Steel Industry Data Book – Stainless Steel, Carbon Steel, Electrical Steel, Weathering Steel and Sintered Steel Market
Steel Industry | Forecast 2030
Steel Industry Data Book – Stainless Steel, Carbon Steel, Electrical Steel, Weathering Steel and Sintered Steel Market
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
Steel Industry Data Book Coverage Snapshot
Markets Covered
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.
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, published by Grand View Research
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.
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