Non-Alloy Steel U-Section Market

The article discusses the rising demand for non-alloy steel u-section globally, with projections indicating an increase in market volume and value. China is the largest consumer and producer of non-alloy steel u-section, with significant growth rates recorded in consumption and production. The report also covers import and export trends, pricing fluctuations, and growth rates in various countries involved in the non-alloy steel u-section market.

Market Forecast

Driven by rising demand for non-alloy steel u-section worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 9.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of U-Sections Of Non-Alloy Steel

In 2022, global non-alloy steel u-section consumption fell slightly to 8.7M tons, almost unchanged from 2021. Overall, consumption recorded a slight slump. The most prominent rate of growth was recorded in 2021 with an increase of 2%. Over the period under review, global consumption reached the maximum volume at 10M tons in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

The global non-alloy steel u-section market revenue was estimated at $6.7B in 2022, with an increase of 2.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a mild shrinkage. The most prominent rate of growth was recorded in 2018 when the market value increased by 6.6% against the previous year. Over the period under review, the global market hit record highs at $7.9B in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Consumption By Country

China (2M tons) remains the largest non-alloy steel u-section consuming country worldwide, comprising approx. 23% of total volume. Moreover, non-alloy steel u-section consumption in China exceeded the figures recorded by the second-largest consumer, India (868K tons), twofold. The third position in this ranking was taken by the United States (475K tons), with a 5.4% share.

From 2012 to 2022, the average annual growth rate of volume in China was relatively modest. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+0.5% per year) and the United States (-5.3% per year).

In value terms, China ($1.8B) led the market, alone. The second position in the ranking was held by India ($509M). It was followed by the United States.

In China, the non-alloy steel u-section market increased at an average annual rate of +2.5% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: India (-1.1% per year) and the United States (-6.0% per year).

The countries with the highest levels of non-alloy steel u-section per capita consumption in 2022 were Ukraine (4.4 kg per person), Poland (4 kg per person) and Japan (3.1 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Ukraine (with a CAGR of +7.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of U-Sections Of Non-Alloy Steel

Global non-alloy steel u-section production dropped to 8.7M tons in 2022, declining by -2.4% against the previous year's figure. Over the period under review, production continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2021 with an increase of 3.4% against the previous year. Global production peaked at 10M tons in 2012; however, from 2013 to 2022, production remained at a lower figure.

In value terms, non-alloy steel u-section production rose slightly to $6.6B in 2022 estimated in export price. Overall, production showed a slight shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 9% against the previous year. Over the period under review, global production hit record highs at $7.7B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

China (2.2M tons) constituted the country with the largest volume of non-alloy steel u-section production, accounting for 26% of total volume. Moreover, non-alloy steel u-section production in China exceeded the figures recorded by the second-largest producer, India (880K tons), threefold. The third position in this ranking was taken by Japan (479K tons), with a 5.5% share.

In China, non-alloy steel u-section production expanded at an average annual rate of +1.3% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+0.5% per year) and Japan (-3.2% per year).

Imports

World Imports of U-Sections Of Non-Alloy Steel

In 2022, supplies from abroad of u-sections of non-alloy steel decreased by -3.5% to 1.9M tons, falling for the fourth year in a row after two years of growth. In general, imports saw a mild downturn. The growth pace was the most rapid in 2018 when imports increased by 4.8% against the previous year. As a result, imports reached the peak of 2.4M tons. From 2019 to 2022, the growth of global imports failed to regain momentum.

In value terms, non-alloy steel u-section imports expanded sharply to $2B in 2022. Overall, imports, however, continue to indicate a modest expansion. The pace of growth appeared the most rapid in 2021 with an increase of 47%. Global imports peaked in 2022 and are likely to see steady growth in the near future.

Imports By Country

The countries with the highest levels of non-alloy steel u-section imports in 2022 were Malaysia (90K tons), the United States (85K tons), Germany (84K tons), the United Arab Emirates (84K tons), Singapore (81K tons), France (79K tons), the Netherlands (71K tons), South Korea (67K tons), Canada (62K tons), Iraq (57K tons), the UK (57K tons) and Poland (51K tons), together recording 45% of total import. Kazakhstan (51K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Singapore (with a CAGR of +7.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest non-alloy steel u-section importing markets worldwide were the United States ($107M), Germany ($99M) and France ($95M), with a combined 15% share of global imports. The Netherlands, the United Arab Emirates, Singapore, Malaysia, the UK, Poland, Canada, Kazakhstan, South Korea and Iraq lagged somewhat behind, together accounting for a further 32%.

In terms of the main importing countries, Singapore, with a CAGR of +9.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average non-alloy steel u-section import price stood at $1,028 per ton in 2022, surging by 17% against the previous year. In general, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, non-alloy steel u-section import price increased by +71.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 47% against the previous year. Global import price peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($1,255 per ton), while Iraq ($509 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+5.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of U-Sections Of Non-Alloy Steel

Global non-alloy steel u-section exports dropped to 1.9M tons in 2022, with a decrease of -8.4% against the year before. Over the period under review, exports recorded a slight decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 5.9% against the previous year. As a result, the exports attained the peak of 2.4M tons. From 2019 to 2022, the growth of the global exports remained at a somewhat lower figure.

In value terms, non-alloy steel u-section exports rose significantly to $2.1B in 2022. In general, total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +71.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 55% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

The biggest shipments were from Turkey (304K tons), China (264K tons), Spain (214K tons), Germany (153K tons), Poland (125K tons), Japan (98K tons), Russia (89K tons), Iran (68K tons), Italy (67K tons), Mexico (48K tons), the United States (47K tons) and the Czech Republic (46K tons), together accounting for 80% of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Iran (with a CAGR of +42.2%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest non-alloy steel u-section supplying countries worldwide were China ($425M), Turkey ($261M) and Spain ($238M), with a combined 44% share of global exports. Germany, Poland, Italy, Japan, Russia, the United States, Mexico, the Czech Republic and Iran lagged somewhat behind, together accounting for a further 37%.

Iran, with a CAGR of +36.6%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average non-alloy steel u-section export price amounted to $1,117 per ton, growing by 21% against the previous year. Over the period under review, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, non-alloy steel u-section export price increased by +77.1% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 47% against the previous year. The global export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($1,606 per ton), while Iran ($499 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform