Market Size of Finished Steel Products Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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).
| Form | |
| Plate | |
| Strip | |
| Rod | |
| Profile | |
| Tube | |
| Wire | |
| Other Forms |
| Process | |
| Hot-Rolling | |
| Cold-Rolling | |
| Forging | |
| Other Processes |
| End-user Industry | |
| Transportation | |
| Construction | |
| Energy | |
| Containers and Packaging | |
| Electrical and Electronics | |
| Other End-user Industries |
| Geography | ||||||||
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Finished Steel Products Market Size Summary
The finished steel products market is poised for growth, driven primarily by the expanding construction industry. Despite the initial setbacks caused by the COVID-19 pandemic, which temporarily halted activities in key sectors such as construction, electronics, and transportation, the market has shown signs of recovery. The resurgence in these industries has bolstered the demand for finished steel products. However, the market faces challenges from the availability of substitutes and their varying properties with temperature changes. Nonetheless, the increasing availability of steel scrap presents new opportunities for market expansion. The Asia-Pacific region, particularly China and India, is expected to lead the market, benefiting from robust industrial activities and a strong manufacturing base.
In the automotive sector, steel remains a preferred material due to its strength, safety, and cost-effectiveness, although the push for lighter vehicles and the rise of electric vehicles pose challenges to steel consumption. The global shift towards electric vehicles, especially in regions like Europe, China, and the United States, is influenced by environmental concerns and government initiatives to reduce fossil fuel dependency. The market's competitive landscape is characterized by major players such as ArcelorMittal, HBIS Group, Baosteel Group, Tata Steel, and JFE Steel Corporation, who are actively investing in sustainable practices, such as decarbonizing steel production. These developments indicate a promising outlook for the finished steel products market over the forecast period.
Finished Steel Products Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand from Construction Industry
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1.2 Restraints
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1.2.1 Availability of Substitutes
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1.2.2 Change in Properties with Temperature
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Form
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2.1.1 Plate
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2.1.2 Strip
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2.1.3 Rod
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2.1.4 Profile
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2.1.5 Tube
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2.1.6 Wire
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2.1.7 Other Forms
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2.2 Process
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2.2.1 Hot-Rolling
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2.2.2 Cold-Rolling
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2.2.3 Forging
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2.2.4 Other Processes
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2.3 End-user Industry
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2.3.1 Transportation
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2.3.2 Construction
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2.3.3 Energy
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2.3.4 Containers and Packaging
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2.3.5 Electrical and Electronics
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2.3.6 Other End-user Industries
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 Italy
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2.4.3.4 France
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2.4.3.5 Spain
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2.4.3.6 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle-East and Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle-East and Africa
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Finished Steel Products Market Size FAQs
What is the current Finished Steel Products Market size?
The Finished Steel Products Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Finished Steel Products Market?
ArcelorMittal, HBIS GROUP, Baosteel Group, Tata Steel and JFE Steel Corporation are the major companies operating in the Finished Steel Products Market.
