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Report Overview
The global steel market size reached around 1,799.6 MMT in 2023. The market is projected to grow at a CAGR of 1.63% between 2024 and 2032 to reach a volume of nearly 2,086.8 MMT by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Leading Companies in the Steel Market
The companies specialise in producing and selling steel products such as billets, cold rolled sheets, colour coating plates, wire rods, thick plates, and heavy rails., and focuses on new materials, new energy, new processes, and green low-carbon manufacturing.
- ArcelorMittal S.A.
- Ansteel Group Corporation Limited
- Nippon Steel Corporation
- HBIS Group Co., Ltd.
- Jiangsu Shagang Group
- POSCO Holding Inc.
- JFE Steel Corporation
- Tata Steel Limited
- Hyundai Steel Co., Ltd
- China Baowu Steel Group Corporation
- Others
Steel Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global steel market attained a volume of approximately 1,799.6 MMT.
The market is projected to grow at a CAGR of 1.63% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032, reaching a volume of around 2,086.8 MMT by 2032.
The major drivers include the growth in infrastructural activities, construction of railways, ports, roads, airports and housing globally, and recyclability of steel.
The key trends aiding the market include technological developments such as Industry 4.0, digitalisation, automation, and additive manufacturing in steel production and the growing demand for light weighted steel in automotive sector.
The different types of steel include carbon steel, alloy steel, stainless steel, and tool steel.
Based on application, the market is segmented into construction, mechanical engineering, automotive, metalware, domestic appliances, agricultural, and others.
The competitive landscape consists of ArcelorMittal S.A., Ansteel Group Corporation Limited, Nippon Steel Corporation, HBIS Group Co., Ltd., Jiangsu Shagang Group, POSCO Holding Inc., JFE Steel Corporation, Tata Steel Limited, Hyundai Steel Co., Ltd, and China Baowu Steel Group Corporation, among others.
By product, the market is divided into long steel and flat steel.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
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