Steel Industry

Steel Industry | Forecast 2030

Grand View Research’s steel industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with an agricultural statistics e-book.

Steel is a vital industry for global economic growth. It is one of the key raw materials for building & construction and various manufacturing activities. As per the World Steel Association, the total value contribution by the steel industry is USD 2.9 trillion, which is equivalent to 3.8% of global GDP.

Access the Global Steel Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

The global steel market is anticipated to be driven by rising investments in construction activities. With respect to regions, Asia Pacific holds more than half revenue share, as of 2021, owing to the investments in various infrastructural development projects to boost the economies. For instance, as per the Indian budget for FY 2022-23, government spending will increase by 4.6% compared to the previous year. The country is expected to raise spending to INR 39.45 trillion (~USD 529.7 billion) for building public infrastructure, affordable housing, and solar manufacturing.

Carbon Steel Market Insights

The global carbon steel market size was valued at USD 947.60 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.0% from 2023 to 2030. Increasing focus on infrastructure development particularly in Asia Pacific countries is projected to drive the consumption of carbon steel products over the coming years. The Asia Pacific is likely to attract nearly 50% of infrastructure investment over the coming years. Countries such as India, China, and Southeast Asian countries are spending higher portion of their budget on infrastructure development to boost the overall economic growth. Carbon steel finds numerous applications in infrastructure, wherein it is used in frame materials, pipelines, fencing, gates, and variety of structural sections.

Order your copy of the Free Sample of “Steel Industry Data Book – Stainless Steel, Carbon Steel, Electrical Steel, Weathering Steel and Sintered Steel Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research

Structural Steel Market Insights

The global structural steel market size was valued at USD 117.12 billion in 2023 and is likely to register a compound annual growth rate (CAGR) of 5.9% from 2024 to 2030. Infrastructural developments, in both developing as well as developed countries, are anticipated to remain the primary factors driving the demand for structural steel.

The growing housing needs, as a result of the increasing population across the globe, are also among the key factors driving product demand. As per the projections estimated by the United Nations, the global population will reach 11.2 billion by 2100, which, in turn, is anticipated to bolster housing demand, thus, boosting consumption for structural steel.

Electrical Steel Market Insights

The global electrical steel market size was valued at USD 28.53 billion in 2023 and is expected to grow at a compounded annual growth rate (CAGR) of 4.7% from 2024 to 2030. Increasing electricity generation worldwide is one of the key driving factors for market growth. As the name implies, electrical steel possesses enhanced electrical properties such as high permeability, high electrical resistivity, low hysteresis loss, and low magnetostriction. These properties make it highly desirable for applications related to electricity consumption, distribution, and generation.

Electrical steel finds application in generators, electric motors, relays, solenoids, and other electromagnetic devices, which are further used in power distribution systems and other related applications. The U.S. is the second-largest electricity generator in the world. In 2022, the country generated around 4,243 TWh of electricity, a 6.4% increase compared to 2021. The growth in the electric vehicles (EVs) industry is another driver for the market. Electrical steel contains specific magnetic properties, which makes it of vital use in rotors and stators in motor of an EV. The product helps enhance motor efficiency by minimizing core energy losses and accelerating vehicle’s range.

Weathering Steel Market Insights

The global weathering steel market size was USD 987.2 million in 2018 and is anticipated to expand at a CAGR of 5.6% from 2019 to 2025. The growth is attributed to the rising demand from construction industry owing to the remarkable properties of the product in terms durability, low maintenance, and greater life cycle. The phenomenal properties of weathering steel such as corrosion resistance, high strength, high-temperature resistance, and fatigue resistance make it suitable in outdoor decorations and buildings. According to the Institution of Civil Engineers, the global construction output is anticipated to reach USD 15.5 trillion by 2030. This is likely to augment the market growth in near future.

Introduction

Steel, an essential part in different ventures around the world, assumes a critical part in economic exercises. Among the conspicuous players in the steel business, JSW Steel Restricted stands out as a main integrated steel maker in India, prestigious for its quality items and imaginative practices. Understanding the dynamics of JSW Steel prices is fundamental for stakeholders going from financial backers to buyers. This article digs into the elements affecting JSW Steel prices and the ramifications of these fluctuations.

Global Market Trends

The global steel market is dependent upon different macroeconomic elements, including supply and demand dynamics, geopolitical tensions, and currency fluctuations. Any huge changes in these variables can echo through the steel business, affecting prices. For JSW Steel, as an integrated producer, global market trends act as a significant determinant of its valuing strategy.

Raw Material Costs

One of the essential determinants of steel prices is the cost of raw materials, like iron metal and coking coal. Fluctuations in these item prices straightforwardly influence the creation costs for JSW Steel. For example, a spike in iron mineral prices because of supply disturbances or expanded demand can apply up tension on JSW Steel prices.

Government Policies and Regulations

Government policies and regulations likewise assume a vital part in molding JSW Steel prices. Administrative changes connected with exchange duties, ecological standards, and tax assessment can influence the cost design of the steel business. For JSW Steel, adherence to ecological standards and consistency with administrative necessities might involve extra costs, impacting valuing choices.

Demand-Supply Dynamics

The harmony between steel demand and supply is a vital driver of price developments. Factors, for example, foundation projects, auto creation, and development exercises impact steel demand. JSW Steel intently screens market demand to change its creation levels as needs be. During times of strong demand, JSW Steel might use its valuing power, while quelled demand could prompt competitive evaluating strategies.

