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Steel Market by End-user, Type, and Geography - Forecast and Analysis 2023-2027

  • Published: Jan 2023
  • Pages: 171
  • SKU: IRTNTR70908
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The steel market is estimated to grow at a CAGR of 2.17% between 2022 and 2027. The size of the market is forecast to increase by 207.46 million t. The growth of the market depends on serval factors, including an upsurge in consumption of high-strength steel, corrosion resistance and excellent mechanical properties, and growing demand from the construction industry. 

This report extensively covers market segmentation by end-user (construction, machinery, transportation, metal goods, and others), type (flat steel and long steel), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report consists of historic market data from 2017 to 2021.

What will be the size of the Steel Market During the Forecast Period?

Steel Market Size

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Parent Market Analysis

Technavio categorizes the global steel market as a part of the global diversified metals and mining market within the global materials market. The global diversified metals and mining market covers companies engaged in the production or extraction of metals and minerals such as non-ferrous metals (except bauxite), salt and borate, phosphate rock, and diversified metal mining operations. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Steel Market: Key Drivers, Trends, Challenges, and Customer Landscape

The upsurge in consumption of high-strength steel is notably driving the market growth, although factors such as increasing technological developments in the global steel market may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Steel Market Driver

The upsurge in consumption of high-strength steel is notably driving the market growth. The consumption of high-strength stainless steel is gaining pace in architectural, industrial, and consumer applications due to its high strength at both room and high temperatures. The increased use of high-strength stainless steel has been due to its superior qualities, such as affordable cost and high strength-to-weight ratio. Factors such as strategic positioning and broadened product portfolios will augment the sales of high-strength stainless steel during the forecast period. 

High-strength steel has a high strain-hardening ability and offers a superior combination of ductility and strength. Some other benefits are fast hardening rates, high weldability, increased malleability, and a high ability to endure stress. The increased demand for high-strength stainless steel is due to the increasing focus of the automotive industry on minimizing the weight of automobiles while meeting important criteria, including stiffness, forming requirements, and crash performance. The increased focus of the steel and automotive industries on developing environment-friendly vehicles is also driving the use of high-strength steel. Hence, such factors will drive the growth of the global market during the forecast period. 

Significant Steel Market Trend

The expansion of production capacity by vendors is an emerging trend in the market. Steel is one of the commonly used metals in industrial applications due to its durability, yield strength, and resistance to corrosion. It is widely consumed in the mining and quarrying, chemicals, petrochemicals, electrical engineering, power generation, and food and beverage industries. Additives such as nickel, chromium, and manganese provide corrosion resistance and strength to stainless steel. They also provide resistance to mechanical damage. 

Steel is used in many industrial applications for the storage and conveyance of liquid, air, and gas. Steel products offer high strength, formability, and recyclability. Superior mechanical and corrosion resistance properties of steel are driving its use in industrial applications. Therefore, owing to the high demand for steel in industrial applications, vendors operating in the market have been expanding their production capacity. For instance, in August 2021, Ansteel and Ben Gang Group Corp. (Ben Gang Group) merged and became the world's third-largest steelmaker. After the merger, Ansteel will have an annual production capacity of 63 million tonnes of crude steel. The company also targeted to make 70 million tonnes of crude steel annually by 2025. Thus, owing to the increasing demand for steel from various industries and the expansion of vendors' production capacity, it is anticipated that the market in focus will grow during the forecast period.

Major Steel Market Challenge

Increasing technological developments in the global steel market are major challenges impeding the market. The development of breakthrough technologies is crucial in the global market to reduce CO2 emissions from steel production plants. To address the problem of increasing CO2 emissions, several promising projects are being developed around the world, a few of which are in their early stages, while others are in the pilot or demonstration phase.

Carbon capture and storage is one example of such a project. It can help in generating, capturing, and storing a clean and concentrated CO2 stream. The introduction of this technology in the steel industry will require the retrofitting of steel plants with capture technology, the development of transportation networks, and access to storage sites. Furthermore, electrolysis is another significant example. This technology involves the reduction of iron ore using electricity. The use of electric arc furnaces instead of blast furnaces will significantly reduce CO2 emissions. Hence, technological advancements like these will likely hinder the global market in focus during the forecast period. 

Key Steel Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Steel Market Share by Geography

Global Steel Market Customer Landscape

Who are the Major Steel Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Ansteel Group Corp. Ltd. - The company operates under one segment. The company under this segment offers steel production, mining, ore dressing, sintering, ironmaking, steelmaking, rolling, coking and utility, and transportation products. The key offerings of the company include steel such as bridge steel, automotive steel, and others. 

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

  • ArcelorMittal SA
  • Baosteel Group Corp.
  • Beijing Jianlong Heavy Industry Group Co. Ltd.
  • Beijing Shougang Co. Ltd.
  • China Baowu Steel Group Corp. Ltd.
  • HBIS Group Co. Ltd.
  • Hebei Jingye Group
  • Hyundai Steel Co.
  • JFE Holdings Inc.
  • JSW STEEL Ltd.
  • Liuzhou Iron and Steel Co. Ltd.
  • Nippon Steel Corp.
  • NLMK Group
  • Nucor Corp.
  • Shagang Group Inc.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, robust, tentative, and weak.

What is the Fastest-Growing Segment in the Steel Market?

The market share growth by the construction segment will be significant during the forecast period. The development of high-rise buildings, tech parks, roads, highways, and bridges across the world drives the growth of the global market. 

Steel Market Size

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The construction segment was valued at USD 805.12 million t in 2017 and continued to grow until 2021Owing to its high strength and ductility, steel is extensively used in the construction industry. It is typically used in manufacturing beams for structural frameworks, rectangular tubing for welded frames, and high-strength plates for highways and bridges. It is also used in manufacturing rebars and hollow structural sections. Moreover, steel is used in handrails, culverts, columns, pilings, fences, caissons, and sign poles. Factors such as durability, strength, economical nature, and suitability for long-term weather exposures increase the demand for steel in the construction sector. Furthermore, rapid industrialization and growing residential planning in countries such as the US, the UK, Germany, China, and India are expected to create new opportunities in the construction segment. Improvements in the global economy have driven the construction of several healthcare, education, and social facilities. Moreover, the growing population, the rising demand for better infrastructure, and improving architectural practices are also expected to boost the global construction industry, which, in turn, will propel the growth of the market during the forecast period.

Which are the Key Regions for the Steel Market?

Steel Market Share by Geography

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APAC is estimated to contribute 76% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

The demand for steel is expected to grow at a steady rate, owing to rapid industrialization and infrastructural developments in the region. In countries such as Indonesia, South Korea, and India, several industrial, commercial, and residential projects are under development. Furthermore, rising government initiatives by various countries are expected to propel the demand for steel, which, in turn, will fuel the growth of the market in APAC. For example, in July 2020, Indonesia announced it to invest more than USD 430 billion in infrastructure development by 2024. Such developments will fuel the demand for steel during the forecast period. 

China is looking to consolidate its steel industry to have a greater influence on the formation of prices of raw materials and finished steel. With the consolidation of the steel industry, companies will be able to better control the rising costs of environmental protection arising from China's ambitions for decarbonization. In November 2022, Baowu received approval from the State Assets Supervision and Administration Commission to acquire a 51% stake in Xinyu Iron & Steel Group in Jiangxi Province. Thus, the consolidation of the steel industry in China will leverage the market in focus during the forecast period.

In 2020, the outbreak of COVID-19 negatively affected the growth of the market. However, the region entered a recovery phase in 2021, owing to the mass vaccination drives and ease of lockdown measures. Additionally, the region has been experiencing developments to increase the production of steel. Hence, such factors will contribute to the growth of the regional market during the forecast period. 

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027. 

  • End-user Outlook (Million T, 2017 - 2027)
    • Construction
    • Machinery
    • Transportation
    • Metal Goods
    • Others
  • Type Outlook (USD Million T, 2017 - 2027)
    • Flat steel
    • Long steel
  • Region Outlook (USD Million T, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa
    • South America
      • Chile
      • Brazil
      • Argentina

Steel Market Scope

Report Coverage

Details

Page number

171

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 2.17%

Market growth 2023-2027

207.46 mn t

Market structure

Fragmented

YoY growth 2022-2023(%)

1.78

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 76%

Key countries

US, China, India, Japan, and Russia

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Ansteel Group Corp. Ltd., ArcelorMittal SA, Baosteel Group Corp., Beijing Jianlong Heavy Industry Group Co. Ltd., Beijing Shougang Co. Ltd., China Baowu Steel Group Corp. Ltd., HBIS Group Co. Ltd., Hebei Jingye Group, Hyundai Steel Co., JFE Holdings Inc., JSW STEEL Ltd., Liuzhou Iron and Steel Co. Ltd., Nippon Steel Corp., NLMK Group, Nucor Corp., POSCO holdings Inc., Shagang Group Inc., Steel Authority of India Ltd., Tata Steel Ltd., and Benxi Steel Group Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. 

