The Value of the Steel industry in Japan, attained a value of USD 79,193.60 Millions in 2021
The indicator recorded a historical growth by a CAGR of 1.60% between 2018 to 2021, and is expected to decline by ...
GlobalData projects the indicator to decline at a CAGR of ...
Steel industry in Japan
The Japanese steel market increased in 2021 reaching a significant position in terms of market value. The market reported a decline between period 2018–20.
The steel market consists of the production of crude steel in the stated country or region. Crude steel production refers to the production of the first solid steel products upon solidification of liquid steel. It includes ingots (in conventional mills) and semis (in modern mills with continuous casting facilities). Crude steel also includes liquid steel, which goes into the production of steel castings.
The market in Japan recorded significant declines in 2019 and 2020, which has resulted in zero growth overall during the past five years.
Previous growth in the market was driven by consistent global growth, resulting in steady demand in the automotive, machinery, and construction industries. These industries account for a significant portion of the demand in the steel market and growth in the industries led to the consistent growth in the steel market’s value. The decline in 2020 was largely induced by the COVID-19 pandemic, which caused widespread uncertainty and resulted in low consumer and investor confidence. Additionally, low investment levels caused the decline in key industries, particularly construction, which meant diminished demand in the steel market.
The steel market is highly concentrated to a few large players, as the importance of scale economies favors concentration to larger companies. However, as the steel market remains highly cyclical, it is subject to intense competition. The main challenges that steelmakers face include volatility, shifting demand centers, complex supply chains, productivity and cost efficiency. The market is also affected by general economic conditions and end-use markets, including the automotive, appliance, construction, and energy industries. As these industries experience a downturn, the steel market usually follows their trend.
Geography segmentation
Japan accounts for a significant share in the Asia-Pacific steel market value. China accounts for a majority share in the Asia-Pacific market.
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