Steel Product Manufacturing Market Characteristics
The steel product manufacturing market consists of sales of steel products by entities (organizations, sole traders and partnerships) that produce tubes and pipes from iron and steel, shapes drawn through rolling or drawing of purchased iron or steel, and draw steel wire.
Competitive Landscape of the Steel Product Manufacturing Market
Major players in the global steel product manufacturing market include ArcelorMittal SA, Nippon Steel & Sumitomo Metal Corporation (NSSMC), POSCO, Baosteel, and JFE Steel Corporation.
Steel Product Manufacturing Market Size
The steel product manufacturing market size is expected to reach a higher value by 2022, significantly growing at a steady CAGR during the forecast period. The growth in the steel product manufacturing market is due to increase in new vehicle sales in rapidly developing countries such as China and India owing to rise in disposable income, increased demand for steel products.
However, the market for steel product manufacturing is expected to face certain restraints from several factors such as interest rate increases, workforce issues.
Steel Product Manufacturing Market Segmentation
The global steel product manufacturing market is further segmented based on type and geography.
By Type - The steel product manufacturing market is segmented into iron and steel pipe and tube manufacturing, rolling and drawing.
By Geography - The global steel product manufacturing is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific steel product manufacturing market accounts the largest share in the global steel product manufacturing market.
Trends in the Steel Product Manufacturing Market
IoT technology is being adopted and implemented by steel product manufacturing companies is the major trends witnessed in the global steel product manufacturing market.
Potential Opportunities in the Steel Product Manufacturing Market
With increase in positive economic outlook, improved earning capacity, emerging markets growth, the scope and potential for the global steel product manufacturing market is expected to significantly rise in the forecast period.