DUBLIN , April 17, 2023 /PRNewswire/ -- The "Steel Market Size, Share, Trends, By Type, By Product, By Application, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The steel market has been growing steadily, with a global market size of USD 895.32 billion in 2021 and a projected revenue CAGR of 2.6% during the forecast period. 300 Series Stainless Steel Coils
United Iron & Steel Co. LLC
Jiangsu Zhishang Metal Products Co. Ltd
The growth of end-use industries such as automobile, chemical, power, construction, and architecture, among others, is the primary factor driving market revenue growth.
Steel is extensively used in construction, and its high strength makes it essential for structures to withstand natural disasters like earthquakes. Steel is also rust-proof and unaffected by termites, mildew, bugs, mold, and fungus, making it a durable material for building structures . The rising demand for steel in transit buildings, such as airports and metro rapid mass transportation systems, for various applications such as bollards, ticketing counters, benches, escalators, and canopies, is another key factor driving market revenue growth. Steel is also commonly used in swimming pools for both architectural and structural purposes, such as pool liners, railings, ladders, structural components, fasteners, furnishings, diving structures, decorative objects, and ventilation systems . Additionally, the shipbuilding and oil & gas industries are driving market revenue growth by requiring steel for the production of high-strength plates, rectangular tubing, rails, sheets, rods, girders, and other building components. Steel is also being used in emerging technologies like geothermal, solar, hydro, and wind power because of its corrosion resistance and ability to withstand various environments while maintaining high productivity . Lastly, the demand for steel in household and business catering purposes is also driving market revenue growth. Steel is widely used in kitchen knives, forks, spoons, cookers, grills, sinks, and saucepans, with different grades of steel being utilized depending on the need for corrosion resistance. For example, stainless steel grades 410 and 420 are generally used for kitchen knives, while grade 304 is commonly used for forks and spoons. Market Dynamics:
Drivers: The market revenue growth is being driven by the rising demand for steel in the automotive sector and seawater reverse osmosis systems . Increasing usage of steel in the automotive sector is the primary factor behind this growth. Steel is the most recycled automotive material, with over 14 million tonnes of steel from scrapped cars being recycled annually by the steel industry. The use of Advanced High-Strength Steels (AHSS) allows manufacturers to reduce the overall carbon footprint of a vehicle.
New grades of advanced high-strength steels also enable automakers to reduce the weight of vehicle components by 25%-39% and the weight of the entire vehicle by 8%-10%. This reduction in weight results in a decrease of 100 kg-150 kg in the overall weight of a normal five-passenger family automobile, saving 2-3 tonnes of greenhouse emissions over the course of the vehicle's whole life cycle.
The reduction in emissions is greater than the entire amount of CO2 released during the manufacture of the steel used in the vehicle. The demand for lightweight materials, such as carbon fibers, is also increasing in the automotive sector due to their high strength, load-bearing capacity, and lightweight properties . The use of steel in Seawater Reverse Osmosis (SWRO) systems is also driving market revenue growth due to its excellent mechanical qualities. Steel is used in piping in offshore technology and marine systems due to its tolerance to the corrosive effects of seawater. For example, 316-grade steel is frequently referred to as a marine-grade alloy owing to its exceptional resistance to chloride corrosion. Restraint: One of the major disadvantages of steel is heavy metal contamination in food while cooking. Steel contains elements such as iron, chromium, and nickel, which are not very nutritive to the human body.
Nickel, in particular, causes adverse health impacts, such as allergic contact dermatitis sensitization in certain people and an increased risk of cancer, particularly lung and nasal cancer. Welding also poses a risk of inhaling carcinogenic fumes from cadmium oxides, nickel, and chromium. Although small amounts of nickel and chromium leach out into highly acidic food during cooking, heavy metal contamination remains a concern for the steel industry. Key Topics Covered: Chapter 1. Market Synopsis Chapter 2. Executive Summary Chapter 3. Indicative Metrics Chapter 4. Steel Market Segmentation & Impact Analysis 4.1. Steel Market Segmentation Analysis 4.2. Industrial Outlook 4.2.1. Market indicators analysis 4.2.2. Market drivers' analysis 4.2.2.1. Increasing infrastructure development activities in developing countries 4.2.2.2. Increasing usage of steel in the automotive industry 4.2.2.3. Increasing demand for consumer goods and home appliances 4.2.3. Market restraints analysis 4.2.3.1. Steel leach heavy metals into food while cooking 4.2.3.2. Volatile raw material price 4.3. Technological Insights 4.4. Regulatory Framework 4.5. ETOP Analysis 4.6. Porter's Five Forces Analysis 4.7. Competitive Metric Space Analysis 4.8. Price trend Analysis 4.9. Customer Mapping 4.10. COVID-19 Impact Analysis 4.11. Global Recession Influence
Chapter 5. Steel Market by Type Insights & Trends 5.1. Type Dynamics & Market Share, 2022 & 2030 5.2. Carbon Steel 5.3. Alloy Steel 5.4. Stainless Steel 5.5. Tool Steel
Chapter 6. Steel Market by Product Insights & Trends 6.1. Product Dynamics & Market Share, 2022 & 2030 6.2. Hot rolled steel 6.3. Cold rolled steel 6.4. Direct rolled steel 6.5. Steel tubes 6.6. Others
Chapter 7. Steel Market by Application Insights & Trends 7.1. Application Dynamics & Market Share, 2022 & 2030 7.2. Pre-engineered metal buildings 7.3. Bridges 7.4. Industrial structures 7.5. Others
Chapter 8. Steel Market Regional Outlook Chapter 9. Competitive Landscape 9.1. Market Revenue Share By Manufacturers 9.2. Manufacturing Cost Breakdown Analysis 9.3. Mergers & Acquisitions 9.4. Market positioning 9.5. Strategy Benchmarking 9.6. Vendor Landscape Chapter 10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/wy0jdk
About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact: Research and Markets Laura Wood , Senior Manager press@researchandmarkets.com For E.S.T Office Hours Call +1-917-300-0470 For U.S./CAN Toll Free Call +1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 U.S. Fax: 646-607-1907 Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
Stainless Steel Materials Exporter View original content:https://www.prnewswire.com/news-releases/global-steel-market-to-2030-rising-demand-from-the-automotive-and-seawater-reverse-osmosis-systems-sectors-drives-growth-301798832.html