Key takeaways
- Strong Growth Potential: The steel market is expected to experience significant growth, driven by rising infrastructure investment and construction spending, particularly in developing economies.
- Innovation and Sustainability: Advances in conventional casting processes and the use of recycled metals are driving innovation, while the adoption of direct rolling practices enhances efficiency and cost-effectiveness.
- Diverse Applications: The production and demand for hot & cold rolled steel, steel tubes, and steel panels are increasing, supported by essential raw materials like iron ore and coking coal.
- Market Trends: Current trends indicate a shift towards sustainable practices and high-performance structural steel products, ensuring the steel market remains integral to modern development and industrial structures.
Steel market overview
Steel is one of the most important construction and engineering materials available today, and it finds use in all segments of human life. It is critical for the construction of bridges, buildings, rails, trucks, turbines, fridges, electromagnets, watches, washing machines, and various types of protective equipment. Steel’s primary end-user segments include energy, construction, packaging, transportation, accessories, and appliances. Due to the focus on infrastructure investment, especially in developing economies, the steel market is poised to witness strong growth over the next couple of years. This promising growth potential, with a notable Compound Annual Growth Rate (CAGR), has caught the attention of steel manufacturers who are now keen on investing in niche markets to boost their business reach.
The steel market encompasses a variety of products and processes, including hot & cold rolled steel, steel tubes, and steel panels. Advances in conventional casting processes and the increased use of recycled metals are driving innovation in steel production. The demand for structural steel in industrial structures and construction spending is also a key factor influencing market dynamics.
Essential raw materials such as iron ore and coking coal are fundamental to the production of hot-rolled steel and cold-rolled steel. Direct rolling practices are being adopted to improve efficiency and reduce costs. Additionally, the market for steel tubes is expanding due to their applications in various industrial sectors.
Current trends in the steel market indicate a shift towards sustainable practices and the development of high-performance steel products. The integration of recycled metals and the implementation of direct rolling practices are examples of how the industry is evolving. As infrastructure investment continues to rise, particularly in developing regions, the demand for steel in construction and industrial structures is expected to grow, further solidifying the steel market’s position as a cornerstone of modern development.
In this blog, the analysts offer a gist of the comprehensive report on the steel market and provide information on the steel market overview and top steel manufacturers.
“The increasing demand for steel from regions such as Europe, APAC, and the US coupled with the implementation of favorable trade policies will increase the overall category spend for the steel market,” says an industry expert from SpendEdge.
SpendEdge’s report also offers an analysis of the key geographies of the steel market. According to procurement experts, Europe and North America are leading in terms of innovation in the category. The steel-making process in these regions is automated to enhance workplace safety and process efficiency. The report also states that the growth of end-user industries such as automotive, construction, automotive, and energy will subsequently result in high steel demand, making it essential for steel manufacturers to focus on following sustainable practices to meet such a high steel demand.
Continue reading to know more about the top steel manufacturers and steel market trends or Request for free proposal to know more about the scope of our engagement.
Top Steel Manufacturers
ArcelorMittal
ArcelorMittal is one of the leading steel manufacturers across the globe. It is a multinational corporation that is headquartered in Luxembourg. ArcelorMittal is one of the world’s largest steel manufacturers and was ranked 123 in the 2017 Fortune Global 500 ranking of the world’s biggest corporations. This company is guided by the philosophy to produce sustainable and safe steel. It is the leading supplier of quality steel products in all major markets including construction, automotive, packaging, and household appliances.
Baoshan
Baoshan Iron and Steel Co., Ltd., also known as Baosteel, is one of the leading steel manufacturers based in Shanghai, China. They are listed on the Shanghai Stock Exchange and are a constituent of the CSI 300 stock market index. This corporation was established in 1977 and has more than 50,000 employees. They are well-known for a variety of steel products such as stainless steel, carbon steel, and special steel.
POSCO
POSCO (formerly Pohang Iron and Steel Company) is a South Korean steel manufacturing company that is headquartered in Pohang, South Korea. Currently, POSCO operates two integrated steel mills in South Korea, that are located in Pohang and Gwangyang. In addition, POSCO operates a joint venture with USS-POSCO, U.S. Steel, which is located in Pittsburg, California. POSCO is one of the largest steel manufacturers owing to its high production capacity and geographical reach. Today, it has branches in more than 50 countries.
SpendEdge’s procurement report on the steel market offers a comprehensive overview of the top steel manufacturers, steel prices, steel procurement challenges, cost and volume drivers, negotiation strategies, and supplier selection criteria. If that’s not the information you are looking for, you can request for a customized market report by getting in touch with our analysts.
Conclusion
The steel market is poised for significant growth, driven by increased infrastructure investment and rising construction spending, especially in developing economies. With a notable Compound Annual Growth Rate (CAGR), the market is attracting substantial interest from steel manufacturers eager to expand their reach. The industry’s innovation is propelled by advances in conventional casting processes and the integration of recycled metals. The production of hot & cold rolled steel, steel tubes, and steel panels is being enhanced through direct rolling practices, improving efficiency and cost-effectiveness. Essential raw materials like iron ore and coking coal remain fundamental to the production of hot rolled steel and cold-rolled steel. As the demand for structural steel in industrial structures continues to rise, current trends indicate a shift towards sustainable practices and high-performance products. This ongoing evolution ensures that the steel market remains a cornerstone of modern development, meeting the demands of diverse industries through innovative steel production practices.