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Steel Market Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the steel market between 2023 and 2027
  • Precise estimation of the steel market size and its contribution to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the industry across APAC, Europe, North America, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of steel market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (million t)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (million t)
      • Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global steel market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on Global steel market 2017 - 2021 (million t)
    • 4.2 End-user Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 (million t)
    • 4.3 Type Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 (million t)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (million t)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (million t)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by End-user

    • 6.1 Market segments
      • Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)
    • 6.2 Comparison by End-user
      • Exhibit 32: Chart on Comparison by End-user
      • Exhibit 33: Data Table on Comparison by End-user
    • 6.3 Construction - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Construction - Market size and forecast 2022-2027 (million t)
      • Exhibit 35: Data Table on Construction - Market size and forecast 2022-2027 (million t)
      • Exhibit 36: Chart on Construction - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Construction - Year-over-year growth 2022-2027 (%)
    • 6.4 Machinery - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Machinery - Market size and forecast 2022-2027 (million t)
      • Exhibit 39: Data Table on Machinery - Market size and forecast 2022-2027 (million t)
      • Exhibit 40: Chart on Machinery - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Machinery - Year-over-year growth 2022-2027 (%)
    • 6.5 Transportation - Market size and forecast 2022-2027
      • Exhibit 42: Chart on Transportation - Market size and forecast 2022-2027 (million t)
      • Exhibit 43: Data Table on Transportation - Market size and forecast 2022-2027 (million t)
      • Exhibit 44: Chart on Transportation - Year-over-year growth 2022-2027 (%)
      • Exhibit 45: Data Table on Transportation - Year-over-year growth 2022-2027 (%)
    • 6.6 Metal Goods - Market size and forecast 2022-2027
      • Exhibit 46: Chart on Metal Goods - Market size and forecast 2022-2027 (million t)
      • Exhibit 47: Data Table on Metal Goods - Market size and forecast 2022-2027 (million t)
      • Exhibit 48: Chart on Metal Goods - Year-over-year growth 2022-2027 (%)
      • Exhibit 49: Data Table on Metal Goods - Year-over-year growth 2022-2027 (%)
    • 6.7 Others - Market size and forecast 2022-2027
      • Exhibit 50: Chart on Others - Market size and forecast 2022-2027 (million t)
      • Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 (million t)
      • Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%)
      • Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%)
    • 6.8 Market opportunity by End-user
      • Exhibit 54: Market opportunity by End-user (million t)

