worldsteel Analyzed Impacts of Key Megatrends on Global Steel Industry

The industry should seek to explore partnerships with related industries and connect with new players wherever possible, it noted.

SEATTLE (Scrap Monster): Based on the recommendations of the Megatrends Evaluation Expert Group set up by the World Steel Association (worldsteel), the trade body has provided evaluation of the impacts of five key megatrends on the global steel industry.

The dynamics of five megatrends on the steel industry- Demography and social change, urbanisation, environment-related megatrends, geopolitics and technological process. Worldsteel acknowledges that customers are going through an accelerated transformation phase, which makes it necessary for the industry to make fundamental changes in the design and materials requirements of steel-containing products.

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The global steel industry needs to study the potential impacts of megatrends on design and materials requirements of steel-users. It should continue to invest in development of new products, processes and solutions and partner up with steel consumers as a solutions provider. The industry should seek to explore partnerships with related industries and connect with new players wherever possible, it noted.

The technological progress megatrend, which saw big boost during the pandemic times, will continue to drive digital transformation of steel value chains in future. The report urges the global steel industry to make careful monitoring of emerging circularity initiatives.

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