Over 45% of Global Construction Spending from Asia Pacific Countries by 2027 – Exclusive Report by Mordor Intelligence

June 23 19:27 2022
Over 45% of Global Construction Spending from Asia Pacific Countries by 2027 - Exclusive Report by Mordor Intelligence
Mordor Intelligence
According to the American Institute of Architects, the overall non-residential building construction in the United States is expected to grow to 3.1% in 2022. The construction of hotels is expected to rise by 8.8% in 2022 and of office spaces by 0.1%. The subsequent increase is expected to enhance the growth of the steel market during the forecast period.

Over 45% of Global Construction Spending from Asia Pacific Countries by 2027 – Exclusive Report by Mordor Intelligence

Crude Steel Market Overview

The Crude Steel Market was valued at over USD 1,340,036.18 million in 2021 and is projected to register a CAGR of 1.56%, in terms of revenue, during the forecast period (2022-2027). In 2021 the demand for crude steel has increased due to an increase in demand in various industries such as Construction, Tools and Machinery, Energy, Transportation, and others. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), in 2021, around 80.15 million vehicles were produced across the globe, witnessing a growth rate of 3% compared to ~77.71 million vehicles in 2020, thereby, enhanced the consumption of crude steel from the manufacturing of different automotive parts.

According to the United Nations (UN), around 50% of the global population resides in urban cities, which is projected to touch 60%, by 2030. The pace of economic and demographic growth must be in harmony with the demand for commercial, residential, and institutional construction activities. By 2030, around 40% of the global population is likely to need housing at the rate of over 96,150 houses per day. Hence, with the growth of the residential sector, the use of steel is likely to increase.

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Crude Steel Market – Geographical Overview

  • The construction industry in Asia-Pacific is expected to become the largest and fastest-growing industry across the world, with approximately a 45% share of global construction spending coming from the region.
  • According to China’s Five-Year Plan unveiled in January 2022, the construction industry in the country is estimated to register a growth rate of 6% in 2022. China is planning to increase the construction of prefabricated buildings to reduce pollution and waste from construction sites. The prefabricated parts, which are either partially or wholly manufactured and then transported to the construction sites for assembly, may account for over 30% of the new construction in the country.
  • China is the largest producer of crude steel globally. According to the World Steel Association, in 2021, China accounted for more than 50% of global production. In 2021, the country’s annual production capacity of crude steel stood at 1,032.8 million tons, declining by 3% compared to 1064.7 million tons produced in 2020.
  • Furthermore, in the first quarter of 2022, crude steel production declined by 10.5% to 243.4 million tons, whereas 88.3 million tons were produced in March alone.
  • According to the International Organization of Motor Vehicle Manufacturers (OICA), China is the largest producer of automobiles, accounting for about 32.5% of the global volume. The country alone produced 2,60,82,220-unit vehicles in 2021, registering an increase of 3% compared to 25,225,242 units in 2020.

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Recent Developments in the Crude Steel Market

  • In April 2022, China Baowu Steel Group announced the acquisition of Xinyu Iron & Steel Co (XISCO), a state-owned steel manufacturer in Jiangxi province, China, with the transfer of 51% of the shares. This acquisition will enhance Baowu’s overall production capacity of steel as XISCO is the largest steel manufacturer in Jiangxi Province, with a total output of around 9.89 million tons in 2020.
  • In January 2022, Tata Steel Ltd.’s crude steel production increased by 16% year-on-year (YoY) to 14.16 million tons at the end of the third quarter on 31st December 2021, also its total deliveries increased by 4% at 13 MT Y-o-Y on the back of continued economic recovery.

Related Research and Links

List of Key Players in the Crude Steel Market

  • ArcelorMittal
  • China Ansteel Group Corporation Limited
  • China BaoWu Steel Group Corporation Limited
  • China Steel Corporation (CSC)
  • Fangda Special Steel Technology Co., Ltd
  • Hyundai Steel
  • JFE Steel Corporation
  • JSW
  • NLMK (novelipetsk steel)
  • Nucor Corporation
  • Steel Authority of India Limited (SAIL)
  • Tata Steel Limited
  • United States Steel Corporation
  • Techint Group
  • Hunan Valin Iron And Steel Group Co. Ltd

*List Not Exhaustive

Mordor Intelligence has segmented the Crude Steel Market based on composition, manufacturing process, end-user industry, and geography:

  • Composition (Market Size & Forecast based on volume (million tons) and revenue (USD million), 2017-2027)
    • Killed Steel
    • Semi-Killed Steel
    • Other Compositions
  • Manufacturing Process (Market Size & Forecast based on volume (million tons) and revenue (USD million), 2017-2027)
    • Basic Oxygen Furnace (BOF)
    • Electric Arc Furnace (EAF)
  • End-user Industry (Market Size & Forecast based on volume (million tons) and revenue (USD million), 2017-2027)
    • Building and Construction
    • Transportation
    • Tools and Machinery
    • Energy
    • Consumer Goods
    • Other End-user Industries
  • Geography (Market Size & Forecast based on volume (million tons) and revenue (USD million), 2017-2027)
    • North America
      • United States
      • Canada
      • Mexico
    • Europe
      • Germany
      • United Kingdom
      • Italy
      • France
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Rest of Asia-Pacific
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • Middle East and Africa
      • Saudi Arabia
      • South Africa
      • Rest of Middle-East and Africa

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