    7 Market Segmentation by Type

    • 7.1 Market segments
      • Exhibit 55: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 56: Data Table on Type - Market share 2022-2027 (%)
    • 7.2 Comparison by Type
      • Exhibit 57: Chart on Comparison by Type
      • Exhibit 58: Data Table on Comparison by Type
    • 7.3 Flat steel - Market size and forecast 2022-2027
      • Exhibit 59: Chart on Flat steel - Market size and forecast 2022-2027 (million t)
      • Exhibit 60: Data Table on Flat steel - Market size and forecast 2022-2027 (million t)
      • Exhibit 61: Chart on Flat steel - Year-over-year growth 2022-2027 (%)
      • Exhibit 62: Data Table on Flat steel - Year-over-year growth 2022-2027 (%)
    • 7.4 Long steel - Market size and forecast 2022-2027
      • Exhibit 63: Chart on Long steel - Market size and forecast 2022-2027 (million t)
      • Exhibit 64: Data Table on Long steel - Market size and forecast 2022-2027 (million t)
      • Exhibit 65: Chart on Long steel - Year-over-year growth 2022-2027 (%)
      • Exhibit 66: Data Table on Long steel - Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by Type
      • Exhibit 67: Market opportunity by Type (million t)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 69: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 70: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 71: Chart on Geographic comparison
      • Exhibit 72: Data Table on Geographic comparison
    • 9.3 APAC - Market size and forecast 2022-2027
      • Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 (million t)
      • Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 (million t)
      • Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.4 Europe - Market size and forecast 2022-2027
      • Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 (million t)
      • Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 (million t)
      • Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.5 North America - Market size and forecast 2022-2027
      • Exhibit 81: Chart on North America - Market size and forecast 2022-2027 (million t)
      • Exhibit 82: Data Table on North America - Market size and forecast 2022-2027 (million t)
      • Exhibit 83: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 84: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.6 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 (million t)
      • Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (million t)
      • Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.7 South America - Market size and forecast 2022-2027
      • Exhibit 89: Chart on South America - Market size and forecast 2022-2027 (million t)
      • Exhibit 90: Data Table on South America - Market size and forecast 2022-2027 (million t)
      • Exhibit 91: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 92: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.8 China - Market size and forecast 2022-2027
      • Exhibit 93: Chart on China - Market size and forecast 2022-2027 (million t)
      • Exhibit 94: Data Table on China - Market size and forecast 2022-2027 (million t)
      • Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.9 India - Market size and forecast 2022-2027
      • Exhibit 97: Chart on India - Market size and forecast 2022-2027 (million t)
      • Exhibit 98: Data Table on India - Market size and forecast 2022-2027 (million t)
      • Exhibit 99: Chart on India - Year-over-year growth 2022-2027 (%)
      • Exhibit 100: Data Table on India - Year-over-year growth 2022-2027 (%)
    • 9.10 Japan - Market size and forecast 2022-2027
      • Exhibit 101: Chart on Japan - Market size and forecast 2022-2027 (million t)
      • Exhibit 102: Data Table on Japan - Market size and forecast 2022-2027 (million t)
      • Exhibit 103: Chart on Japan - Year-over-year growth 2022-2027 (%)
      • Exhibit 104: Data Table on Japan - Year-over-year growth 2022-2027 (%)
    • 9.11 US - Market size and forecast 2022-2027
      • Exhibit 105: Chart on US - Market size and forecast 2022-2027 (million t)
      • Exhibit 106: Data Table on US - Market size and forecast 2022-2027 (million t)
      • Exhibit 107: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 108: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.12 Russia - Market size and forecast 2022-2027
      • Exhibit 109: Chart on Russia - Market size and forecast 2022-2027 (million t)
      • Exhibit 110: Data Table on Russia - Market size and forecast 2022-2027 (million t)
      • Exhibit 111: Chart on Russia - Year-over-year growth 2022-2027 (%)
      • Exhibit 112: Data Table on Russia - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 113: Market opportunity by geography (million t)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 114: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 115: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 116: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 117: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 118: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 119: Matrix on vendor position and classification
            • 12.3 Ansteel Group Corp. Ltd.
              • Exhibit 120: Ansteel Group Corp. Ltd. - Overview
              • Exhibit 121: Ansteel Group Corp. Ltd. - Product / Service
              • Exhibit 122: Ansteel Group Corp. Ltd. - Key offerings
            • 12.4 ArcelorMittal SA
              • Exhibit 123: ArcelorMittal SA - Overview
              • Exhibit 124: ArcelorMittal SA - Business segments
              • Exhibit 125: ArcelorMittal SA - Key news
              • Exhibit 126: ArcelorMittal SA - Key offerings
              • Exhibit 127: ArcelorMittal SA - Segment focus
            • 12.5 Baosteel Group Corp.
