Crude Steel Market: Global Industry Analysis and Forecast (2024-2030)

Crude Steel  Market Definition:

The first solid steel product produced during the solidification of liquid steel in a steel melting shop is known as crude steel. When crude steel is delivered to clients for usage or further processing, it is considered saleable steel. Rolling or forging processes are commonly used to transform crude steel into finished steel.

 

Further, the Crude Steel market is segmented by Composition, Manufacturing Process, End-user Industry. The Crude steel market based on Composition,  segmented under Killed Steel, Semi-killed steel and Other Composition. Based on the Manufacturing process, the Crude Steel market is segmented under Basic Oxygen Furnace (BOF) and Electric Arc Furnace (EAF). Based on the End-User Industry , the Crude Steel market is segmented under Building and Construction, Transportation, Tools and Machinery , Energy and Consumer G. By geography, the market covers the following Regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of of value (in USD Billion).

 

 

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Crude Steel  Market Dynamics:

Market Recent Development

 

In April 2022, China Baowu Steel Group announced the transfer of 53 % of the shares in Xinyu Iron & Steel Co (XISCO), a state-owned steel producer in Jiangxi province, China. Because XISCO is the largest steel maker in Jiangxi Province, with a total output of around 9.89 million tonnes in 2020, this acquisition will boost Baowu's entire steel production capability.

 

On the back of continued economic growth, Tata Steel Ltd's crude steel production climbed by 16.5 % year-on-year (YoY) to 15.16 million tonnes at the end of the third quarter on December 31, 2021, and its total deliveries increased by 5 % to 13 MT Y-o-Y in January 2022.

 

Market Restraints

Steel, along with its alloys, is one of the most widely utilized metals in the building industry in many countries. Steel is used in the construction of everything from houses to carparks to schools and skyscrapers. Steel is also utilized for roofs and exterior wall cladding. Steel is used to create roofing, purlins, internal walls, ceilings, cladding, and insulating panels for exterior walls. Many non-structural applications of steel in buildings, such as heating and cooling equipment and interior ducting, are made of steel. Steel is also used for internal fixtures and fittings, such as rails, shelving, and staircases, and it offers a robust and stiff structure for the building.

 

To provide support and resistance to design loads, steel in the form of Rebar is used. It also helps to reduce the possibility of cracking and the risks of temperature-induced stresses. This may assist in the structure's/stability building's and increase its overall lifespan.

 

Market Growth in China Region

The development of China's automotive market is expected to boost demand for crude steel. China is the nation's biggest automaker, responsible for 32.5 %. In 2021, the country alone produced 2,69,83,250 vehicles, a 3.9 % increase over the 27,255,242 units produced in 2020.

 

Chinese airline businesses are planning to buy 7,890 new planes for USD 1.5 trillion over the next 20 years, which is forecast to boost crude steel Market.India is the country's second steel producer, with 118.1 million tonnes of crude steel produced in 2021, up 19.8% from the 100.3 million tonnes produced in 2020. The simple availability of low-cost manpower and large iron ore supplies are two advantageous features.

 

Despite rising pricing, the increased demand for chemicals and materials necessary to combat the COVID 19 pandemic resulted in a shortage of raw materials for other products, affecting the Crude Steel Market supply chain.

 

Market Drivers

Cost-cutting is required.

 

The adoption of newer technology and the use of more energy-efficient fabrication and production processes has resulted in a greater focus on lowering the overall ownership cost of the steel-making process.

 

Technological Innovations

The need for shorter cycle times in the production process drives the development of novel technologies. Emerging-market suppliers are rapidly adopting technology to boost efficiency and increase production capabilities.

 

Demand in the Downstream

The key driver for the steel products is expected to be rising demand from downstream sectors such as agriculture, processing, consumer goods, and construction.

 

Crude Steel  Market Segment Analysis:

 

 

By End-User ,

The construction of 120 million residential units under PMAY, commercial building construction, and increased impetus to infrastructure development through the construction of additional roads, ports, and airports, as well as further development of MRTS and railways, will all contribute to this growth. As a result, the steel market is expected to grow in lock-step with the construction sector.

 

The demand for lighter, safer, more ecologically friendly, and affordable materials is driving material innovation in the automotive sector. Steel, with its wide yield strength range, high modulus of elasticity, strong corrosion-resistance based on chemical composition, and good heat resistance, has emerged as a key material in this respect. These characteristics, combined with their low cost, have made them the most popular and widely used material in the automotive market, responsible for nearly 69 % of the vehicle's weight.

 

By Manufacturing Process,

The basic oxygen furnace (BOF) is a vessel that is used to turn hot metal into steel. The basic oxygen furnace process, also known as basic oxygen steelmaking or the oxygen converter process, is a method of producing steel using oxygen. Oxygen is blown into a BOF converter containing liquid hot metal with a high carbon concentration during the process.

 

Furnace with an electric arc Steelmaking is the process of making steel from scrap or direct reduction iron that has been melted using electric arcs. A batch (heat) of iron is loaded into an electric arc furnace, sometimes with a hot heel (molten steel from a previous heat).

 

Crude Steel  Market Regional Insights:

The crude steel Market  in the Asia-Pacific region has grown favourably, with countries like China and India accounting for considerable consumption shares. China is the largest producer of crude steel.  China will account for more than half of steel production in 2021. The country's annual crude steel production capacity fell by 4% to 1,0352.8 million tonnes in 2021, compared to 1064.7 million tonnes produced in 2020. Steel production in the country has grown rapidly due to increased demand from a variety of end-user sectors.

 

Furthermore, crude steel production decreased by 11.5 % to 249.4 million tonnes in the first quarter of 2022, compared to 88.3 million tonnes in March alone.

 

Crude Steel  Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Global Crude Steel  market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Crude Steel  market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Global Crude Steel  Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Crude Steel market report is to help understand which market segments, and regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Crude Steel  market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Global Crude Steel  market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Global Crude Steel  market. The report also analyses if the Global Crude Steel  market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Crude Steel  market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Crude Steel  market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Global Crude Steel  market is aided by legal factors.

 

Crude Steel  Market Scope:

 

Crude Steel Market
Market Size in 2023	USD 1457.94Bn.
Market Size in 2030	USD 1744.90 Bn.
CAGR (2024-2030)	2.6 %
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Composition Killed Steel Semi-killed steel Other Composition
	By Manufacturing Process Basic Oxygen Furnace (BOF) Electric Arc Furnace (EAF)
	By End-Users Industry Building and Construction Transportation Tools and Machinery Energy Consumer goods Others end-user industries
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Crude Steel  Market Key Players:  

• Arcelor Mittal (South Africa)
• JSW (Mumbai)
• NIPPON STEEL CORPORATION (Japan)
• POSCO (South Korea)
• Nucor Corporation (US)
• HBIS GROUP (China)
• JFE Steel Corporation (Japan)
• Hyundai Steel (South Korea)
• NLMK (Russia)
• China Steel Corporation (China)
• Fangda Special Steel Technology  (China)