World Steel Market to Witness 3.9% CAGR Growth

SEATTLE (Scrap Monster): Leading market intelligence agency Visiongain announced publication of a new research report titled “Steel Market Report 2021-2031”. The report forecasts 3.9% CAGR growth to global steel market during the next ten-year period. It must be noted that the market was valued at $1,092 billion in 2020.

According to the report, growing urbanization in emerging countries will support infrastructure development in areas such as transportation and energy. The manufacturing and transportation sectors will benefit from projected economic growth. The report predicts growing demand for long steel products during the forecast period. The automobile sector will be the key driver of steel demand growth.

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The Covid-19 outbreak during 2020 delayed several non-essential building projects, which in turn had a detrimental impact on steel demand across the globe. The initial quarter of 2020 witnessed marginal decline in global crude steel production. The reopening of manufacturing sector will further boost demand for steel.

The report says that steel materials can play a key role in the buildings and cities of the future. Also, steel materials can help fulfil essential needs of future smart buildings.

The Visiongain report provides evaluation of the overall global and regional market for steel and analyzes the existing and upcoming market opportunities.