Pune, India -- (SBWIRE) -- 10/11/2018 -- Regional Analysis
Geographically, the steel market is segmented into five regions viz. North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these, Asia Pacific emerged as the leading steel market in 2016, driven by the growth of industries such as automotive and building & construction. Asia Pacific region accounted for around 67% of the overall volume share in 2016 and is estimated to retain its dominance due to rising construction activities along with the burgeoning demand for high-quality steel. The demand for steel is expected to surge in emerging economies such as China, India, and Japan due to the flourishing growth of building & construction, electrical appliances, and metal products sector. China accounted for the largest regional market share with a value of USD 367834.8 million in 2016 and is predicted to retain its dominance on account of rising demand from the electrical appliances application sector.
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Asia Pacific emerged as the leading paint protection film market in 2016 followed by Europe and the Middle East & Africa. European region accounted for around 11% of the overall market share (in terms of value) in 2016 and is expected to grow with the significant CAGR over the forecast period. Russia, Germany, and Italy are among the major contributors to the regional market growth and will continue their dominance over the assessment period on account of wide utilization of steel in automotive, building & construction, and electrical appliances sector. Furthermore, developed regions such as North America and Latin America are expected to witness an above average growth owing to the rise in the volume of heavy and light duty vehicle production and sales in these regions. In addition, growing adoption rate in the electrical and domestic appliances industry along with continued growth of mechanical equipment sector is predicted to propel the regional market growth.
The steel market is categorized on the basis of type, application, and region. On the basis of type, the market is bifurcated into long steel and flat steel. Among these, flat steel accounted for around 85% market share in overall steel sales revenue and is expected to retain its dominance due to wide utilization in building & construction sector. On the basis of application, the market is segmented into building & construction, automotive, mechanical equipment, metal products, other transportation, electrical appliances, and domestic appliances. On the basis of region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Global steel market is projected to reach USD 962431.8 million by 2023. Expanding with a healthy CAGR over the forecast period. Building & construction accounted for the largest application segment accounting for value market share of 51% in 2016. Automotive is the second largest market exhibiting highest CAGR over the forecast period. Asia-Pacific is the largest and fastest growing market accounting for 67.2% in the overall market in 2016. Above 50% of the total production capacity flat steel product is owned by major twenty players in the market. ArcelorMittal Group is the leading producer with highest production capacity for flat and long steel products.
Traders and distributors of steel
Production process industries
Raw material suppliers
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