Global Steel Market to Surpass $1.43 Trillion by 2028

SEATTLE (Scrap Monster):  The most recent research report published by Market Research Future (MRFR) says that global steel market is projected to be worth $1.43 trillion by 2028. This translates to a compounded annual growth rate (CAGR) of 3.47% during the period from 2021 to 2028.

The projected market growth is mainly on account of increased steel consumption by end-user industries and boosted infrastructure projects. The primary contributor to the growth is increased demand from construction industry. In addition, rapid urbanization and post-Covid stimulus programmes by world countries is also expected to catalyze market growth over the coming years.

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Meantime, the growth of steel market is feared to be restricted by rising steel prices. It must be noted that Covid-19 outbreak had a major impact on the global steel market throughout the previous year.

The Asia-Pacific region is projected to exhibit considerable growth rate of 3.09% during the forecast period. The regional market valuation may touch $651.5 billion by end-2027. The European region will exhibit CAGR of 2.3%. The Middle East & African region steel market will be valued at around $74.8 billion by 2027.