NEW YORK, May 16, 2023 /PRNewswire/ — The global steel manufacturing market size is estimated to grow by USD 369.6 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.02%. APAC will account for 45% of the market growth during the forecast period. The demand for steel is expected to grow steadily in APAC due to rapid industrialization and infrastructure development. Countries such as Indonesia, South Korea, and India have several industrial, commercial, and residential projects under development. Government initiatives will also fuel the demand for steel, which, in turn, will drive the growth of the regional market during the forecast period. Get market share report that provides valuable insights and analysis on the current state of the market. – Request a sample report
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Steel manufacturing market – Segmentation assessment
Segment overview
Technavio has segmented the market based on end-user (construction, machinery, automotive, metal products, and others), type (flat and long), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
- The construction segment will account for a significant share of market growth during the forecast period. Steel is widely used in the construction industry owing to its high strength and ductility. It is widely used in the production of high-strength plates for roads and bridges, square tubes for welded frames, and structural beams. The growth of the construction segment is attributed to factors such as the growing construction of skyscrapers, technology parks, roads, highways, and bridges.
Insights on the market contribution of various segments, including country- and region-wise data, historic data (2017 to 2021), and forecast market size (2023 to 2027) – Download a sample report
Steel manufacturing market – Market dynamics
Key factor driving market growth
- An upsurge in the consumption of high-strength steel is driving market growth.
- The use of high-strength steel is increasing owing to its high strength at normal and high temperatures.
- The use of high-strength stainless steel is rising in architectural, industrial, and consumer applications owing to its beneficial properties, such as affordable price and high strength-to-weight ratio.
- The sales of high-strength stainless steel are expected to increase during the forecast period due to factors such as strategic positioning and product portfolio expansion.
- The automotive industry uses high-strength steel to manufacture passenger car cells and crumple zones.
- These factors will increase the adoption of high-strength steel, which will propel the growth of the market during the forecast period.
Leading trends influencing the market
- The expansion of production capacity by vendors is a key trend in the market.
- Steel is widely used in the mining, quarrying, chemical, petrochemical, electrical engineering, power generation, food, and beverage industries.
- Vendors in the market are expanding their production capacities due to the high demand for industrial steel products.
- For example, Ansteel has also set a goal of producing 70 million tonnes of crude steel annually by 2025.
- These factors will support market growth during the forecast period.
Major challenges hindering the market growth
- Stringent government regulations are challenging market growth.
- Steel production is a highly energy-intensive process. Hence, it releases vast amounts of CO2 into the atmosphere.
- Greenhouse gas emissions from various industries have become a major reason for many environmental issues.
- To address this issue, 196 governments worldwide signed the Paris Agreement in 2015, which aims to limit global warming to 1.5 degrees Celsius.
- However, according to the United Nations, the price of CO2 will continue to rise until 2030. The high costs associated with alternative technologies can increase production costs by 15%-35%.
- Therefore, stringent government regulations are expected to hinder the growth of the market during the forecast period.
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What are the key data covered in this steel manufacturing market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the steel manufacturing market between 2023 and 2027
- Precise estimation of the size of the steel manufacturing market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the steel manufacturing market across APAC, North America, Europe, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of steel manufacturing market vendors
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Steel Manufacturing Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.02% |
Market growth 2023-2027 |
USD 369.6 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
3.5 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 45% |
Key countries |
US, China, India, Japan, and Russia |
