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Steel Market 2020 (COVID-19 UPDATE) Future Challenges, Growth Statistics and Forecast to 2026

Author : Ravi Chawat | Published Date : 2020-09-04 

The steel market is anticipated to observe lucrative growth over the coming years on account of proliferating demand for strong and eco-friendly materials across numerous industry verticals. Steel provides a unique blend of versatility, formability and strength, making it an ideal material for a variety of industrial, commercial and residential applications.

Technological innovation has inspired the development of stronger steel materials, allowing numerous manufacturers and construction builders to adopt lightweight and durable designs. Meanwhile, increasing imposition of stringent federal norms to curb environmental degradation has compelled steel manufacturers to create new, sustainable materials.

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Key aspects fueling steel market growth:

Drawn wires have found a wide-scale application due to its remarkable features like exceptional durability. This makes drawn wires ideal for the aerospace sector for manufacturing aircrafts. The material has controlled a fair share of the overall steel market and is projected to monitor strong demand in the future.

Meanwhile, the shapes, sections, and angles product segment in the steel market is expected to observe a compound annual growth rate of over 4% throughout the predicted timeframe, estimates Global Market Insights, Inc. Shifting consumer preference towards lightweight components would drive the adoption of steel in electrical strips & sheets.

As for tin mill products, back in 2018, the segment generated over 3.5% revenue share and is predicted to record a promising CAGR by 2026. While axles and wheel product segment are likely to receive a significant share in the steel market owing to the mounting application in the automotive sector.

Listed below are few of the ongoing trends pioneering the steel industry:

Galvanization of steel gaining prominence-

Galvanized steel sheets are usually used in a myriad of end-use industries pertaining to its excellent corrosion resistance and high strength, as well as its ecofriendly nature. It is comparatively inexpensive than its counterparts and needs a lot less maintenance than coated steel. This aids in saving money and time on replacement and repairs.

Key Point of TOC:

 

Chapter 7   Company Profiles

7.1   ArcelorMittal

7.1.1   Business Overview

7.1.2   Financial Data

7.1.3   Product Landscape

7.1.4   SWOT Analysis

7.1.5   Strategic Outlook

7.2   Tata Steel

7.2.1   Business Overview

7.2.2   Financial Data

7.2.3   Product Landscape

7.2.4   SWOT Analysis

7.2.5   Strategic Outlook

7.3   Steel Authority of India Limited (SAIL)

7.3.1   Business Overview

7.3.2   Financial Data

7.3.3   Product Landscape

7.3.4   SWOT Analysis

7.4   Gerdau S/A

7.4.1   Business Overview

7.4.2   Financial Data

Continue...

Moreover, galvanization of steel enhances the durability of end product. Implementation of just a minimum coating thickness could improve the performance of such products, making galvanized steel sheets comparatively more reliable than its alternative.

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Besides, the long-lasting characteristic of galvanized steel sheets could stimulate new demand in the market. In fact, studies show that the average life of galvanized steel as a structural material could range over 50 years in rural conditions and could span over 25 years in coastal or urban settings.

MEA emerging as a promising regional market-

Rampant expansion in the automobile industry coupled with proliferating consumer demand for high-performance vehicles could expand Middle East and Africa steel market size. Estimates claim that the market is anticipating record a 3% CAGR by 2026.

As far as North America is considered, the region controls over 12% of the global steel market share and is estimated to record noteworthy gains over the predicted period.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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