Global Economic Conditions

The more extensive economic climate, including Gross domestic product development, expansion rates, and modern results, essentially influences steel prices. Economic slumps can hose demand for steel across areas, prompting estimating pressures. Alternately, during times of economic development, JSW Steel might encounter more grounded demand and estimating power.

Currency Fluctuations

As a global player, currency fluctuations can influence JSW Steel’s competitiveness and estimating strategy. Swapping scale developments comparable with significant monetary standards, for example, the US dollar and the euro can impact the organization’s product competitiveness and import costs for raw materials. JSW Steel utilizes risk the executives strategies to relieve the effect of currency instability on its evaluating choices.

Technological Innovations

Innovations in steelmaking advances can upgrade creation proficiency and decrease costs for JSW Steel. Taking on cutting edge cycles, for example, electric bend heaters and nonstop projecting further develops yield and quality while bringing down energy utilization. Nonetheless, the underlying interest in innovation overhauls might affect evaluating temporarily.

Competitive Landscape

The competitive dynamics inside the steel business additionally impact JSW Steel prices. Contenders’ valuing strategies, market situating, and item separation assume a vital part in deciding price levels. JSW Steel constantly surveys market conditions and contender activities to as needs be form its valuing strategy.

Conclusion

JSW Steel prices are dependent upon a horde of variables, both inward and outer, that impact the dynamics of the steel business. From raw material costs and government policies to demand-supply dynamics and technological innovations, different factors shape JSW Steel’s estimating choices. Understanding these variables is fundamental for stakeholders to explore the intricacies of the steel market actually. As JSW Steel proceeds to develop and adjust to developing market conditions, its valuing strategy will stay a critical driver of competitiveness and maintainability in the global steel industry.

Steel Industry | Forecast 2030

Steel Industry Data Book – Stainless Steel, Carbon Steel, Electrical Steel, Weathering Steel and Sintered Steel Market

Steel Industry Data Book Coverage Snapshot

Markets Covered

Carbon Steel Market Size USD 887.7 billion in 2019 3.4% CAGR (2020-2027)
Stainless Steel Market Size USD 104.23 billion in 2021 8.9% CAGR (2022-2030)
Structural Steel Market Size USD 96.94 billion in 2020 5.3% CAGR (2021-2028)
Electrical Steel Market Size USD 23.4 billion in 2020 4.9% CAGR (2021-2028)
Weathering Steel Market Size USD 987.2 million in 2018 5.6% CAGR (2019-2025)
Sintered Steel Market Size USD 124.8 million in 2020 5.0% CAGR (2021-2027)

Carbon Steel Market Growth & Trends

The global carbon steel market size is expected to reach USD 1,301.53 billion by 2030, expanding at a CAGR of 4.0%, according to a new report by Grand View Research, Inc. Increasing investment in the construction sector on account of factors such as rising housing needs, boosting tourism, and increasing commercial space is likely to augment the demand for carbon steel over the forecast period.

For instance, in August 2022, Nakheel PJSC announced a master plan vision for the Dubai islands. The plan involves the construction of five islands of 17 square kilometers by 2040. These islands are expected to have 80 resorts & hotels, cultural hubs, boutiques, dedicated public parks, and residential spaces. Such kinds of investments are expected to fuel the product demand over the coming years.

Stainless Steel Market Growth and Trends

The consumer goods application segment dominates the stainless steel demand, with products such as refrigerators, washing machines and kitchen utilities requiring stainless steel for different purposes. China and remaining Asia accounted for over half of the global stainless steel supply, on account of the easy availability of raw materials and labour coupled with a strong foothold in the industry.

China accounted for just over 46% of the global demand for stainless steel in 2021, with the country also ranking among the top producer of Stainless Steel. India follows suit after China, as the second largest consumer of stainless steel. The demand in these countries is mainly driven by massive infrastructure investments, government support through different policies and growing middle class population.

Structural Steel Market Growth & Trends

The global structural steel market size is expected to reach USD 162.46 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% over the forecast period. The market growth is attributed to the growth in the construction sector and rising demand for steel as a green and sustainable material. Structural steel is utilized for construction-related applications. Its high carbon content offers high strength and low ductility. It is available in the form of various shapes such as I-beam, Z-shape, angle, tee, bar, and rod, depending upon the applications. It can be customized into a variety of shapes in different thicknesses and sizes owing to its ductility. Based on application, the market is segmented into residential and non-residential, where the latter dominates the market, in terms of revenue share.

Electrical Steel Market Growth & Trends

The global electrical steel market size is expected to reach USD 39.56 billion by 2030 according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2024 to 2030. The growing need for power generation has augmented the demand for transformers, generators, and other such products that require electrical steel to deliver enhanced performance.

Electrical steel is an iron alloy that contains varying amounts of silicon. Based on its composition and application, it is also referred to as lamination steel, silicon steel, transformer steel, and relay steel. Its phenomenal magnetic properties make it of vital use in rotating and static machines.

Competitive Insights

The outlook for the steel markets has weakened quickly in the last quarter of 2022. Factors responsible for weaker prospectus include high energy prices, the global economic slowdown, rising inflation and the impacts of Russian war against Ukraine and sharp decline in the real estate sector and rising COVID infections. Global crude steel production has declined sharply in 2022 as the demand has contracted at the global level.