Finished Steel Products Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia-Pacific|
|CAGR:||> 3 %|
*Disclaimer: Major Players sorted in no particular order
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Finished Steel Products Market Analysis
During the forecast period, the market for finished steel products is expected to register a healthy CAGR of over 3% per year.
The COVID-19 outbreak negatively impacted the market since all the major end-user industries, including building and construction, electrical and electronics, and transportation, were shut down on a temporary basis. Due to the non-functioning of the manufacturing plants, the production process of various goods in these industries declined, resulting in restricted growth in the activities involving finished steel products and galvanized steel. However, in 2021, the construction and transportation activities registered positive growth, resulting in the recovery of the finished steel products market in the forecast period.
- The major factor driving market growth is the increasing construction industry.
- The availability of substitutes and their changing properties with temperature are likely to hinder the growth of the market.
- The increasing availability of steel scrap is likely to create opportunities for the market in the coming years.
- The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Finished Steel Products Industry Segmentation
Finished steel refers to products that are ready for the market just after completing the process of hot rolling or forging semi-finished steel products such as blooms, billets, or slabs. When compared to other materials, finished steel products offer excellent strength, safety, and comparatively low costs. The two broad categories of products include "long" products and "flat" products. The finished steel products market is segmented by form, process, end-user industry, and geography. By form, the market is segmented into plate, strip, rod, profile, tube, wire, and other forms. By process, the market is segmented into hot-rolling, cold-rolling, forging, and other processes. By end-user industry, the market is segmented into transportation, construction, energy, containers and packaging, electrical and electronics, and other end-user industries. The report also covers the market size and forecasts for the market in 16 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
|Containers and Packaging|
|Electrical and Electronics|
|Other End-user Industries|
Finished Steel Products Market Trends
This section covers the major market trends shaping the Finished Steel Products Market according to our research experts:
Increasing Usage in the Transportation Industry
- Steel has been an efficient material of choice for automakers globally. Some of the characteristics that increase the demand for steel products in the automotive industry include high strength, safety, and relatively low costs compared to other materials.
- According to the World Steel Association, in 2022, the production of crude steel will be 1,878.5 million tons. The building and infrastructure industry is the largest consumer of finished steel and accounts for approximately 50% of total world steel consumption, followed by the automotive and transportation industries.
- However, the increasing need to reduce the weight of an automobile is hindering the growth in the consumption of steel products in the automotive industry. This will affect the consumption of steel in the coming years.
- Also, the development of electric vehicles may continue to pick up speed in the coming years, especially in Europe, China, and the United States, where many government programs are trying to get people to stop using fossil fuels because of environmental concerns.
- According to the IEA, the global sales of electric cars in 2022 were 2 million units in the first quarter, up 75% from the same period in 2021. It is expecting a further 22 percent increase, or around 1.8 million units, by the end of this year.
- Owing to all these factors, the market for finished steel products is likely to grow across the world during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market. China is one of the fastest-emerging economies and has become one of the biggest production houses in the world. The country’s manufacturing sector is one of the major contributors to the country’s economy.
- China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products in order to ensure fuel economy and minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
- In India, according to the Ministry of Steel, the total finished steel consumption for the fiscal year 2021–22 was 111.8 MT, which is expected to reach 160 MT by 2024–25 and is estimated at 250 MT by 2030–31.
- Due to all such factors, the market for finished steel products in the region is expected to have steady growth during the forecast period.
To understand geography trends, Download Sample Report
Finished Steel Products Industry Overview
The finished steel products market is partially consolidated in nature. Some of the major players in the market include ArcelorMittal, HBIS Group, Baosteel Group, Tata Steel, and JFE Steel Corporation, among others.
Finished Steel Products Market Leaders
JFE Steel Corporation
*Disclaimer: Major Players sorted in no particular order
Finished Steel Products Market News
- January 2023: ArcelorMittal, a steel manufacturing company, invested USD 120 million in Boston Metal, a United States-based leading company working on decarbonizing the steelmaking process. The investment would help the startup launch green steel by 2026 and also help global companies reduce the heavy greenhouse gas emissions that come from the production of steel.
- March 2022: Schnitzer Steel Industries, Inc., the largest manufacturer and exporter of recycled metal products in North America, announced the launch of GRN SteelTM, a line of net-zero carbon products from its Cascade Steel manufacturing operations located in McMinnville, Oregon.
Finished Steel Products Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Growing Demand from Construction Industry
4.2.1 Availability of Substitutes
4.2.2 Change in Properties with Temperature
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1.7 Other Forms
5.2.4 Other Processes
5.3 End-user Industry
5.3.4 Containers and Packaging
5.3.5 Electrical and Electronics
5.3.6 Other End-user Industries
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.4.4 South America
188.8.131.52 Rest of South America
5.4.5 Middle-East and Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 Baosteel Group
6.4.3 China Ansteel Group Corporation Limited
6.4.4 Gerdau S/A
6.4.5 HBIS GROUP
6.4.6 JFE Steel Corporation
6.4.7 Jiangsu Shagang Group
6.4.8 NIPPON STEEL CORPORATION
6.4.11 Tata Steel
6.4.12 United States Steel
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Availability of Steel Scrap
Finished Steel Products Market Research FAQs
What is the study period of this market?
The Finished Steel Products Market is studied from 2018 - 2028.
What is the growth rate of Finished Steel Products Market?
The Finished Steel Products Market is growing at a CAGR of >3% over the next 5 years.
Which region has highest growth rate in Finished Steel Products Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Finished Steel Products Market?
Asia-Pacific holds highest share in 2022.
Who are the key players in Finished Steel Products Market?
ArcelorMittal, HBIS GROUP, Baosteel Group, Tata Steel, JFE Steel Corporation are the major companies operating in Finished Steel Products Market.
Finished Steel Products Industry Report
Statistics for the 2023 Finished Steel Products market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Finished Steel Products analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.