Steel is one of the most important constructions and engineering materials available today and finds use in all segments of human life. It is one of the most important materials for the construction of bridges, buildings, rails, trucks, turbines, fridge, electromagnets, watches, washing machines, and various types of protective equipment. Steel’s primary end-user segments are energy, construction, packaging, transportation, accessories, and appliances. Due to the focus on infrastructure development, especially in developing economies, the steel market is poised to witness strong growth over the next couple of years. (Source: SpendEdge’s procurement report on the global steel category). The steel market’s promising growth potential across developing economies has caught the attention of steel manufacturers, who are now keen on investing in niche markets to boost their business reach.
Global Steel Market Overview
Growth in the global steel market is being driven by the increasing use of lightweight materials and availability of pre-engineered steel solutions. Additionally, the use of advanced technologies to recycle metals that are used in the process of production instead of conventional casting processes also contributes to the growth of the global steel market.
“The increasing demand for steel from regions such as Europe, APAC, and the US coupled with the implementation of favorable trade policies will increase the overall category spend for the steel market,” says an industry expert from SpendEdge.
SpendEdge’s report also offers an analysis of the key geographies for the steel market. According to the procurement experts, Europe and North America are leading in terms of innovation in the category. The steel making process in these regions is automated to enhance workplace safety and process efficiency. The report also states that the growth of end-user industries such as automotive, construction, automotive, and energy will subsequently result in the high demand for steel, making it essential for steel manufacturers to focus on following sustainable practices to meet such a high demand for steel.
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Top Steel Manufacturers
ArcelorMittal is one of the leading steel manufacturers across the globe. It is a multinational corporation that is headquartered in Luxembourg. ArcelorMittal is one of the world’s largest steel manufacturers and was ranked 123 in the 2017 Fortune Global 500 ranking of the world’s biggest corporations. This company is guided by the philosophy to produce sustainable and safe steel. It is the leading supplier of quality steel products in all major markets including construction, automotive, packaging, and household appliances.
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Baoshan Iron and Steel Co., Ltd., also known as Baosteel, is one of the leading steel manufacturers based in Shanghai, China. They are listed on the Shanghai Stock Exchange and are a constituent of the CSI 300 stock market index. This corporation was established in 1977 and has more than 50,000 employees. They are well-known for a variety of steel products such as stainless steel, carbon steel, and special steel.
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POSCO (formerly Pohang Iron and Steel Company) is a South Korean steel manufacturing company that is headquartered in Pohang, South Korea. Currently, POSCO operates two integrated steel mills in South Korea, that are located in Pohang and Gwangyang. In addition, POSCO operates a joint venture with USS-POSCO, U.S. Steel, which is located in Pittsburg, California. POSCO is one of the largest steel manufacturers owing to its high production capacity and geographical reach. Today, it has branches in more than 50 countries.
SpendEdge’s procurement report on the steel market offers a comprehensive overview of the top steel manufacturers, steel prices, steel procurement challenges, cost and volume drivers, negotiation strategies, and supplier selection criteria. If that’s not the information you are looking for, you can request for a customized market report by getting in touch with our analysts.