The global steel industry is expected to grow at a modest CAGR over the forecast period 2019-2025. Rising demand for steels in various end-use industries including construction, automotive, aviation and marine, and yellow goods and mining equipment is fueling the market growth. Data published by the World Steel Association reflect that the global steel demand registered a growth of 1.4% during 2018 and is further estimated to grow in the near future. Moreover, the aforementioned society also suggests that global steelmaking capacity, in nominal crude terms, remained nearly unchanged in 2018, following declines in 2016 and 2017. The report analyzes the global steel industry on the basis of processing type, end-use industry, and geography.
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Based on the processing type, the market is divided into hot rolled steel and cold rolled steel. On the basis of end-use industry, the market is classified into construction, automotive, aviation & marine, and yellow goods and mining equipment. The automotive sector is expected to generate significant demand for steel in the near future; however, as several automotive plants have halted their production due to the recent COVID-19 outbreak, the demand is likely to fluctuate. Automakers such as Kia Motors, Hyundai Corp., Force Motors, Toyota, Tesla, and several others have suspended their production in recent days which is expected to negatively impact the steel market growth.
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Global Steel Industry Market Segmentation
By Processing Type
- Hot Rolled Steel
- Cold Rolled Steel
By End-Use Industry
- Aviation & Marine
- Yellow Goods & Mining Equipment
- Rest of Europe
- Rest of Asia-Pacific
Rest of the World
- ArcelorMittal S.A
- Baosteel Group Corp.
- Hebei Iron and Steel Group Co. Ltd.
- Hyundai Steel Co., Ltd
- JFE Steel Corp.
- Jiangsu Shagang Group Co., Ltd
- Nippon Steel Corp.
- Pohang Iron and Steel Co. (POSCO)
- Tata Steel Ltd.
- Wuhan Iron and Steel Group Corp.
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