GLOBAL STEEL – Market Overview & Analysis
The global steel market has seen contractions in value over the past few years as a result of the large oversupply of steel that pressured prices downwards. The global recession that hit the commodities sector hard also contributed to the shrinking growth. The production volume slumped in 2015, as a result of a drop in the demand for steel, particularly in China.
Global steel demand over the next decade will mainly depend on the emerging economies. The steel market has been dominated by China, accounting for around half of the global market value and volume. It is the largest producer and consumer of steel.
The global steel market had total revenues of $754,030.6m in 2015, representing a compound annual rate of change (CARC) of -11.2% between 2011 and 2015. In comparison, the Asia-Pacific and US markets declined with compound annual rate of change (CARC)s of -10.2% and -12% respectively, over the same period, to reach respective values of $518,831.2m and $50,461.0m in 2015.
Market production volumes increased with a compound annual growth rate (CAGR) of 1.6% between 2011 and 2015, to reach a total of 1,548.3 million metric tons in 2015. The market’s volume is expected to rise to 1,692.8 million metric tons by the end of 2020, representing a CAGR of 1.8% for the 2015-2020 period.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 2.8% for the five-year period 2015 – 2020, which is expected to drive the market to a value of $866,198.1m by the end of 2020. Comparatively, the Asia-Pacific and US markets will grow with CAGRs of 2.5% and 3.9% respectively, over the same period, to reach respective values of $585,916.6m and $60,962.1m in 2020.
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Published: Dec 2016
Report Format: electronic pdf