Steel product market comprises of the sales of steel products by entities that produce tubes & pipes from iron & steel, shapes drawn by rolling & drawing of purchased iron & steel, and draw steel wire. Steel products are usually made up of alloys of carbon and iron that comprise 2% carbon and 1% manganese. They exhibit high strength and durable mechanical properties, due to which they are extensively used across diverse end-use industries for instance construction, oil & gas, automotive, shipbuilding, and electrical & electronics.
As per analysis, “Steel Product Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global steel product market include Nippon Steel & Sumitomo Metal Corporation (NSSMC); Arcelor Mittal SA; POSCO; JFE Steel Corporation; Baosteel and among others. Few of the key strategies followed by renowned players operating in the global steel product market include innovations, product development, mergers & acquisitions, and expansion.
Based on type, steel product market is segmented as pipe & tube, iron & steel and rolling & drawing. Based on product type, market is segmented as long steel, flat steel, steel pipes, tubular steel, steel tubes and others. Long steel products include rod, wire, tubes, bars, and others. These products have extensive applications in the construction, industrial, automotive, and power generation sector. Flat steel segment dominates the global market owing to rise in use of these flat steel in numerous applications including pipes, construction, tubes, heavy machinery, appliances, and packaging. In addition, based on application, market is segmented as automotive, construction, energy, packaging and others. The automotive sector is estimated to witness higher growth rate due to growth in automobile production & sale particularly in the developing countries supported by economic growth during the forecast period.
The steel product market is driven by rapid urbanization & industrialization across developing countries, followed by growth in electrical & electronics, shipbuilding, and aerospace industries. However, curtailing environmental hazards and volatility in raw material prices may impact the market. Moreover, rise in spending on infrastructure in emerging economies and relaxed credit policy encourages more investment in steel industry are leading opportunities for market.
Based on geographic analysis, the Asia-Pacific is a leading region in global steel product market owing to growth in economy, increase in industrialization & investments in infrastructure development coupled with growth in automotive production across the region. Additionally, the region is characterized by considerable investment in the construction sector and investment in the education & healthcare sector. Growing industries are shaping the economy of this region. Economic development in the Asia-Pacific region has led to the construction of significant number of bridges & roads that point toward better quality infrastructure. The North-America and Europe regions are estimated to exhibit higher CAGR due to growth of oil & gas industry and increase in investments in shale gas production over the forecast period. It is predicted that future of the global steel product market will be bright on account of growth of the construction industry across developed & developing countries during the forecast period.
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