Steel Market Research Report 2022-2027: Global Size, Business Growth

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Steel Market Business Overview, Challenges,
Driving Factors, Competitive Scenario And
Industry Growth Forecast By 2027
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Global Market Scenario of Steel Industry
In the latest research report by Global Market
Insights, steel market size is likely to surpass
US 175 bn by 2027. Regarded as the worlds most
recycled material, steel market production has
witnessed a meteoric rise in the past few years.
According to the World Steel Association, 630
megatons of steel are recycled annually. Besides,
the year 2017 witnessed material efficiency of
recovery and use of steel industry by-products
surge to 96.3. Steel is being highly
sought-after across sectors, including
automotive, construction, and transportation as
the material of choice in the wake of attributes
such as strength, availability, ductility,
versatility, and recyclability. When it comes to
construction sector, steel bridges are believed
to be four to eight-fold lighter than those built
from concrete. Meanwhile, cold-rolled steel has
been gaining momentum for it has better surface
characteristics and is being used for technically
precise application and where aesthetics is
prioritized.
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Trends in automotive sector Even though there
has been a 13 dip in the crude steel production
(137.1 million tons produced in April 2020),
trends in automotive sector are poised to fuel
the industry growth. Strong demand for advanced
high-strength steels is likely to be witnessed as
auto makers are gearing to roll out electric and
self-driving vehicles. With the rise in the
demand for light and strong protection for
battery pack in EV and ban on sales of
ICE-powered vehicles by several countries, steel
manufacturers are striving to up the material
production. It is worth noting that OEMs have
been turning to steel for a cost-effective
solution as the development of high-strength
steels has been helping manufacturers achieve
goals such as economic efficiency, weight
reduction and recyclability. Steel is seemingly
being favored over aluminum owing to formers
superior strength and lower cost materials such
as advanced high strength steel.
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Surged demand from aerospace sector driving
growth While aluminum has been the status quo
material for constructing aircraft components,
stainless steel is gradually gaining ground as
they are perceived to be corrosion resistance and
can withstand higher temperature. Moreover,
factors such as shear modulus and high tensile
strength of stainless steel have made steel a
desirable and marketable material for absorbing
the impact stresses. Increased traction for
stainless steel market is mainly linked to
attributes such as resistance to wear and tear
and its ability to handle impact/scratches damage
as compared to aluminum parts. As such, steel has
become a major revenue pocket in aircraft
components, making it apt for aerospace parts,
such as fasteners, actuators and landing gear
components. Opportunities in Hot-rolled steel
and cold-rolled steel Hot rolled steel presents
massive opportunities for the steel market
manufacturers as they have the innate ability to
produce larger quantities of steel. Stakeholders
perceive hot-rolled bars and rods as an ideal
component in sheet metal, agriculture equipment,
railroad tracks and automotive frames.
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Competitive Analysis
Challenges in the form of aluminum Notwithstandin
g steel being stronger than aluminum, the latter
has been gaining prominence. Given than stainless
steel is a bit heavier, its widespread
application in aerospace sector may take a
hit. That said, application of steel in
state-of-the-art products and using it to make
lighter and flexible products will bode well for
stakeholders eyeing to expand their footfalls. By
2050, steel use is set to be 1.5-fold higher than
current levels to keep up with the demand of the
demography. Increased demand for lightweight
construction as a means of reducing vehicle
weight has offered growth opportunities for
stakeholders in APAC steel industry. For
instance, in April 2020, China produced around 85
Mt of crude steel, while India produced around
3.1 Mt of crude steel. Trend for electric
vehicles in countries such as China and India,
emphasizing cost efficiency, vehicle weight, and
sustainability is set to redefine steel industry
outlook.
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