Global Steel Industry to Grow Steadily at a CAGR of Around 2%
Overview of the steel industry
Technavio’s research analyst predicts the global steel industry to grow steadily at a CAGR of around 2%, in terms of consumption volume, during the forecast period.
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The growth of end-user industries such as automotive, mechanical machinery, and infrastructure and construction is fueling the demand for steel. The infrastructure and construction sector, which accounts for more than 52% of the world's steel consumption, is expected to grow at a rate of around 8% by the end of 2020.
The rapid growth of developing economies such as India is also expected to contribute to the market growth during the forecast period. Around 63% of the demand in India is catered by the coal-intensive blast furnaces. The Indian government has banned iron ore, to fight against illegal mining, which is expected to reduce the domestic supply.
Segmentation by type and analysis of the steel industry
Carbon steel
Alloy steel
Stainless steel
Alloy steel contains metals such as silicon, manganese, copper, aluminum, titanium, chromium, and nickel in varying proportions in order to manipulate the steel's properties. This type of steel is used in electric motors, transformers, power generators, pipelines, and auto parts.
Segmentation by end users and analysis of the steel industry
Infrastructure and construction
Mechanical machinery
Automotive industry
Others (electrical equipment, domestic appliances, and transportation)
Infrastructure and construction contributed 52% of the global market revenue during 2014 and is expected to retain its market leadership until the end of 2019. Steel-intensive infrastructure such as roads, rail, ports, airports, and power sector is driving the growth of the steel industry in this segment.
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Geographical segmentation and analysis of the steel industry
Americas
APAC
EMEA
APAC accounted for 70% of the market share during 2014 and is expected to grow at a CAGR of 3% during the forecast period. China, Japan, and India are the market leaders in this region. The increased infrastructure spending in the emerging economies is driving the market growth of this region.
Competitive landscape and key vendors
The global steel market is highly fragmented with the presence of numerous global and regional vendors. The competition among vendors is intense, resulting in lower steel prices and reduced profit margins.
The leading vendors in the market are -
ArcelorMittal
Ansteel
Baosteel
Hebei Iron and Steel
Jiangsu Shagang
Nippon Steel & Sumitomo Metal
POSCO
Other prominent vendors in the market include Anyang Steel, Evraz, Geradau, Hyundai Steel, JFE Steel, Maanshan Iron and Steel, Nucor, RIVA, Shandong Iron and Steel, Shougang Group, Tata Steel, United State Steel, and Wuhan Iron and Steel.
Key questions answered in the report include
What will the market size and the growth rate be in 2019?
What are the key factors driving the global steel industry?
What are the Key Market trends?impacting the growth of the steel industry?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the vendors in the global steel industry?
Trending factors influencing the market shares of the Americas, APAC, and EMEA?
What are the key outcomes of the five forces analysis of the steel industry?
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