Major companies in the steel products market include ArcelorMittal SA; Nippon Steel & Sumitomo Metal Corporation (NSSMC); POSCO; Baosteel and JFE Steel Corporation. The global steel products market is expected to grow from $356.
New York, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Steel Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018790/?utm_source=GNW
69 billion in 2020 to $406.4 billion in 2021 at a compound annual growth rate (CAGR) of 13.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $528.35 billion in 2025 at a CAGR of 7%.
The steel products market consists of sales of steel products by entities (organizations, sole traders and partnerships) that produce steel products such as tubes and pipes from iron and steel, shapes drawn through rolling or drawing of purchased iron or steel, and draw steel wire. The steel products market is segmented into iron and steel pipe and tube; and rolled and drawn steel.
Asia Pacific was the largest region in the global steel products market, accounting for 63% of the market in 2020. Western Europe was the second largest region accounting for 11% of the global steel products market. Africa was the smallest region in the global steel products market.
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 a report by KPMG in 2015, 32% of the metal manufacturing companies spend more than 6% of revenues on R&D and 70% of the companies are expected to invest on existing product lines. Thus, introduction of new product lines through increased R&D spend is a significant trend in the metal manufacturing industry.
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. According to the 2018 World Urbanization Prospects Report by the United Nations, 55% of the world’s population lived in urban areas in 2018, and the rate is expected to rise to 68% by 2050. According to the World Bank, urban population in South Asia grew by 130 million between 2001 and 2011 and is expected to grow to 250 million by 2030.
The steel product manufacturing industry is being restrained by the rise in power tariffs. Globally, there are movements to increase the use of alternative sources of electric power such as solar, wind, and nuclear power. Initiatives by non-governmental organizations (NGOs), multilateral organizations and many governments to increase the production and use of alternative sources of power and other economic factors cause a rise in overall power tariffs affecting different industries. The steel goods industry is an energy-intensive industry, and a rise in the power tariffs increases the production costs, affecting the steel product manufacturing market.
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