August 22, 2022 04:48 ET | Source: Research and Markets Research and Markets

Dublin, Aug. 22, 2022 (GLOBE NEWSWIRE) -- The "Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering. The global steel market reached a value of US$ 874.6 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 1,052.25 Billion by 2027, exhibiting a CAGR of 3.13% during 2021-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor. Steel Market Trends:

Significant growth in the automotive industry across the globe is creating a positive outlook for the market. Steel is widely used in the production of automobile structures, such as doors, engines, trunk closures, braking systems, fuel tanks, gears steering and braking systems. In line with this, the increasing demand for flat steel by automobile manufacturers to enhance fuel efficiency and reduce the overall weight of the vehicles is favoring the market growth.

Moreover, various technological advancements, such as the integration of artificial intelligence (AI) and the development of rolling and casting techniques that assist in improving steel production methods to create designs that are resistant to pressure, temperature and corrosion, are providing an impetus to the market growth. Additionally, the widespread product adoption in the construction industry due to its properties, including ductility and durability, thus making the buildings earthquake-resistant, is positively impacting the market growth. Other factors, including the increasing product demand for manufacturing military aircraft and extensive infrastructural developments across the globe, are anticipated to drive the market toward growth. Key Market Segmentation Breakup by Type:

Key Topics Covered: 1 Preface 2 Scope and Methodology 3 Executive Summary 4 Introduction 5 Global Steel Market 6 Market Breakup by Type 7 Market Breakup by Product 8 Market Breakup by Application 9 Market Breakup by Region 10 SWOT Analysis 11 Value Chain Analysis 12 Porters Five Forces Analysis 13 Price Analysis 14 Competitive Landscape Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/cttt9c