Steel: The Lifeblood of Many Verticals Vital to an Economy
Be it buildings, infrastructure, automobiles, or machinery, steel plays a key role in industries. The four different types of steel — carbon steel, alloys steel, stainless steel, and tools steel — find distinctive applications. Low carbon steel is most commonly used in the automobile sector for building body components, the construction sector for bridge components and pipelines, and the packaging industry for food cans.
China, Japan, & Russia: The Leading Producers of Steel Globally
China and Japan are the leading exporters of steel. In 2017, they collectively produced 935.7 million metric tons of crude steel, followed by the U.S. at 104.7 million metric tons. China has a ten times higher steel-producing capacity than the U.S. India and Russia produced about 101.4 and 71.3 million metric tons, respectively. The U.S. and Germany are at the forefront in terms of imports. In 2018, China was the largest producer of steel; however, at present, the coronavirus outbreak has disrupted the country’s steel production.
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Construction Activities: The Key Factor Expected to Lead Steel Consumption in Coming Years
Construction projects consume the highest amount of steel, followed by transportation, which includes shipbuilding, automotive parts, ad appliances, railway tracks and trains, etc. Rapid urbanization has paved the path for more residential construction and infrastructure development, bolstering the demand for raw materials such as steel. Upcoming infrastructure projects, such as the tunnel projects in North America, are expected to accelerate demand in years to come.
Shipbuilding: A Sub-Segment of Transportation That Accounts for Substantial Steel Consumption
The shipbuilding industry also demands excessive volumes of steel for ships and cargo construction. The building of larger hi-tech vessels can cost as much as USD 200 million. The operation of merchant ships contributes an anticipated annual income of over half a trillion USD in terms of freight rates. Apart from passenger and cargo ships, the total export value of cruise ships, excursion boats, and ferry boats amounts to USD 77,100 million. The top exporters of this category ships are Italy with USD 26,600 million, Germany with USD 17,400 million, and Finland with USD 99,700 million export value.
Steel Market Segmentation
Central and South America and the Caribbean
The Middle East and Africa
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now