STEEL INDUSTRY:

The global steel market is expected to increase at a CAGR of 2.6 percent over the next several years. A fundamental driver of the sector has been the growing adoption of pre-engineered metal buildings and lightweight construction materials to promote energy savings. Another important driving force for the industry is the move from traditional casting methods to new technologies that use recycled metals. New steel products help to improve customer safety, lower building costs, and eliminate the business risks associated with poor welding quality. To meet building and safety standards, contractors are increasingly using items such as hot and cold rolled steel, as well as tubes, into their projects. Steel demand, supply capacity, trade movements, and raw materials all have an impact on worldwide steel product sales prices. The expanding usage of high-strength steels, which give advantages in the form of stronger, lighter, and more durable steel solutions, is driven by requirements and demand for greater material and energy efficiency, as well as productivity. The rise in global vehicle manufacturing is a primary factor driving the expansion of the special steel market’s automotive end-user segment around the world. To identify innovative goods, energy efficiency and emission reduction techniques, and so on, the sector will need to invest heavily in R&D. They might help their companies establish innovation centres to continuously research and explore the application of new-age technology in disrupting their present business and operating paradigms. R&D is also one of the most important areas where the public and private sectors may work together to discover answers.

GLOBAL STEEL PRODUCTS MARKET:

The worldwide steel products market is predicted to increase at a CAGR of 13.9 percent during the next five years. Steel is a type of iron that has been alloyed with carbon or other metals. It is a major component used in structures, infrastructure, tools, ships, automobiles, machineries, appliances, and weaponry due to its great tensile strength and inexpensive cost.

Hot Rolled Steel emerged as the most dominating product segment, accounting for more than 75% of total volume. Due to its relatively lower cost of manufacture and extraordinary properties such as great weldability, formidability, high residual strain during baking, and good adhesive ability, the product is becoming increasingly popular.

Cold Rolled Steel is essentially a hot rolled product that has been treated further to provide improved surface polish and high tolerance. It is normally created below recrystallization temperatures. The finished product is used in applications such as rail wheels, axles, and fish plates, where the final appearance and texture are critical.

Direct Rolling procedures are quickly gaining traction in the industry since they increase ultimate output by nearly 4-5 percent while also saving money. The method also lowers the hazards of decreased output due to many manual tasks, such as ingot polishing, loading, and mould settings.

Steel Tubes, Sheets, and Other Profiles are becoming more common, though at a slower rate than traditional product forms. Because of their durability, aesthetic appeal, and corrosion resistance, sheets are used not only in construction but also in a variety of other end-use industries such as automotive, transformers, beverage cans, and housing materials.

INDIA STEEL MARKET:

India is the world’s second-largest steel manufacturer, with 111.2 million tonnes produced (MT). Domestic availability of raw materials such as iron ore and low-cost labour have fueled India’s steel industry’s rise. As a result, India’s steel industry has been a major contributor to the country’s manufacturing output. The Indian steel sector is cutting-edge, with cutting-edge steel mills. It has always aimed to keep older facilities up to date and upgrade them to better energy efficiency levels. Major producers, main producers, and secondary producers are the three types of steel producers in India. The consumption of finished steel in India increased at a CAGR of 5.2 percent.

TOP PLAYERS WORLDWIDE:

• ArcelorMittal
• NSSMC
• Hebei Iron and Steel Group
• Baosteel
• Wuhan Iron and Steel Group
• Posco
• Jiangsu Shagang
• Tata Steel Group
• Hyundai Steel Company
• JFE Steel Corporation