The Value of the Steel industry in United States of America, attained a value of USD 107,754.69 Millions in 2021
The indicator recorded a historical growth by a CAGR of 9.01% between 2018 to 2021, and is expected to decline by ...
GlobalData projects the indicator to decline at a CAGR of ...
Steel industry in the United States of America
The United States steel market increased in 2021, reaching a significant position in terms of market value.
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 US market has grown sluggishly during the past five years, boosted by growth in 2017 and 2018. The US market accounts for a significant position in global market value, despite growing at a lower rate than Europe and Asia Pacific during the past five years. Additionally, the market is forecast to grow at an accelerated pace over the next five years, which will increase the proportion of global steel market value that originates from the US.
Strong growth in 2017 and 2018 was driven by consistent robust macroeconomic performance. This increased spending and investment levels, resulting in increased demand in the steel market. Additionally, consistent growth in construction, machinery, and automation consistently increased demand for steel, driving growth.
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
The United States accounts for a significant share in the European steel market value. Asia-pacific accounts for a further share in the global market.
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