              • Exhibit 128: Baosteel Group Corp. - Overview
              • Exhibit 129: Baosteel Group Corp. - Product / Service
              • Exhibit 130: Baosteel Group Corp. - Key offerings
            • 12.6 Beijing Jianlong Heavy Industry Group Co. Ltd.
              • Exhibit 131: Beijing Jianlong Heavy Industry Group Co. Ltd. - Overview
              • Exhibit 132: Beijing Jianlong Heavy Industry Group Co. Ltd. - Product / Service
              • Exhibit 133: Beijing Jianlong Heavy Industry Group Co. Ltd. - Key offerings
            • 12.7 Benxi Steel Group Co. Ltd.
              • Exhibit 134: Benxi Steel Group Co. Ltd. - Overview
              • Exhibit 135: Benxi Steel Group Co. Ltd. - Product / Service
              • Exhibit 136: Benxi Steel Group Co. Ltd. - Key offerings
            • 12.8 China Baowu Steel Group Corp. Ltd.
              • Exhibit 137: China Baowu Steel Group Corp. Ltd. - Overview
              • Exhibit 138: China Baowu Steel Group Corp. Ltd. - Product / Service
              • Exhibit 139: China Baowu Steel Group Corp. Ltd. - Key offerings
            • 12.9 HBIS Group Co. Ltd.
              • Exhibit 140: HBIS Group Co. Ltd. - Overview
              • Exhibit 141: HBIS Group Co. Ltd. - Product / Service
              • Exhibit 142: HBIS Group Co. Ltd. - Key offerings
            • 12.10 Hebei Jingye Group
              • Exhibit 143: Hebei Jingye Group - Overview
              • Exhibit 144: Hebei Jingye Group - Product / Service
              • Exhibit 145: Hebei Jingye Group - Key offerings
            • 12.11 Hyundai Steel Co.
              • Exhibit 146: Hyundai Steel Co. - Overview
              • Exhibit 147: Hyundai Steel Co. - Product / Service
              • Exhibit 148: Hyundai Steel Co. - Key offerings
            • 12.12 JFE Holdings Inc.
              • Exhibit 149: JFE Holdings Inc. - Overview
              • Exhibit 150: JFE Holdings Inc. - Business segments
              • Exhibit 151: JFE Holdings Inc. - Key news
              • Exhibit 152: JFE Holdings Inc. - Key offerings
              • Exhibit 153: JFE Holdings Inc. - Segment focus
            • 12.13 JSW STEEL Ltd.
              • Exhibit 154: JSW STEEL Ltd. - Overview
              • Exhibit 155: JSW STEEL Ltd. - Product / Service
              • Exhibit 156: JSW STEEL Ltd. - Key offerings
            • 12.14 Liuzhou Iron and Steel Co. Ltd.
              • Exhibit 157: Liuzhou Iron and Steel Co. Ltd. - Overview
              • Exhibit 158: Liuzhou Iron and Steel Co. Ltd. - Product / Service
              • Exhibit 159: Liuzhou Iron and Steel Co. Ltd. - Key offerings
            • 12.15 Nippon Steel Corp.
              • Exhibit 160: Nippon Steel Corp. - Overview
              • Exhibit 161: Nippon Steel Corp. - Business segments
              • Exhibit 162: Nippon Steel Corp. - Key offerings
              • Exhibit 163: Nippon Steel Corp. - Segment focus
            • 12.16 NLMK Group
              • Exhibit 164: NLMK Group - Overview
              • Exhibit 165: NLMK Group - Business segments
              • Exhibit 166: NLMK Group - Key offerings
              • Exhibit 167: NLMK Group - Segment focus
            • 12.17 Nucor Corp.
              • Exhibit 168: Nucor Corp. - Overview
              • Exhibit 169: Nucor Corp. - Business segments
              • Exhibit 170: Nucor Corp. - Key news
              • Exhibit 171: Nucor Corp. - Key offerings
              • Exhibit 172: Nucor Corp. - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 173: Inclusions checklist
                • Exhibit 174: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 175: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 176: Research methodology
                • Exhibit 177: Validation techniques employed for market sizing
                • Exhibit 178: Information sources
              • 13.5 List of abbreviations
                • Exhibit 179: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
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              Steel market growth will increase by $207.46 million t during 2023-2027.
              The steel market is expected to grow at a CAGR of 2.17% during 2023-2027.
              Technavio has segmented the steel market by end-user (Construction, Machinery, Transportation, Metal Goods, and Others) ,type (Flat steel, Long steel, North America, MEA, and South America) , and geography (APAC, Europe, North America, Middle East and Africa, and South America).
              Ansteel Group Corp. Ltd., ArcelorMittal SA, Baosteel Group Corp., Beijing Jianlong Heavy Industry Group Co. Ltd., Beijing Shougang Co. Ltd., China Baowu Steel Group Corp. Ltd., HBIS Group Co. Ltd., Hebei Jingye Group, Hyundai Steel Co., JFE Holdings Inc., JSW STEEL Ltd., Liuzhou Iron and Steel Co. Ltd., Nippon Steel Corp., NLMK Group, Nucor Corp., POSCO holdings Inc., Shagang Group Inc., Steel Authority of India Ltd., Tata Steel Ltd., Benxi Steel Group Co. Ltd. are a few of the key vendors in the steel market.
              APAC will register the highest growth rate of 75.67% among the other regions. Therefore, the steel market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              • US
              • China
              • India
              • Japan
              • Russia
              The key factors driving the steel market growth are:
              • Upsurge in consumption of high-strength steel
              • Growing demand for steel and stainless steel scrap
              The steel market vendors should focus on grabbing business opportunities from the construction segment as it accounted for the largest market share in the base year.
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