Competitive landscape |
Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
Key companies profiled |
Ansteel Group Corp. Ltd., Baosteel Group Corp., Beijing Shougang Co. Ltd., Benxi Steel Group Co. Ltd., China Jianlong Steel Industrial Co. Ltd., Gerdau SA, Hebei Jingye Group, Hyundai Steel Co., Jiangsu Shagang International Trade Co. Ltd., JSW STEEL Ltd., Nippon Steel Corp., Nucor Corp., POSCO holdings Inc., Steel Authority of India Ltd., Tata Sons Pvt. Ltd., thyssenkrupp AG, ArcelorMittal SA, Essar Global Fund Ltd., JFE Holdings Inc., and NLMK Group |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Browse for Technavio Materials market reports to make data driven decisions
Table of contents
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ billion)
- Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ billion)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Global steel manufacturing market 2017 – 2021
- Exhibit 18: Historic Market Size – Data Table on global steel manufacturing market 2017 – 2021 ($ billion)
- 4.2 End-user Segment Analysis 2017 – 2021
- Exhibit 19: Historic Market Size – End-user Segment 2017 – 2021 ($ billion)
- 4.3 Type Segment Analysis 2017 – 2021
- Exhibit 20: Historic Market Size – Type Segment 2017 – 2021 ($ billion)
- 4.4 Geography Segment Analysis 2017 – 2021
- Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ billion)
- 4.5 Country Segment Analysis 2017 – 2021
- Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ billion)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 23: Five forces analysis – Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 29: Chart on Market condition – Five forces 2022 and 2027
6 Market Segmentation by End-user
- 6.1 Market segments
- Exhibit 30: Chart on End-user – Market share 2022-2027 (%)
- Exhibit 31: Data Table on End-user – Market share 2022-2027 (%)
- 6.2 Comparison by End-user
- Exhibit 32: Chart on Comparison by End-user
- Exhibit 33: Data Table on Comparison by End-user
- 6.3 Construction – Market size and forecast 2022-2027
- Exhibit 34: Chart on Construction – Market size and forecast 2022-2027 ($ billion)
- Exhibit 35: Data Table on Construction – Market size and forecast 2022-2027 ($ billion)
- Exhibit 36: Chart on Construction – Year-over-year growth 2022-2027 (%)
- Exhibit 37: Data Table on Construction – Year-over-year growth 2022-2027 (%)
- 6.4 Machinery – Market size and forecast 2022-2027
- Exhibit 38: Chart on Machinery – Market size and forecast 2022-2027 ($ billion)
- Exhibit 39: Data Table on Machinery – Market size and forecast 2022-2027 ($ billion)
- Exhibit 40: Chart on Machinery – Year-over-year growth 2022-2027 (%)
- Exhibit 41: Data Table on Machinery – Year-over-year growth 2022-2027 (%)
- 6.5 Automotive – Market size and forecast 2022-2027
- Exhibit 42: Chart on Automotive – Market size and forecast 2022-2027 ($ billion)
- Exhibit 43: Data Table on Automotive – Market size and forecast 2022-2027 ($ billion)
- Exhibit 44: Chart on Automotive – Year-over-year growth 2022-2027 (%)
- Exhibit 45: Data Table on Automotive – Year-over-year growth 2022-2027 (%)
- 6.6 Metal products – Market size and forecast 2022-2027
- Exhibit 46: Chart on Metal products – Market size and forecast 2022-2027 ($ billion)
- Exhibit 47: Data Table on Metal products – Market size and forecast 2022-2027 ($ billion)
- Exhibit 48: Chart on Metal products – Year-over-year growth 2022-2027 (%)
- Exhibit 49: Data Table on Metal products – Year-over-year growth 2022-2027 (%)
- 6.7 Others – Market size and forecast 2022-2027
- Exhibit 50: Chart on Others – Market size and forecast 2022-2027 ($ billion)
- Exhibit 51: Data Table on Others – Market size and forecast 2022-2027 ($ billion)
- Exhibit 52: Chart on Others – Year-over-year growth 2022-2027 (%)
- Exhibit 53: Data Table on Others – Year-over-year growth 2022-2027 (%)
- 6.8 Market opportunity by End-user
- Exhibit 54: Market opportunity by End-user ($ billion)
- Exhibit 55: Data Table on Market opportunity by End-user ($ billion)
7 Market Segmentation by Type
- 7.1 Market segments
- Exhibit 56: Chart on Type – Market share 2022-2027 (%)
- Exhibit 57: Data Table on Type – Market share 2022-2027 (%)
- 7.2 Comparison by Type
- Exhibit 58: Chart on Comparison by Type
- Exhibit 59: Data Table on Comparison by Type
- 7.3 Flat – Market size and forecast 2022-2027
- Exhibit 60: Chart on Flat – Market size and forecast 2022-2027 ($ billion)
- Exhibit 61: Data Table on Flat – Market size and forecast 2022-2027 ($ billion)
- Exhibit 62: Chart on Flat – Year-over-year growth 2022-2027 (%)
- Exhibit 63: Data Table on Flat – Year-over-year growth 2022-2027 (%)
- 7.4 Long – Market size and forecast 2022-2027
- Exhibit 64: Chart on Long – Market size and forecast 2022-2027 ($ billion)
- Exhibit 65: Data Table on Long – Market size and forecast 2022-2027 ($ billion)
