The latest research report published by Market Research Future (MRFR) states that the global steel market is projected to be $ 1.43 trillion by 2028.
The projected market growth in the period from 2021 to 2028 is mainly due to an increase in consumption of steel by end consumers and the activation of infrastructure projects. The main driver of growth is the increase in demand from the construction industry. In addition, rapid urbanization and post-Covid stimulus programs around the world are expected to catalyze market growth in the coming years.
Meanwhile, there are fears that the growth of the steel market will be limited by the rise in steel prices. It should be noted that the Covid-19 outbreak had a major impact on the global steel market during the previous year.
The Asia-Pacific region is projected to grow at a significant 3.09% over the forecast period. By the end of 2027, the regional market may be estimated at $ 651.5 billion. The European Region will have a CAGR of 2.3%. The steel market in the Middle East and Africa will be valued at approximately $ 74.8 billion by 2027.