New York, October 18, 2021 (GLOBE NEWSWIRE) – Steel Market Overview: According to the Comprehensive Research Report of Market Research Future (MRFR), “Steel Market Research Report, By Type, Product, Application and Region-Forecast to 2028″ By 2028, the market size is expected to reach 1.43 trillion U.S. dollars, with a compound annual growth rate of 3.47% during the forecast period (2021-2028).
Leading companies in the steel market are adopting a number of new strategies such as expansion, acquisition, product development and innovation to expand their business. The company profile in the steel market research report is as follows:
According to the MRFR report on the steel market, by 2028, the market is expected to be worth 1.43 trillion U.S. dollars, with a compound annual growth rate of 3.47% during the forecast period (2021-2028).
Steel is an alloy made by combining its important components with iron and various elements.The growth of the market is supported by factors such as increasing adoption of steel and increased infrastructure activity in many end-user industries.
The growing demand in the construction industry has mainly driven the growth of the global steel market.With the development of global construction activities, the steel market is expected to grow rapidly within the review period.In addition, rapid urbanization and the rise of government initiatives such as the Telemedicine Network Grant Program (TNGP) and Manufacturing Promotion Partnership (MEP) are also expected to promote market growth in the coming years.In addition, the growth of investment in infrastructure development in many regions of the world may drive market growth during the review period.
However, rising steel prices are expected to be one of the main factors constraining the growth of the steel market.
Given the weakening demand and the short-term closure of manufacturing facilities, the COVID-19 outbreak has had a significant impact on the global steel market.Even now, as the global economy is trying to get back on track, some market participants are also focusing on strengthening the supply chain and fast-tracking business to curb further losses.
The structural steel segment dominated the steel market with the largest market share in 2017, and the compound annual growth rate during the assessment period was 3.15%.The growth in this sector is mainly due to the increase in the adoption rate of construction applications.Among them, the flat steel segment recorded the largest market share in 2019 and is expected to maintain its dominant position during the review period, with a compound annual growth rate of 2.5%.Their increasing popularity is driving the growth of this market segment in applications such as packaging, electrical appliances, heavy machinery, construction, pipes and pipes.The building and construction sector had the largest market share in 2019, with a sector valuation of US$417.3 billion.The growth of residential construction activity is the main factor driving the growth of this sector on a global scale.
The Asia-Pacific region ranked first in the global steel market in 2019 and is expected to experience a considerable growth rate of 3.09% during the review period.It is estimated that by the end of 2027, the valuation of this market will reach 651.5 billion US dollars.The growth of the regional market is driven by factors such as the growth of the electrical appliance market, the growth of automobile production, and the rising demand for construction and infrastructure development.
The European region ranked second in the global steel market in 2019 and is expected to grow at a compound annual growth rate of 2.30% during the evaluation period.Germany is expected to promote the growth of the regional market within the review period.In addition, it is expected that the increase in infrastructure construction spending in China and Europe will also promote market growth in the next few years.The Middle East and Africa have recently shown a gradual growth trend.It is estimated that by 2027, the regional market will reach 74.8 billion U.S. dollars.The growth of the regional market is driven by factors such as the rapid industrialization of North African countries and the expansion of the construction industry in the Middle East.
Steel market: information and Africa by type (flat steel and long steel), product (structural steel, prestressed steel), application (building and construction, automotive, electrical appliances) and region (Asia Pacific, Europe, North America, Latin America and the Middle East) )-Forecast to 2028
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