Global Iron and Steel Market: Overview
The iron and steel industry forms the fundamental part of a number of other industries that constitute global trade and economy. History has it that churns and disruptions in the global iron and steel market can have far-reaching impacts on several ancillary industries including but not limited to construction, automotive, chemicals, energy, and heavy engineering. The growth of these application areas, however, also bodes well for the growth of iron and steel consumption. Transparency Market Research finds that while the production of steel demonstrated a marginal decrease in early 2015, growth has got back on track since then.
China continues to lead the global iron and steel market in terms of production with over 50% of global volume, followed at a distant second by Japan. Countries such as India, the United, States, and Russia are the other key products of steel globally. The report states that these markets will also continue to help the global iron and steel market through the forecasting period.
The report on the global iron and steel market captures the trends and dynamics that have thus far characterized the growth of the market. A careful balance has been struck between primary and secondary research to reach verifiable and reliable projections. For this purpose, the report makes use of proprietary as well as industry-accepted research techniques such as weighted average analysis, correlation, and regression analysis. The report also assesses the market shares of leading segments, players, and regional markets.
Global Iron and Steel Market: Drivers, Threats, and Opportunities
The construction industry, by far, has been the leading consumer of steel and iron, using up more of the materials than even wood and cement. However, steel and iron producers are now compelled to compete with new construction materials such as ceramics and polymers. This has enabled the production of lightweight steel and iron products that are also high on tensile strength. The engineering industry in general – and the heavy engineering industry in particular – has relied on ferrous materials for several years now and continues to do despite the advent of an assortment of newer material varieties.
However, the engineering plastics industry has been responsible for eroding considerable revenue from the iron and steel market. Other materials such as carbon fiber and high-strength composites have managed to seamlessly perform the functions that steel and iron once did in automobiles, buildings, machinery, and more. The lighter weight of these next-generation materials has boosted their uptake considerable. All of these factors combine to create a palpable threat to the demand for iron and steel.
Global Iron and Steel Market: Region-wise Outlook
The regional dynamics in the global iron and steel market are defined to a great extent by the economic situation in China on account of the country being the largest producer and consumer of these two materials. The presence leading steel and iron producers such as China, Japan, and India have given the Asia Pacific region a clear lead in both volume and revenues in the global iron and steel market. APAC is also expected to be the leading region through the end of the forecast period. Steel demand has remained steady, if not exceptionally encouraging, in key markets in North America and Europe.
Global Iron and Steel Market: Key Players
The leading companies in the global iron and steel market are: ArcelorMittal S.A., Kobe Steel Ltd., Insteel Industries Inc., N.V. Bekaert SA, Leggett & Platt Incorporated, Steel Authority of India Ltd., Bridon International Ltd., POSCO, Tree Island Industries Ltd., and Tata Steel Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.