Steel Product Manufacturing Market Was Valued At USD 150 Billion In 2017

Posted by praneeth on July 25th, 2018

Steel product manufacturing includes establishments engaged in producing tubes and pipes from iron and steel, shapes drawn through rolling or drawing of purchased iron or steel and drawing steel.

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The global steel product manufacturing market was valued at USD 150 billion in 2017. The market saw a growth as the IoT technology is being adopted and implemented by steel product manufacturing companies to shorten production times and improve quality of the products. IoT connects people, machines, and services enabling the flow of information and real-time decisions. IoT technology offers benefits such as increased asset uptime, efficient predictive maintenance and faster processing and delivery time. For instance, JFE Steel announced a move to standardize its core platform across all factories, using Internet of Things (IoT) technology to connect facilities and improve efficiency.

Steels products market is segmented into plate, strip, rod, profile, wire and tubes.

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China was the largest country accounting for one-sixth of the global Steel Product Manufacturing market. This can be attributed to the large automobile and telecom manufacturing market in the country. China was followed by India and Japan.

The top five competitors in the market are ArcelorMittal , China Baowu Group, HBIS Group, NSSMC Group and POSCO with ArcelorMittal as the largest competitor in the Steel Product Manufacturing market which is a multinational steel manufacturing corporation headquartered in Boulevard d’Avranches, Luxembourg. It was formed in 2006 from the takeover and merger of Arcelor by Indian owned Mittal Steel.

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