In the latest research report by Global Market Insights steel market size is likely to surpass US$ 175 bn by 2027.

Regarded as the world’s most recycled material, steel market production has witnessed a meteoric rise in the past few years. According to the World Steel Association, 630 megatons of steel are recycled annually. Besides, the year 2017 witnessed material efficiency of recovery and use of steel industry by-products surge to 96.3%.

Steel is being highly sought-after across sectors, including automotive, construction, and transportation as the material of choice in the wake of attributes such as strength, availability, ductility, versatility, and recyclability. When it comes to construction sector, steel bridges are believed to be four to eight-fold lighter than those built from concrete.

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Trends in automotive sector

Even though there has been a 13% dip in the crude steel production (137.1 million tons produced in April 2020), trends in automotive sector are poised to fuel the industry growth. Strong demand for advanced high-strength steels is likely to be witnessed as auto makers are gearing to roll out electric and self-driving vehicles.

With the rise in the demand for light and strong protection for battery pack in EV and ban on sales of ICE-powered vehicles by several countries, steel manufacturers are striving to up the material production.

It is worth noting that OEMs have been turning to steel for a cost-effective solution as the development of high-strength steels has been helping manufacturers achieve goals such as economic efficiency, weight reduction and recyclability.

Steel is seemingly being favored over aluminum owing to former’s superior strength and lower cost materials such as advanced high strength steel.

Surged demand from aerospace sector driving growth

While aluminum has been the status quo material for constructing aircraft components, stainless steel is gradually gaining ground as they are perceived to be corrosion resistance and can withstand higher temperature. Moreover, factors such as shear modulus and high tensile strength of stainless steel have made steel a desirable and marketable material for absorbing the impact stresses.

Increased traction for stainless steel market is mainly linked to attributes such as resistance to wear and tear and its ability to handle impact/scratches damage as compared to aluminum parts. As such, steel has become a major revenue pocket in aircraft components, making it apt for aerospace parts, such as fasteners, actuators and landing gear components.

Opportunities in Hot-rolled steel and cold-rolled steel

Hot rolled steel presents massive opportunities for the steel market manufacturers as they have the innate ability to produce larger quantities of steel. Stakeholders perceive hot-rolled bars and rods as an ideal component in sheet metal, agriculture equipment, railroad tracks and automotive frames.

Meanwhile, cold-rolled steel has been gaining momentum for it has better surface characteristics and is being used for technically precise application and where aesthetics is prioritized.

Increased demand for lightweight construction as a means of reducing vehicle weight has offered growth opportunities for stakeholders in APAC steel industry. For instance, in April 2020, China produced around 85 Mt of crude steel, while India produced around 3.1 Mt of crude steel.

Trend for electric vehicles in countries such as China and India, emphasizing cost efficiency, vehicle weight, and sustainability is set to redefine steel industry outlook.

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Challenges in the form of aluminum

Notwithstanding steel being stronger than aluminum, the latter has been gaining prominence. Given than stainless steel is a bit heavier, its widespread application in aerospace sector may take a hit.

That said, application of steel in state-of-the-art products and using it to make lighter and flexible products will bode well for stakeholders eyeing to expand their footfalls. By 2050, steel use is set to be 1.5-fold higher than current levels to keep up with the demand of the demography.

About Global Market Insights:

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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