Steel Materials Market - Forecast, 2024 - 2030
Steel Materials Market Overview
The Steel Materials Market size is estimated to reach $71 billion by 2027, growing at a CAGR of 4.3% during the forecast period 2022-2027. Steel is an iron ore, a carbon alloy with less than 2% carbon, 1% manganese and trace amounts of silicon, phosphorus, sulfur and oxygen. It includes chromium, nickel, zinc and tungsten. The key factor propelling the expansion of the market for steel materials is the rise in demand from the global construction and automotive industries. The widespread usage of steel material for structural applications accelerates market expansion. The COVID-19 pandemic majorly impacted the Steel Materials Market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as transportation, building & construction and others, the Steel Materials Market?size is anticipated to grow rapidly during the forecast period.
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Steel Materials Market Report Coverage
The “Steel Materials Market Report - Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Steel Materials Industry.
By Raw Material
By Type
By End-Use
By Geography
Key Takeaways
Figure: Steel Materials Market?Revenue Share by Geography, 2021 (%)
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Steel Materials Market Segment Analysis – by Type
The High Strength Low Alloy Steel segment held a significant share in the Steel Materials Market?in 2021 and is estimated to grow at a CAGR of over 4.0% during the forecast period 2022-2027. This is due to the extensive characteristics provided by high strength low alloy steel. High-strength-low-alloy elements improve steel hardenability by generating stable carbonitrides, carbides or nitrides and offer superior mechanical features like strong corrosion resistance, enhanced formability and outstanding weldability. High strength low alloy steel is widely used in the automotive industry owing to the rising usage of high-strength-low-alloy in car body panels, which boosts automotive fuel efficiency by lowering their weight by around 60%. These extensive properties along with increasing application in the construction and automotive industries are majorly driving its segmental growth. Thus, the use of high-strength low alloy in construction and automotive would propel the share of the Steel Materials Market.
Steel Materials Market Segment Analysis – by End-use Industry
The Automotive segment held a significant share of the Steel Materials Market?in 2021 and is estimated to grow at a CAGR of around 3.5% during the forecast period 2022-2027. This is owing to the increasing usage of steel materials in automotive components. Steel materials like?chromium, nickel, zinc and tungsten?offer numerous benefits which would serve as a growth pillar for the automobile industry. The increased need for better and more efficient automobiles that are lower in weight and have sturdy parts has prompted manufacturers to utilize?high-strength steel for automobiles, which is fueling the market expansion of steel materials in the automotive industry. According to the Energy Information Administration (EIA), by 2035, there would be 1.7 million automobiles worldwide. According to the International Organization of Motor Vehicle Manufacturers (OICA), automobile output increased by 10% in the first nine months of 2021 to 57.26 million vehicles, up from 52.15 million units in the same period last year. With the increasing automotive production, the demand for steel materials would also likely increase, as a result of which the Steel Materials industry would be flourished over the forecast period.
Steel materials Market Segment Analysis – by Geography
The Asia-Pacific dominated the Steel Materials Market?in 2021 with a share of up to 40%. The automotive sector in Asia-Pacific is rapidly growing due to a flourishing base for automotive manufacturers, demand for automotive compounds and production rise. According to India Brand Equity Foundation (IBEF), India’s domestic automobile production increased at a 2.36 percent CAGR from FY16 to FY20, with 26.36 million vehicles produced in FY20. Between FY16 and FY20, domestic automobile sales increased at a 1.29 percent compound annual growth rate (CAGR), with 21.55 million vehicles sold in FY20. According to the Japan Automobile Manufacturers Association (JAMA), automobile production in Japan increased from 6,67,462 units in October to 6,90,311 units?in November. Thus, the growth of the?Steel Materials Market?in the region is being aided by the increasing automotive sector in APAC, thereby dominating the market in the Asia-Pacific region.
Steel Materials Market Drivers
Bolstering Growth in the Chemical & Pharmaceutical Industry:
Steel is used in the chemical & pharmaceutical industry to make tanks, pressure vessels, pipework and more intricate parts such as orthopedic implants and hypodermic needles. This is driving the steel material market. According to the National Investment Promotion & Facilitation Agency, the chemical industry in India is projected to reach US$300 billion by 2025. According to the European Chemical Industry Council (CEFIC), the chemical output in EU27 is to grow by 2.5% in 2022, after following a growth of 6% in 2021. With the rise in the chemical & pharmaceutical industry across the globe, the demand for the Steel Materials Market?is anticipated to rise during the forecast period.
Rising Demand from the Building & Construction Industry:
Steel Materials are widely used in the building & construction industry. Due to their easy weldability and machinability, steel materials are employed in the design of bridges, pillars and the construction of massive architectural structures. This drives the market growth of steel materials in the building & construction industry. According to the International Trade Administration, the construction sector in China is projected to grow at an average of 8.6% from 2022 to 2030. According to Oxford Economics, the global construction output in 2020 was US$10.7 trillion 2020 and is expected to grow by 42% or US$4.5 trillion between 2020 and 2030 to reach US$15.2 trillion. With the rise in building and construction projects across the globe, the demand for the Steel Materials Market?is anticipated to rise during the forecast period.
Steel materials Market Challenges
Advancements in the Grades:
There have been ongoing improvements in steel or steel grades over the years. Steels that are durable, secure and have a significant impact are always in demand. Due to this, new steel grades with advanced properties have been developed, including conventional steels, high-strength steels, advanced high-strength steels, ultra-high-strength steels and Giga steels. Automobile manufacturers are continuously?on the search for lightweight materials with high strength and aluminum appears to be the frontrunner among them. Aluminum-based?structures have attracted widespread attention from manufacturers due to their high efficiency, functionality, formability and performance enhancement, which is expected to limit the growth of the Steel Materials Market. Hence, it is anticipated that ongoing developments in various steel grades and alternative products would limit the global market for Steel Materials from expanding.
Key Market Players
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Steel Materials Market. The top 10 companies in the Steel Materials Market?are:
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Scope of the Report:
Base Year Considered
2021
Forecast Period
2022–2027
CAGR
4.3%
Market Size by 2027
$71 billion
Segments Covered
By Raw Material, By Type, By End-Use and Region
Geographies Covered
Frequently Asked Questions:
1. What is the growth rate of the Steel Materials Market during the forecast period?
The Steel Materials Market is estimated to grow at a CAGR of 4.3% during the forecast period 2022-2027.
2. Which region holds the largest market share in the Steel Materials Market during the forecast period 2022-2027?
The Asia-Pacific dominated the Steel Materials Market in 2021 with a share of up to 40%. The automotive sector in Asia-Pacific is rapidly growing due to a flourishing base for automotive manufacturers, demand for automotive compounds and production rise.
3. Which are the leading market players in the Steel Materials Market?
AK Steel Holding Corporation, ArcelorMittal South Africa Limited, Baoshan Iron & Steel Company Limited, Kobe Steel Ltd and WEC Group Ltd. (MTL Advanced Ltd.) are some of the leading players in the Steel Materials Market.
4. What are the major Steel Materials Market trends that would shape the future market?
Some of the key market trends of the Steel Materials Market include major investments and developments from the mining and metallurgy sectors, Government initiatives for improving the housing situation and Rapid growth in the Automotive industry.
5. What are the driving factors and opportunities in the Steel Materials Market?
The key drivers of the market include Bolstering Growth in the Chemical & Pharmaceutical Industry, Rising Demand from the Building & Construction Industry.
Recent Developments
Relevant Reports
Report Code: CMR 38498
Report Code: CMR 82149
Report Code: AM 60712
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