- Exhibit 66: Chart on Long – Year-over-year growth 2022-2027 (%)
- Exhibit 67: Data Table on Long – Year-over-year growth 2022-2027 (%)
- 7.5 Market opportunity by Type
- Exhibit 68: Market opportunity by Type ($ billion)
- Exhibit 69: Data Table on Market opportunity by Type ($ billion)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 70: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 71: Chart on Market share by geography 2022-2027 (%)
- Exhibit 72: Data Table on Market share by geography 2022-2027 (%)
- 9.2 Geographic comparison
- Exhibit 73: Chart on Geographic comparison
- Exhibit 74: Data Table on Geographic comparison
- 9.3 APAC – Market size and forecast 2022-2027
- Exhibit 75: Chart on APAC – Market size and forecast 2022-2027 ($ billion)
- Exhibit 76: Data Table on APAC – Market size and forecast 2022-2027 ($ billion)
- Exhibit 77: Chart on APAC – Year-over-year growth 2022-2027 (%)
- Exhibit 78: Data Table on APAC – Year-over-year growth 2022-2027 (%)
- 9.4 North America – Market size and forecast 2022-2027
- Exhibit 79: Chart on North America – Market size and forecast 2022-2027 ($ billion)
- Exhibit 80: Data Table on North America – Market size and forecast 2022-2027 ($ billion)
- Exhibit 81: Chart on North America – Year-over-year growth 2022-2027 (%)
- Exhibit 82: Data Table on North America – Year-over-year growth 2022-2027 (%)
- 9.5 Europe – Market size and forecast 2022-2027
- Exhibit 83: Chart on Europe – Market size and forecast 2022-2027 ($ billion)
- Exhibit 84: Data Table on Europe – Market size and forecast 2022-2027 ($ billion)
- Exhibit 85: Chart on Europe – Year-over-year growth 2022-2027 (%)
- Exhibit 86: Data Table on Europe – Year-over-year growth 2022-2027 (%)
- 9.6 Middle East and Africa – Market size and forecast 2022-2027
- Exhibit 87: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ billion)
- Exhibit 88: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ billion)
- Exhibit 89: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
- Exhibit 90: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)
- 9.7 South America – Market size and forecast 2022-2027
- Exhibit 91: Chart on South America – Market size and forecast 2022-2027 ($ billion)
- Exhibit 92: Data Table on South America – Market size and forecast 2022-2027 ($ billion)
- Exhibit 93: Chart on South America – Year-over-year growth 2022-2027 (%)
- Exhibit 94: Data Table on South America – Year-over-year growth 2022-2027 (%)
- 9.8 China – Market size and forecast 2022-2027
- Exhibit 95: Chart on China – Market size and forecast 2022-2027 ($ billion)
- Exhibit 96: Data Table on China – Market size and forecast 2022-2027 ($ billion)
- Exhibit 97: Chart on China – Year-over-year growth 2022-2027 (%)
- Exhibit 98: Data Table on China – Year-over-year growth 2022-2027 (%)
- 9.9 India – Market size and forecast 2022-2027
- Exhibit 99: Chart on India – Market size and forecast 2022-2027 ($ billion)
- Exhibit 100: Data Table on India – Market size and forecast 2022-2027 ($ billion)
- Exhibit 101: Chart on India – Year-over-year growth 2022-2027 (%)
- Exhibit 102: Data Table on India – Year-over-year growth 2022-2027 (%)
- 9.10 Japan – Market size and forecast 2022-2027
- Exhibit 103: Chart on Japan – Market size and forecast 2022-2027 ($ billion)
- Exhibit 104: Data Table on Japan – Market size and forecast 2022-2027 ($ billion)
- Exhibit 105: Chart on Japan – Year-over-year growth 2022-2027 (%)
- Exhibit 106: Data Table on Japan – Year-over-year growth 2022-2027 (%)
- 9.11 US – Market size and forecast 2022-2027
- Exhibit 107: Chart on US – Market size and forecast 2022-2027 ($ billion)
- Exhibit 108: Data Table on US – Market size and forecast 2022-2027 ($ billion)
- Exhibit 109: Chart on US – Year-over-year growth 2022-2027 (%)
- Exhibit 110: Data Table on US – Year-over-year growth 2022-2027 (%)
- 9.12 Russia – Market size and forecast 2022-2027
- Exhibit 111: Chart on Russia – Market size and forecast 2022-2027 ($ billion)
- Exhibit 112: Data Table on Russia – Market size and forecast 2022-2027 ($ billion)
- Exhibit 113: Chart on Russia – Year-over-year growth 2022-2027 (%)
- Exhibit 114: Data Table on Russia – Year-over-year growth 2022-2027 (%)
- 9.13 Market opportunity by geography
- Exhibit 115: Market opportunity by geography ($ billion)
- Exhibit 116: Data Tables on Market opportunity by geography ($ billion)
10 Drivers, Challenges, and Trends
- 10.3 Impact of drivers and challenges
- Exhibit 117: Impact of drivers and challenges in 2022 and 2027
11 Vendor Landscape
- 11.2 Vendor landscape
- Exhibit 118: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 119: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 120: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 121: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 122: Matrix on vendor position and classification
- 12.3 Ansteel Group Corp. Ltd.
