Latest News- Steel Market: Construction is expected to lead the End-user segment during 2023-2027

The Steel Market is being driven by Upsurge in consumption of high-strength steel

The Steel Market is expected to grow at a CAGR of 2.17% during 2022 and 2027. During this period, the market is also expected to show a growth of 207.46 mn t. In the global steel market, there is a growing trend towards the utilization of scrap steel and stainless steel for sustainable production. Recycling these materials not only enhances the economic viability of the steel industry but also minimizes its environmental impact. By reducing the requirement for iron ore extraction in stainless steel production, significant CO2 emissions are saved, with an average of 2.9 metric tons avoided for every metric ton of scrap steel. This approach also lowers energy and water consumption, as well as air pollution. Consequently, steel and stainless steel scrap have emerged as preferred raw materials for stainless steel producers, who may also utilize them in conjunction with other materials for stainless steel preparation. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Construction
  • Machinery
  • Transportation
  • Metal Goods
  • Others
• Type
  • Flat steel
  • Long steel
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Upsurge in consumption of high-strength steel
• Corrosion resistance and excellent mechanical properties
• Growing demand from the construction industry

However, the market also witnesses some limitations, which are as follows:

• Excess production capacity
• Growing preference for carbon fiber in automotive applications
• Stringent government regulations

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Market Scope in Steel Market Research Report

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Research Analysis Overview

In the dynamic steel market, pre-engineered metal buildings are gaining popularity due to their use of lightweight building materials, leading to energy savings. Traditional casting methods are being replaced by novel technologies, utilizing recycled metals for steel products. Consumer safety, construction costs, and business risks are key considerations for contractors. Tubes, a significant steel product, are in high demand due to rapid urbanization and infrastructure investment. The office market, healthcare, and residential purposes, including multifamily houses and single-family houses in upscale neighborhoods, drive demand. Raw materials like iron ore and coking coal fuel steelmaking, while cold-rolled steel undergoes recrystallization at specific temperatures for a desirable surface finish. Collaborations between industry players and the reduction of carbon dioxide emissions, wastage, and contractor risks are essential in this sector.

Market Research Overview

The Steel Market is a significant segment of the global Diversified Metals and Mining Market, encompassing businesses involved in the production and extraction of steel and related products. This market category includes companies dealing with conventional casting processes and the adoption of novel technologies to manufacture lightweight building materials, pre-engineered metal buildings, and various steel alloys. The integration of recycled metals into the production process is a key trend, contributing to consumer safety, energy savings, and cost reduction. Business risks are mitigated through efficient supply chain management and adherence to industry regulations. The global Diversified Metals and Mining Market, which also covers the production or extraction of non-ferrous metals and diversified mining operations, is projected to grow substantially due to increasing demand for metals in various industries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/