Global Steel Products Market Trends And Strategies Of Major Players In The Steel Products Market 2021-2030
15 Jun, 2021
The steel products market consists of sales of steel products by entities (organizations, sole traders and partnerships) that produce steel products such as tubes and pipes from iron and steel, shapes drawn through rolling or drawing of purchased iron or steel, and draw steel wire.
Global Steel Products Market Size And Drivers:
The global steel products market is expected to grow from $356.69 billion in 2020 to $406.4 billion in 2021 at a compound annual growth rate (CAGR) of 13.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $528.35 billion in 2025 at a CAGR of 7%. Rapidly growing urban populations are expected to drive the demand for steel products in the forecast period.
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Trends In The Global Steel Products Market
Metal manufacturing companies are increasing R&D expenditure to launch new product lines. They are launching advanced products such as ultra-light alloys as opposed to commodities.
Global Steel Products Market Segments:
The global steel products market is further segmented based on type, application, product type and geography.
By Type: Rolled and Drawn Steel, Iron And Steel Pipe And Tube
By Application: Construction, Automotive, Energy, Packaging, Others
By Product Type: Flat Steel, Long Steel, Tubular Steel, Steel Pipes, Steel Tubes
Sub-segments Covered: Rolled Steel, Drawn Steel
By Geography: The global steel products market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global steel products market, accounting for 63% of the market in 2020.
Read More On The Report For The Global Steel Products Market At:https://www.thebusinessresearchcompany.com/report/steel-products-global-market-report
Steel Products Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides steel products market overviews, analyzes and forecasts market size and growth for the global steel products market, steel products market share, steel products market players, steel products market segments and geographies, steel products market’s leading competitors’ revenues, profiles and market shares. The steel products market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.