The Value of the Steel industry in China, attained a value of USD 879,400.83 Millions in 2021
The indicator recorded a historical growth by a CAGR of 16% between 2018 to 2021, and is expected to decline by ...
GlobalData projects the indicator to decline at a CAGR of ...
Steel industry in China
The Chinese steel market grew in 2021, reaching a significant position in terms of market value. The market reported a decline between 2018-2020.
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.
Growth in the market has been driven by global economic growth, which has led to increased demand levels for steel. As key industries such as construction have grown significantly over the recent past, demand for steel has steadily increased, boosting market value. A slowdown in growth in 2020 was induced by the COVID-19 pandemic, which caused demand for steel to fall considerably as consumer and investor confidence fell dramatically. Additionally, the supply of steel was constricted due to various global supply chain crises as a direct result of the pandemic. The Chinese economy fared significantly better than others during the pandemic and this is highlighted by the continued growth of 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
China accounts for a significant share in the Asia-Pacific steel market value. Japan accounts for a further share in the Asia-Pacific market.
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