The global steel market is anticipated to be driven by rising investments in construction activities.
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.
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