Illinois, 30 May 2018(News)- “Steel is a high strength alloy of iron, which is produced by impregnating iron with carbon. It has superior strength bearing and mechanical properties. Such high strength alloys are used in a number of end-use industries such as building & construction, electrical appliances, domestic appliances, oil & gas, and automotive. Among such applications, building & construction and automotive are the leading applications, where steel used prominently. The construction industry accounted for around 50%in the overall steel consumption in 2016.
Some of the prominent factors influencing the Global Steel Market demand are increasing automotive production across the globe, growing investment in building & construction sector. Building & construction is the leading end-use industry for steel. Owing to high strength and susceptibility to high mechanical stresses, steel is majorly used in the structural application. Mild steel has high architectural capabilities and has relatively high availability in the market. With the growing population and increasing disposable income, investments in the building & construction sector are on the rise in the emerging regions across the globe.
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Regional Analysis:
Based on geography, the global steel market is classified as North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Among the aforementioned regions, Asia Pacific accounted for the largest share of the global steel consumption. The region dominated the global market with 67% share of the overall market in 2016. Factors such as rising passenger car production and increasing construction investment in 2016 are anticipated to contribute to domestic market growth. Country wise, China is the leading producer and consumer of flat steel. Asia Pacific market is followed by Europe in terms of market share. Other emerging regions such as Latin America and the Middle East & Africa are likely to witness a healthy growth.
Key Players:
Some of the key players operating in the global steel market are ArcelorMittal, POSCO, SHAGANG GROUP Inc, NIPPON STEEL & SUMITOMO METAL CORPORATION, China BaoWu Steel Group Corporation Limited, HBIS GROUP, Tata Steel, Nucor, HYUNDAI STEEL, ChinaSteel, Maanshan Iron & Steel Company Limited, ThyssenKrupp AG, JFE Steel Corporation, JSW, and JIANLONG GROUP among others.
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Key Findings:
Global steel market consumption was estimated to peg at 1,518.39 million tonnes in 2016. Building & construction sector accounted for the largest application segment, which held 51% share in 2016. The segment is projected to exhibit CAGR of 2.59% over the forecast period. Asia Pacific is the largest and fastest growing market, which accounted for 67.2% in the overall market in 2016. Country wise, China is the largest producer of steel owing to the high concentration of steel producers in the region. Moreover, China is also a leading consumer owing to high demand in the automotive and construction industries. Above 50% of the total production capacity, flat steel product is owned by major twenty players in the market. ArcelorMittal Group is the leading producer with the highest production capacity for flat and long steel products.
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