Steel Products Global Market Report 2022

Steel Products Global Market Report 2022

  • May 2022 •
  • 300 pages •
  • Report ID: 6282178 •
  • Format: PDF
Major companies in the steel products market include Angang Steel Company Limited, Steel Authority of India Limited, SSAB AB, Nucor Corp, Compagnie de Saint-Gobain S.A, Nippon Steel & Sumitomo Metal Corporation, Kobe Steel Ltd, Vallourec SA, Voestalpine AG, and Mechel PAO.

The global steel products market is expected to grow from $401.4 billion in 2021 to $434.27 billion in 2022 at a compound annual growth rate (CAGR) of 8.2%. The market is expected to grow to $580.08 billion in 2026 at a CAGR of 7.5%.

The steel products market consists of sales of steel products by entities (organizations, sole traders and partnerships) that produce steel products iron and steel, shapes are drawn through rolling or drawing of purchased iron or steel and draw steel wire.

The main types of steel products are rolled and drawn steel, iron and steel pipe and tube.The rolled and drawn steel refer refers to the steel that is rolled out in metal casting.

The different product types include flat steel, long steel, tubular steel, steel pipes, and steel tubes and are used in construction, automotive, energy, packaging, and other applications.

The Asia Pacific was the largest region in the steel products market in 2021.Western Europe was the second-largest region in the steel products market.

The regions covered in the steel products report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Rapidly growing urban populations are expected to drive the demand for steel products in the forecast period.A large number of people living in rural areas are migrating to urban areas in search of a better life.

This is expected to increase the need for housing and infrastructure.Infrastructure demand is expected to increase significantly in Asian countries such as China, India, Vietnam and the Philippines.

According to the World Urbanization Prospects Report by the United Nations, 55% of the world’s population lived in urban areas and the rate is expected to rise to 68% by 2050. According to the World Bank, the urban population in South Asia grew by 130 million and is expected to grow to 250 million by 2030.

The steel product manufacturing industry is being restrained by the rise in power tariffs.Globally, there are movements to increase the use of alternative sources of electric power such as solar, wind, and nuclear power.

Initiatives by non-governmental organizations (NGOs), multilateral organizations and many governments to increase the production and use of alternative sources of power and other economic factors cause a rise in overall power tariffs affecting different industries. The steel goods industry is an energy-intensive industry, and a rise in the power tariffs increases the production costs, affecting the steel product manufacturing market.

Metal manufacturing companies are increasing R&D expenditure to launch new product lines.They are launching advanced products such as ultra-light alloys as opposed to commodities.

For instance, according to the Ministry of Science and Technology, research and development report 2019-20, the national investment in R&D activities attained a level of Rs. 1,23,847.71 crore in 2019. Thus, the introduction of new product lines through increased R&D spending is a significant trend in the metal manufacturing industry.

The countries covered in the steel products market include Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, Ukraine, USA, Vietnam.