This market research report presents the segmentation of the global ASEAN steel market by type (carbon steel, alloy steel, and stainless steel) and by end user (infrastructure and construction, mechanical machinery, and automotive). The key vendors analyzed in this market analysis report are G Steel, Gunung Steel, Nat Steel Holding, PT Karkatau Steel, TISCO, and The Lions Group.
Technavio has released updated information on the steel market, with the publication of its new market research report, ASEAN steel market. The steel market in ASEAN (Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam) is expected to grow at a CAGR of 6% between 2015 and 2019, owing to the rising demand for steel coming from automotive industry, mechanical machinery, and infrastructure and construction industries. This research report predicts that the increase in the GDP in the ASEAN countries will lead to excess spending in the end-user industries, creating a high demand for steel manufacturing in this region.
“Growth in the renewable energy industry has led to huge demand for steel especially in the infrastructure development. Steel is expected to play a very important role in the developing infrastructure for the generation of power from renewable energy sources, such as wind, solar, and tidal, through taller, stronger, and lightweight towers. Also, manufacturers are aiming to make steel a sustainable material, owing to increase in engineering processes across the globe,” says Sriram Mohan, Industry Manager, Chemicals & Materials, Technavio Research.
Infrastructure and construction accounted for nearly 52% of the overall market during 2014. Steel-intensive infrastructure such as roads, rail, ports, airports, marine, and power are the primary drivers for the increase in the demand for steel in ASEAN countries.
Market segmentation of ASEAN by end-uses 2019
Source: Technavio, 2015
The key vendors in the ASEAN steel market include G Steel, Gunung Steel, Nat Steel Holding, PT Karkatau Steel, TISCO and The Lions Group. The market is highly fragmented with the presence of many international and regional vendors. The market is highly competitive resulting in lower steel prices and reduced profit margins. The report anticipates China’s steel industry to consolidate, and excess steel producing capacity to be closed by the end of the forecast period.
A more detailed analysis is available in the Technavio report, ASEAN Countries Steel Market Outlook 2015-2019.
We can customize this reports by other regions and specific segments upon request.
Other related reports:
