The global steel industry is expected to grow at a modest CAGR over the forecast period 2019-2025. Rising demand for steels in various end-use industries including construction, automotive, aviation and marine, and yellow goods and mining equipment is fueling the market growth. Data published by the World Steel Association reflect that the global steel demand registered a growth of 1.4% during 2018 and is further estimated to grow in the near future. Moreover, the aforementioned society also suggests that global steelmaking capacity, in nominal crude terms, remained nearly unchanged in 2018, following declines in 2016 and 2017. The report analyzes the global steel industry on the basis of processing type, end-use industry, and geography. 

Based on the processing type, the market is divided into hot rolled steel and cold rolled steel. On the basis of end-use industry, the market is classified into construction, automotive, aviation & marine, and yellow goods and mining equipment. The automotive sector is expected to generate significant demand for steel in the near future; however, as several automotive plants have halted their production due to the recent COVID-19 outbreak, the demand is likely to fluctuate. Automakers such as Kia Motors, Hyundai Corp., Force Motors, Toyota, Tesla, and several others have suspended their production in recent days which is expected to negatively impact the steel market growth. 

Geographically, the market is analyzed into North America, Europe, Asia Pacific, and Rest of the World (RoW). North American steel industry is likely to a significant impact on the COVID-19 outbreak. The US steel industry has reported a decline in production of around 12.7% year-on-year in the week ending 28th March 2020. Moreover, the capacity utilization rate also fell to as low as 71.6% during the same period. Further, the market consists of several players that are influencing the global steel industry. Some of the key players of the market include Tata Steel Group, ArcelorMittal, Baosteel Group Corp., Hebei Iron and Steel Group Co. Ltd., Hyundai Steel Co., JFE Steel Corp., and several others. The epidemic spread has also impacted the operation of these players. As an instance, Indian steelmakers such as Steel Authority of India (SAIL) and Tata Steel have reduced their output by nearly 50%.

Research Methodology

The study on the Steel Industry is incorporated by extensive primary and secondary research conducted by the research team. In secondary research, different approaches have been adopted to derive the market value, market growth rate, and analyze trends in the industry due to the COVID-19 pandemic. In the report, the analysis of the country is provided by analyzing various regional players, laws & policies, consumer behavior, macro-economic factors, and impact of the pandemic. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures. 

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their PROCESSING TYPE catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the global Steel Industry.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global Steel Industry.
• Insights about market determinants that are stimulating the global Steel Industry.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.