (China), ArcelorMittal (Luxembourg), China Baowu Group (China), POSCO (South Korea), Tata Steel Group (India), NSSMC Group (Japan), Thyssenkrup (Germany), HBIS Group (China), Hyundai Steel Company (South Korea), China Steel Corporation (Taiwan), Nucor Corporation (US), JSW Steel Limited (India), JIANLONG GROUP (China), Maanshan Steel (China), and others