Steel Market Size, Revenue Share, Major Players, Growth Analysis, and Forecast, 2018–2028
The global steel market size is expected to reach USD 1,117.47 Billion in 2028 and register a revenue CAGR of 2.5% over the forecast period, according to the latest report by Reports and Data. Increasing demand from shipbuilding industry and oil and gas field is driving global steel market revenue growth. Steel is an alloy which is produced through combination of iron and other elements. It is an essential raw material for production of high-strength boards, rectangular tubing, and other building components. Steel in the form of sheets is used in automotive applications, and beams and pillars in construction works. Consumption of steel scrap alone was approximately 491 million metric tons in 2019. Rapid urbanization and industrialization, coupled with increased government and private investment in infrastructure is fueling market revenue growth. Steel is non inflammable and resists warping or buckling, so it is a prime choice for areas which are prone to ear...