Global Steel Building Material Market: Key Highlights
Global Steel Building Material Market: Key Market Dynamics
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Global Steel Building Material Market: Regional Overview
Construction sector contributes immensely in the growth of US economy, accounting for infrastructural construction worth USD 1.3 trillion annually. Rise in construction spending on the private as well as public infrastructure is the prominent factor driving the growth of the US construction sector. In addition to this, growing construction activities in Canada is fueled by the favorable planned investment by the government. For instance, Canadian government planned to invest USD 139 Billion under the plan ‘Investing in Canada’ for increasing construction activities.
Asia-Pacific steel building material market is expected to witness growth in the forecast period on account of growing construction activities in China, Indonesia, India, and Malaysia. Some of the socioeconomic factors such as rise in disposable income, expanding populace in China, India, resulting into higher demand for residential is expected to drive the market growth. Also, rapid urbanization and industrialization in the region is driving demand for and commercial buildings. This, in turn, is expected to fuel the market growth during the review period.
Global Steel Building Material Market: Key Players Overview
ArcelorMittal is the Luxembourg based company which operates in steel manufacturing and mining activities. The company manufactures and processes steel through its manufacturing facilities in 19 countries for production of slabs, hot-rolled coil, cold-rolled coil, coated steel products, tinplate and heavy plate. In December 2019, Nippon Steel and ArcelorMittal acquired Esser Steel and entered into the joint venture for development of ArcelorMittal Nippon Steel India Limited.
POSCO engages in manufacturing of steel products used across various industries such as automotive, construction, energy, home appliance and industrial machinery. The product range includes hot rolled steel, steel plate, wire rod, cold rolled steel, galvanized steel, electrical steel. POSCO, in November 2019, launched INNOVILT, a premium steel products brand offering high quality, high value steel dedicated for the construction of architectural infrastructures
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