The Steel Products Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Steel Products Global Market Report 2024, The steel products market size has grown strongly in recent years. It will grow from $452.66 billion in 2023 to $479.07 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to economic cycles, globalization, government policies, technological advancements.
The steel products market size is expected to see strong growth in the next few years. It will grow to $582.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to infrastructure development, automotive industry, raw material availability, sustainable practices, global economic trends. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .
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 World Urbanization Prospects Report by the United Nations, 55% of the world’s population lived in urban areas and the rate is expected to rise to 68% by 2050. According to the World Bank, the urban population in South Asia grew by 130 million and is expected to grow to 250 million by 2030.
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The steel products market covered in this report is segmented –
1) By Type: Rolled and Drawn Steel; Iron and Steel Pipe and Tube
2) By Product Type: Flat Steel; Long Steel; Tubular Steel; Steel Pipes; Steel Tubes
3) By Application: Construction; Automotive; Energy; Packaging; Other Applications
Subsegments Covered: Rolled Steel; Drawn Steel
The steel products market report table of contents includes:
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