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Crude Steel Market Overview
The Crude Steel Market was valued at over USD 1,340,036.18 million in 2021 and is projected to register a CAGR of 1.56%, in terms of revenue, during the forecast period (2022-2027). In 2021 the demand for crude steel has increased due to an increase in demand in various industries such as Construction, Tools and Machinery, Energy, Transportation, and others. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), in 2021, around 80.15 million vehicles were produced across the globe, witnessing a growth rate of 3% compared to ~77.71 million vehicles in 2020, thereby, enhanced the consumption of crude steel from the manufacturing of different automotive parts.
According to the United Nations (UN), around 50% of the global population resides in urban cities, which is projected to touch 60%, by 2030. The pace of economic and demographic growth must be in harmony with the demand for commercial, residential, and institutional construction activities. By 2030, around 40% of the global population is likely to need housing at the rate of over 96,150 houses per day. Hence, with the growth of the residential sector, the use of steel is likely to increase.
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Crude Steel Market – Geographical Overview
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Mordor Intelligence has segmented the Crude Steel Market based on composition, manufacturing process, end-user industry, and geography:
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