Categories: Market Research

Steel Products Market Insights, Forecast, Growth, Trends 2023-2032 | Angang Steel Company Limited, Steel Authority of India Limited, SSAB AB, Nucor Corp, Compagnie de Saint-Gobain S.A

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The Steel Products Global Market Report 2023 by The Business Research Company, provides steel products market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Steel Products Global Market Report 2023, the market size grew from $433.83 billion in 2022 to $465.35 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of steel products is expected to grow to $608.35 billion in 2027 at a CAGR of 6.9%.

Rapidly growing urban populations are expected to drive the demand for steel products in the forecast period. A large number of people living in rural areas are migrating to urban areas in search of a better life. This is expected to increase the need for housing and infrastructure. Infrastructure demand is expected to increase significantly in Asian countries such as China, India, Vietnam, and the Philippines.

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The steel products market is segmented:

1) By Type: Rolled and Drawn Steel, Iron and Steel Pipe and Tube

2) By Product Type: Flat Steel, Long Steel, Tubular Steel, Steel Pipes, Steel Tubes

3) By Application: Construction, Automotive, Energy, Packaging, Other Applications

Subsegments Covered: Rolled Steel, Drawn Steel

Metal manufacturing companies are increasing R&D expenditure to launch new product lines. They are launching advanced products such as ultra-light alloys as opposed to commodities. For instance, according to the Ministry of Science and Technology, research and development report 2019-20, the national investment in R&D activities attained a level of Rs. 1,23,847.71 crore. Thus, the introduction of new product lines through increased R&D spending is a significant trend in the metal manufacturing industry.

The steel products market report table of contents includes: