May 26, 2020
According to the research report titled ‘Steel Market Size for Automotive & Aerospace Applications By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, global steel market is expected to register significant growth during 2019-2026.
Growing demand for products which are environmental friendly and highly durable coupled with technological advancements are major factors driving the steel market growth. Steel provides distinctive combination of formability, versatility and strength, and hence is widely used in industrial, commercial and residential applications.
Based on product landscape, angles, shapes and sections segment is projected to expand with a CAGR of 4% between 2019 and 2026. On the other hand, drawn wire segment is expected to grow significantly during the forecast period. Superior durability offered by drawn steel wire has impelled its usage in aerospace applications.
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Cold-rolled strip segment is predicted to acquire commendable profits in the forthcoming years. The product offers distinctive surface finish as well as high formability. Meanwhile, hot rolled sheets & coils segment is reckoned to witness a y-o-y growth rate of 6% through 2026.
Additionally, electrical sheet & strip segment is set to record a lucrative growth rate through 2026, primarily due to shifting preference towards using lightweight materials in automobiles. Parallelly, tinmill products held 3.5% revenue share in 2018 and is expected to register promising growth during the study period.
Galvanized sheets segment is anticipated to grow considerably during the analysis timeframe. Galvanized steel is not only ecofriendly but also offers superior corrosion resistance. It is available at relatively low cost and requires less maintenance as compared to coated steel products. Also, galvanized steel sheets improve the durability of the final product.
Regionally, Middle East & Africa steel industry is slated to witness a y-o-y growth rate of 3% during 2019-2026. Flourishing automotive sector and growing demand for high-performance vehicles are promoting the business outlook in MEA. On the other hand, North America accounted for 12% market share in the recent past owing to rapid expansion of automobile, construction and industrial sectors.
The prominent companies operating in global steel market are NJR Steel, Jiangsu Shagang Group, Celsa Steel UK, Outokumpu OYJ, Baosteel Group, Steel Dynamics Inc., POSCO, Jindal Steel & Power Ltd., Commercial Metals Co., United States Steel Corp., Kobe Steel Ltd., Daido Steel Co. Ltd., Hyundai Steel, Acerinox S.A., Mechel OAO, Essar Steel, Nippon Steel & Sumitomo Metal Corp., Gerdau S/A, Steel Authority of India (SAIL), Tata Steel and ArcelorMittal among others.