Overview:
The Global Steel Products Market is deemed to find significant growth at a 2.5% CAGR during the forecast period. Market Research Future (MRFR), in their report, revealed a possibility of attaining better growth with robust performance and intriguing participation from several market players.
Urbanization and industrialization are two major factors that can ensure better growth for the global Steel Products Market. These two factors are spurring growth for construction, automotive, electrical & electronics, shipbuilding, defense, aerospace, and other industries. These factors are all set to make significant impact in the global market. High disposable income, better economic stability, exposure to top-class products, innovation, and others are several factors that can inspire better intake of steel products. Various changes in lifestyle can also inspire growth in the market. Better living standards are triggering growth in the residential project uptake, which can be of notable importance for the assessment of the market in the coming years.
Segmentation Analysis
The global steel products market requires a thorough understanding to gauge the trends of the upcoming years. For this a better segmentation on the basis of form, end-use industry, and product type can provide sufficient insights to assist in strategic decisions.
By product type, the global market for steel products comprises ingots & semi-finished material, iron steel wire, bars & rods, structural steel, castings & forgings, tubes & pipes, plates & sheets, and others.
By end-use industry, the market report for the global steel products can be segmented into oil & gas, construction, automotive, mechanical equipment, shipbuilding, domestic appliances, electrical appliances, and others.
Regional Analysis:
The regional segmentation of the global steel products market names the Asia Pacific region as the highest contributor. The region is benefiting the most from the presence of several top market players who are contributing notably to the regional growth. India and China are the major contributors and their market is getting backed by high-level of construction activities going on in the market. Asia-Pacific is expected to dominate the global global steel products corp market in terms of both production and consumption led by China and India. This is also going to be backed by the increasing participation of the automotive manufacturers across several regions. China’s production of steel-related products is going to impact the regional market the most. China is expected to account for over half of the steel products market in Asia-Pacific and is expected to further witness growth as the economic condition of the region is becoming stable and the booming automotive production is set to spur the growth in the coming years.
North America is displaying its prowess in contributing much to the progress of the regional growth. The regional market for steel products is all set to gain notably from the oil & gas segment, better residential construction segment, and from other associated industries. Europe is all set to follow the same line for growth in the coming years.
Competitive Landscape:
There are several key players in the global steel product market that are expected to provide traction to the steel products market. These companies are implementing strategies that can be used in the coming years to solidify their stance and increase the market potential on a holistic scale. These companies are Shangang Group (China), ArcelorMittal (Luxembourg), POSCO (South Korea), HBIS Group (China), NSSMC Group (Japan), China Baowu Group (China), Hyundai Steel Company (South Korea), Tata Steel Group (India), Nucor Corporation (US), JIANLONG GROUP (China), China Steel Corporation (Taiwan), Thyssenkrup (Germany), Maanshan Steel (China), and JSW Steel Limited (India).
Despite various changes across the world in terms of raw materials and others, Tokyo Steel in October 2019 announced that they will hold their market steady by not changing the price of their products.
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In order to stay updated with the technology and work process of the industry, MRFR often plans conducts meet with the industry experts and industrial visits for its research analyst members.
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