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The global Steel market is forecast to reach USD 1,018.58 Billion by 2027 and will grow at a rate of around 2.3% during the period 2020-2027, according to a new report by Reports and Data. The major factors contributing to this growth is the increase in demand in the construction and aerospace industry. During the period 2020-2027, demand for steel would be majorly driven by growth in the construction and automotive sectors. The alloy in sheet form are used in automotive applications, and beams and pillars are extensively used in construction works. Thus the combination of both would majorly contribute to the global demand for steel in the forecast period.The COVID-19 impact:
As the COVID-19 crisis grows, major players in the industry are trying to reanalyze their strategies and trying to sustain in such a difficult situation. Industry players are trying to find a balance between exports and imports and are focusing on exports until domestic demand starts to grow once again. Covid-19 has seriously affected sectors like construction and automobile, which drive demand for the alloy. The companies are aiming to limit their productions and trying to cater to customers by utilizing their inventory.
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In market segmentation by manufacturers, the report covers the following companies-
ArcelorMittal, NSSMC, Hebei Iron and Steel Group, Baosteel, Wuhan Iron and Steel Group, Posco, Jiangsu Shagang, Tata Steel Group, Hyundai Steel Company and JFE Steel Corporation.
For the purpose of this report, Reports and Data have segmented into the Steel market on the basis of types, products, application type and region:
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2027)
• Carbon Steel
• Alloy Steel
• Stainless Steel
• Tool Steel
Product Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2027)
• Structural steel products
• Shipbuilding
• Pipes
• Petrochemical Wells
• Wires
• Fittings
• Kitchen Appliances
• Furniture
• Rods
• Escalator
Application Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2027)
• Infrastructure and Construction
• Equipment
• Automobile Sector
• Domestic and Electric Appliances
• Defense
Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Europe
• Asia Pacific
• MEA
• Latin America
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Further key findings from the report suggest
• Consumption of structural steel would be the highest during 2020-27 with a CAGR of 2.5% due to its extensive use in construction sector. The USA is responsible for major consumption of structural steel, and the upcoming FIFA World Cup in 2022 in Qatar would drive significant amount of demand for the product in this region.
• Infrastructure & Construction segment and Automotive sectors are majorly driving steel demand and this trend will persist during the forecast period with a growth rate of 2.5% and 2.4%, respectively.
• There has been a decline in the exports of the alloy, globally and exports have decreased from India by 29.3%, from United States by 13.4%, from China by 9.3%, from Europe by 6.4% and from Japan by 3.1%.
• The production capacity of steel is higher than production and demand. Thus the resources are not well utilized.
• Small players like Kalyani Steels, Vardhman Special steels are struggling due to the slow rate of growth in the sector and have been forced to cut down their production levels significantly in order to save costs.
• In November 2019, a high quality brand of the alloy named INNOVILT was launched by POSCO to enhance the quality it supplies in the construction sector.
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To summarize, the global Steel market report studies the contemporary market to forecast the growth prospects, challenges, opportunities, risks, threats, and the trends observed in the market that can either propel or curtail the growth rate of the industry. The market factors impacting the global sector also include provincial trade policies, international trade disputes, entry barriers, and other regulatory restrictions.
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