Steel Market accounted for US$ 1.65 billion metric ton in 2020 and is estimated to be US$ 2.11 billion metric ton by 2030 and is anticipated to register a CAGR of 3.0%.

The report  By Type (Steel, Alloy Steel, Stainless Steel, Tool Steel And Other Steel Types), By Production Methods   (Blast Furnace-Basic Oxygen Furnace (BF-FOF), Electric Arc Furnace (EAF) And Others), By Applications (Automotive Industry, Construction Industry, Mining Equipment Industry, Aviation & Marine Industry) and Region – Global Forecast to 2029″ Global Steel market is projected to grow from US$ 1.65  billion in 2019 to US$ 2.11 billion by 2029. The steel industry is one of the most vital parts of the economy for several developed and developing countries. Growing steel consumption is a major factor driving the steel market growth. Additionally increasing automotive production, growing food industry and other industries are a key factor boosting the growth of the target market. However, volatility in raw material prices and rising market competitors are the major factor restraining market growth.

Key Highlights:

·        Dec 31, 2019, Government aims to reduce imports in steel industry hopes because the domestic market face with surge in imports, increased dependence on imported coking coal from select countries, therefore the steel ministry will be focusing on managing availability of iron ore as leases of a clutch of mines are scheduled to expire in March next year.

·        Jul 02, 2019, Posco Steel India has signed a memorandum of understanding with Essar to buy 1 million tons hot rolled products worth close to Rs 5,000 crore.

·        In July 2020 Merger of Nippon Steel Coated Sheet Corporation and Nippon Steel Nisshin A&C Co., Ltd. Nippon Steel Nisshin Co. Ltd. (“NSN”) to strengthen the competitiveness of the NSC Group’s exterior building material steel sheet business.

Key Market Insights from the report:          

The global Steel market accounted for US$ XX billion in 2019 and is projected to register a moderate CAGR of XX% over the forecast period. The market report has been segmented based on body type and region.

·        By type, the steel market is classified into steel, alloy steel, stainless steel, tool steel and other steel types.

·        By Production methods, the steel market is classified in to  blast furnace-basic oxygen furnace (BF-FOF), electric arc furnace (EAF) and others

·        By Applications, the steel market is classified into the automotive industry, construction industry, mining equipment industry, aviation & marine industry

·        By Region, Asia Pacific is expected to dominate the target market, owing to the presence of emerging countries in the region such as India & China. Additionally the increasing production and export of steel in various countries in the region drive the steel market growth. 

 

To know the upcoming trends and insights prevalent in this market, click the link below:

 

 https://www.prophecymarketinsights.com/market_insight/Global-Steel-Market-By-Type-3924

The prominent player operating in the global Steel market includes ArcelorMittal, POSCO, SHAGANG GROUP Inc, NIPPON STEEL and SUMITOMO METAL CORPORATION, China BaoWu Steel Group Corporation Limited, HBIS GROUP, Tata Steel, Nucor, HYUNDAI STEEL, ChinaSteel, Maanshan Iron and Steel Company Limited, ThyssenKrupp AG, JFE Steel Corporation, JSW, and JIANLONG GROUP among others. The key players in the market are focusing on the various agreement and mutual understanding and acquisition strategy. 

Related Topics: 

https://praticoles.blogspot.com/2022/06/first-and-last-mile-delivery-market.html

https://praticoles.blogspot.com/2022/06/fire-trucks-market-is-estimated-to-be_23.html

https://praticoles.blogspot.com/2022/06/boiler-water-treatment-chemical-market.html