- Exhibit 123: Ansteel Group Corp. Ltd. – Overview
- Exhibit 124: Ansteel Group Corp. Ltd. – Product / Service
- Exhibit 125: Ansteel Group Corp. Ltd. – Key offerings
- 12.4 ArcelorMittal SA
- Exhibit 126: ArcelorMittal SA – Overview
- Exhibit 127: ArcelorMittal SA – Business segments
- Exhibit 128: ArcelorMittal SA – Key offerings
- Exhibit 129: ArcelorMittal SA – Segment focus
- 12.5 Baosteel Group Corp.
- Exhibit 130: Baosteel Group Corp. – Overview
- Exhibit 131: Baosteel Group Corp. – Product / Service
- Exhibit 132: Baosteel Group Corp. – Key offerings
- 12.6 Essar Global Fund Ltd.
- Exhibit 133: Essar Global Fund Ltd. – Overview
- Exhibit 134: Essar Global Fund Ltd. – Product / Service
- Exhibit 135: Essar Global Fund Ltd. – Key news
- Exhibit 136: Essar Global Fund Ltd. – Key offerings
- 12.7 Gerdau SA
- Exhibit 137: Gerdau SA – Overview
- Exhibit 138: Gerdau SA – Business segments
- Exhibit 139: Gerdau SA – Key offerings
- Exhibit 140: Gerdau SA – Segment focus
- 12.8 Hyundai Steel Co.
- Exhibit 141: Hyundai Steel Co. – Overview
- Exhibit 142: Hyundai Steel Co. – Product / Service
- Exhibit 143: Hyundai Steel Co. – Key offerings
- 12.9 JFE Holdings Inc.
- Exhibit 144: JFE Holdings Inc. – Overview
- Exhibit 145: JFE Holdings Inc. – Business segments
- Exhibit 146: JFE Holdings Inc. – Key offerings
- Exhibit 147: JFE Holdings Inc. – Segment focus
- 12.10 Jiangsu Shagang International Trade Co. Ltd.
- Exhibit 148: Jiangsu Shagang International Trade Co. Ltd. – Overview
- Exhibit 149: Jiangsu Shagang International Trade Co. Ltd. – Product / Service
- Exhibit 150: Jiangsu Shagang International Trade Co. Ltd. – Key offerings
- 12.11 JSW STEEL Ltd.
- Exhibit 151: JSW STEEL Ltd. – Overview
- Exhibit 152: JSW STEEL Ltd. – Product / Service
- Exhibit 153: JSW STEEL Ltd. – Key offerings
- 12.12 Nippon Steel Corp.
- Exhibit 154: Nippon Steel Corp. – Overview
- Exhibit 155: Nippon Steel Corp. – Business segments
- Exhibit 156: Nippon Steel Corp. – Key offerings
- Exhibit 157: Nippon Steel Corp. – Segment focus
- 12.13 Nucor Corp.
- Exhibit 158: Nucor Corp. – Overview
- Exhibit 159: Nucor Corp. – Business segments
- Exhibit 160: Nucor Corp. – Key news
- Exhibit 161: Nucor Corp. – Key offerings
- Exhibit 162: Nucor Corp. – Segment focus
- 12.14 POSCO holdings Inc.
- Exhibit 163: POSCO holdings Inc. – Overview
- Exhibit 164: POSCO holdings Inc. – Business segments
- Exhibit 165: POSCO holdings Inc. – Key offerings
- Exhibit 166: POSCO holdings Inc. – Segment focus
- 12.15 Steel Authority of India Ltd.
- Exhibit 167: Steel Authority of India Ltd. – Overview
- Exhibit 168: Steel Authority of India Ltd. – Product / Service
- Exhibit 169: Steel Authority of India Ltd. – Key offerings
- 12.16 Tata Sons Pvt. Ltd.
- Exhibit 170: Tata Sons Pvt. Ltd. – Overview
- Exhibit 171: Tata Sons Pvt. Ltd. – Business segments
- Exhibit 172: Tata Sons Pvt. Ltd. – Key offerings
- Exhibit 173: Tata Sons Pvt. Ltd. – Segment focus
- 12.17 thyssenkrupp AG
- Exhibit 174: thyssenkrupp AG – Overview
- Exhibit 175: thyssenkrupp AG – Business segments
- Exhibit 176: thyssenkrupp AG – Key offerings
- Exhibit 177: thyssenkrupp AG – Segment focus
13 Appendix
- 13.2 Inclusions and exclusions checklist
- Exhibit 178: Inclusions checklist
- Exhibit 179: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 180: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 181: Research methodology
- Exhibit 182: Validation techniques employed for market sizing
- Exhibit 183: Information sources
- 13.5 List of abbreviations
- Exhibit 184: List of abbreviations
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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