Global Steel Market Expected To Reach XX Million By 2025
According to a new report published by Reports Monitor titled, Global steel market, Growth Opportunities, Innovations and Forecast, 2018-2025,” the global steel market was valued at XX million in 2018, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025.
Steel is an alloy of metals having iron as base and containing carbon below 1.7%. Steel is an important engineering and construction material, it used in almost every aspect of life from car, refrigerator, washing machine, construction, cargo ships, surgical instruments, it can be recycled over and over again without losing the property.
Steel is selected over other materials because of its versatile characteristics which are durability, strength, toughness, ductility, weldebility. Growing inclination of contractors towards sustainable, low cost and durable building materials are enhancing steel demand in future housing projects & industrial infrastructure. Technological advancements have made pre-engineered metal buildings with high structural integrity a reality, growing infrastructure over all the developing countries and steel contributing to almost in every manufacturing process is driving this market , which gives us a picture that till as the development in developing economies will take place it would lead to development of this sector.
Restraint for the market is pollution; further government is focusing on sustainable development and acting as barrier on overuse of ore of iron. Pollution in case of steel manufacturing process is massive as it not only affects the air but also due to the overheated waste coming out from factory pollute the soil and natural water resources as well.
Opportunities in the global steel market will always be high as opportunities in this market are directly proportional to the overall growth of any economy. Demand of steel products like cold rolled products, steel tubes, steel roofs, pre-engineered metal building is increasing and it is leading to huge opportunities in the future.
Segmentation of this market is done on the basis of type which includes sheets, strips and plates. Furthermore the market is diversified according to the end user that includes building and infrastructure, automotive and other transport, mechanical equipment and others. Regional analysis:
The global steel market is studied across regions North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa). China might become leader in exporting and manufacturing of the market as data provided by “World steel Association” owning to growth in manufacturing sector. Asia pacific region might also see a considerable growth in this market. India, Taiwan, Iran, Japan, Mexico, and South Korea, are the countries which will lead the market.
Key players: Emirates Steel, Hamriyah Steel FZC, Al Nasser Industrial Enterprises LLC, United Iron & Steel Co, Al Ghurair Iron & Steel Co, Al Rajhi Steel, Absal Steel, ArcelorMittal, Hadeed (SABIC),Solb Steel Company.
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