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Steel Industry is Expected to Witness Remarkable Growth at a CAGR in the Upcoming years

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Steel Industry Data Book – Stainless Steel, Carbon Steel, Electrical Steel, Weathering Steel, Sintered Steel Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030

 

Steel is a vital industry for global economic growth. It is one of the key raw materials for building & construction and various manufacturing activities. As per the World Steel Association, the total value contribution by the steel industry is USD 2.9 trillion, which is equivalent to 3.8% of global GDP.

 

Steel Industry Data Book Coverage –

Steel Industry Data Book Coverage Snapshot

Markets Covered

Steel Industry

Carbon Steel Market Size

USD 887.7 billion in 2019

3.4% CAGR (2020-2027)

Stainless Steel Market Size

USD 104.23 billion in 2021

8.9% CAGR (2022-2030)

Structural Steel Market Size

USD 96.94 billion in 2020

5.3% CAGR (2021-2028)

Electrical Steel Market Size

USD 23.4 billion in 2020

4.9% CAGR (2021-2028)

Weathering Steel Market Size

USD 987.2 million in 2018

5.6% CAGR (2019-2025)

Sintered Steel Market Size

USD 124.8 million in 2020

5.0% CAGR (2021-2027)

 

 

Access the Global Steel Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies

 

Carbon Steel Market Growth & Trends

 

The global carbon steel market size is expected to reach USD 1,301.53 billion by 2030, expanding at a CAGR of 4.0%, according to a new report by Grand View Research, Inc. Increasing investment in the construction sector on account of factors such as rising housing needs, boosting tourism, and increasing commercial space is likely to augment the demand for carbon steel over the forecast period.

 

For instance, in August 2022, Nakheel PJSC announced a master plan vision for the Dubai islands. The plan involves the construction of five islands of 17 square kilometers by 2040. These islands are expected to have 80 resorts & hotels, cultural hubs, boutiques, dedicated public parks, and residential spaces. Such kinds of investments are expected to fuel the product demand over the coming years.

 

Carbon steel is one of the key materials used in the construction sector on account of its strength and hardness. It is used in rectangular tubing, highway construction plates, structural framework beams, and bridges. It is also a popularly used material in the manufacturing of hollow structural sections and rebars. Plain carbon steel exhibits various properties such as plasticity, ductility, flexibility, and bending ability. During natural calamities, such as earthquakes, it is a very useful material owing to its crack resistance. Thus, growth in the construction industry, especially after the pandemic aided the product demand.

 

Stainless Steel Market Growth & Trends

 

The global stainless steel market size is expected to reach USD 197.29 billion by 2030, registering a CAGR of 7.4% during the forecast period, according to a new report by Grand View Research, Inc. Higher penetration of the product and its vital importance in numerous applications is expected to support the market growth, during the forecast period.

 

Stainless steel has extensive utilization in the automotive sector because of its visual appeal and corrosion resistance properties. Corrosion resistance helps its use in catalytic converters and exhaust silencers. These parts face exhaust gas attacks from the inner side and road dirt, salt, and water from the external side. In such cases, stainless steel is the best suitable material. Automotive applications of the product include fuel tanks, trim, gaskets, suspension systems, and bodies of the buses.

 

Electrical Steel Market Growth & Trends

 

The global electrical steel market size is expected to reach USD 34.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.9% from 2021 to 2028. The growing need for power generation has augmented the demand for transformers, generators, and other such products that require electrical steel to deliver enhanced performance.

 

Electrical steel is an iron alloy that contains varying amounts of silicon. Based on its composition and application, it is also referred to as lamination steel, silicon steel, transformer steel, and relay steel. Its phenomenal magnetic properties make it of vital use in rotating and static machines.

Based on product, the market is segmented into grain-oriented and non-grain-oriented. The non-grain-oriented segment is anticipated to maintain its dominance over the forecast period owing to its widespread applications in all stages of the energy value chain from generators to appliances. The grain-oriented electrical steel mainly finds application in transformers. It is expected to register faster growth across the forecast period on account of growing production capacity for transformers.

 

Structural Steel Market Growth & Trends

 

The global structural steel market size is expected to reach USD 162.46 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% over the forecast period. The market growth is attributed to the growth in the construction sector and rising demand for steel as a green and sustainable material. Structural steel is utilized for construction-related applications. Its high carbon content offers high strength and low ductility. It is available in the form of various shapes such as I-beam, Z-shape, angle, tee, bar, and rod, depending upon the applications. It can be customized into a variety of shapes in different thicknesses and sizes owing to its ductility. Based on application, the market is segmented into residential and non-residential, where the latter dominates the market, in terms of revenue share.

 

Growing spending on the commercial sector & infrastructural developments across various nations is augmenting the product demand in non-residential applications. The segment is further divided into industrial, commercial, offices, and institutional. Structural steel is widely used in numerous industrial sectors owing to its high strength-to-weight ratio. In the construction industry, it is utilized in designing and building industrial spaces, such as warehouses, bridges, and factories. Growth in the manufacturing sector is expected to propel the need for new factories and plants. For instance, after the emergence of the COVID-19 pandemic, various new facilities were established to meet the rising demand for PPE in the U.S.

 

Sintered Steel Market Growth & Trends

 

The global sintered steel market size is anticipated to reach USD 177.9 million by 2027, according to a new report by Grand View Research, Inc. It is anticipated to expand at a compound annual growth rate (CAGR) of 5% from 2020 to 2027, The advantages such as low manufacturing cost, freedom in component design, and flexibility over other processes like forging and casting is anticipated to augment market growth.

 

Steel is a versatile material with various characteristics and is easily available at low cost. These attributes make it preferable over other materials in producing components, equipment, and tools. The demand for sintered steel parts is majorly driven by the automotive components industry followed by tools, electrical appliances, machinery equipment, and others.

 

The advantage of producing complex parts at ease has propelled the demand for sintered metal products, which has resulted in increased production capacity. For instance, Höganäs, a key market player invested in a new sintering furnace with an aim to cater to the rising demand for 3D printed components and additional material alternatives. The new furnace increased the company’s production capacity and is capable of catering to a wide range of metal powder. Growing production and demand for sintered metal parts is anticipated to positively influence market growth.

 

Weathering Steel Market Growth & Trends

 

The global weathering steel market size is expected to reach USD 1.45 billion by 2025, exhibiting a CAGR of 5.6% during the forecast period, according to a new report published by Grand View Research, Inc. Increasing investments in infrastructure development projects, such as bridges and road connectivity are anticipated to augment the growth.

 

Weathering steel is used in facades and cladding systems for buildings and is also used in the construction of bridges as this steel can attain 120-year design life and incur low maintenance costs. Increasing global population and rapid urbanization are likely to drive the demand for buildings and vehicles, resulting in traffic congestion. This is anticipated to boost the demand for the road over bridges, which in turn is anticipated to drive the market growth in the forthcoming years.

Order your copy of the Free Sample of “Steel Industry Data Book – Stainless Steel, Carbon Steel, Electrical Steel, Weathering Steel, Sintered Steel Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research

Competitive Landscape

Key players operating in the steel industry are –

  • Ansteel Group
  • ArcelorMittal
  • Baotou Steel
  • China Baowu Group
  • China Steel Corporation
  • Cleveland-Cliffs
  • Delong Steel Group
  • Fangda Steel
  • Hyunda Liuzhou Steeli Steel
  • Gerdau S.A.
  • HBIS Group

 

Grand View Research’s Steel Industry data book is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

 

Check out more Industry Data Books, published by Grand View Research

 

About Grand View Research

 

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Grand View Research, Inc.

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