Crude Steel Market Outlook – 2028
Crude steel refers to a variety of solid steel products that are supplied to third-party clients for additional processing or direct use/consumption. Ingots, semis, and finished steel products are all included in this category. In most cases, liquid steel is not exchanged. In addition to crude steel, liquid steel is used in manufacturing of steel castings. Steel made from iron ore accounts for more than two-thirds of the global crude steel output. By combining iron ore, coal/coke, and limestone in a blast furnace, iron ore is converted to iron (BF). A basic oxygen furnace is used in the second step to transform the iron into steel (BOF). Blooms, billets, slabs, or plates are produced by the crude steel industry, which are then mechanically turned into rails, structural elements, bars, sheets, or wires. Steel made from iron ore accounts for more than two-thirds of global crude steel output.
Covid-19 Impact Analysis
- Construction and transportation industries have suffered immensely, owing to the COVID-19 outbreak.
- Currently, the COVID-19 epidemic in the construction sector is expected to have a number of short- and long-term implications, which influences demand for crude steel.
- Closure of automotive manufacturing plants has dramatically cut car production in 2020, lowering demand for crude steel, owing to decline in use of crude steel in automotive component and frame manufacture, which has hampered growth of the market.
- the widespread use of steel beams and pillars in the building industry is expected to propel demand for crude steel.
Top Impacting Factors
China, Japan, India, and the U.S. are the major steel-producing countries, with China having the biggest proportion of global crude steel output. Steel goods come in a variety of shapes and sizes, including slabs, rebars, and rods, each with its own set of benefits. Due to COVID-19, the building industry's slump is making demand growth for crude steel in 2020 more difficult to meet. The crude steel industry is highly fragmented, with top five competitors controlling just a small portion of it.
- Construction and automotive sectors are expected to be the most popular categories, in terms of demand for crude steel during the forecast period.
- Steel, coupled with its alloys, is one of the most often-used metals in the construction industry across the globe, accounting for majority of the global steel demand.
- The aerospace materials industry has become more diverse, resulting in increased demand for steel alloys for manufacture of aircraft for both commercial and military purposes. Governments of India and China have placed a priority on growing their defense budgets, resulting in increased use of steel products, which propels demand for crude steel.
- Asia-Pacific is expected to dominate the global market, with China and India accounting for the majority of consumption.
- According to the World Steel, the automobile industry has experienced most significant decline among steel-consuming industries. However, owing to repressed demand, notably in the U.S., the automobile sector is predicted to rebound substantially in 2021. In 2022, the global automobile sector is expected to recover to its 2019 levels with the recovery from COVID-19, which, in turn, would propel the market growth.
Key Benefits of the Report
- This study presents the analytical depiction of the crude steel industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the crude steel ingredients market share.
- The current market is quantitatively analyzed to highlight the crude steel market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed crude steel market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the Crude Steel Market Report
- Who are the leading market players active in the crude steel market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is crude steel?
- What does crude steel market allow organizations to achieve?
- Which technologies combine to make crude steel a critical organizational asset?
- What is crude steel market prediction in the future?
- Who are the leading global players in the crude steel market?
- What are the current trends and predicted trends?
- What are the challenges faced in the crude steel market?
- What are the key benefits of the crude steel market report?
- What will be the anticipated growth rates for your own crude steel market economy altogether and for every segment inside?
Crude Steel Market Report Highlights
By Composition Type
By Manufacturing Process
By End-Use Industry
Key Market Players
POSCO, HBIS Group, Jindal Steel & Power Ltd., Tata Steel Ltd.’s Steel Ltd., China Baowu Steel Group Corp, NIPPON STEEL CORPORATION, Steel Authority of India Ltd., Essar Steel India Ltd., Rashtriya Ispat Nigam Ltd., ArcelorMittal