This market research report includes a detailed segmentation of the steel industry by type (carbon steel, alloy steel, and stainless steel) and by end users (infrastructure and construction, mechanical machinery, and automotive industry). It outlines the market shares for key regions such as the Americas, APAC, and EMEA. The key vendors analyzed in this report are ArcelorMittal, Ansteel, Baosteel, Hebei Iron and Steel, Jiangsu Shagang, Nippon Steel & Sumitomo Metal, and POSCO.
Technavio has released its new market research report, global steel industry outlook, which is expected to grow at a CAGR of 2% between 2015 and 2019. The growth of end-user industries such as automotive, mechanical machinery, and infrastructure and construction is fuelling the demand for steel. APAC is the largest consuming region of steel across the globe, accounting for 70% of the total market share. The increased infrastructure spending in the emerging economies is driving the market growth of this region. China, Japan, and India are the market leaders in this region.
“Of late, steel is playing a crucial role in developing infrastructure for the generation of power from renewable energies such as solar, tidal, and wind. The application of steel will enable stronger, taller, and lighter-weight towers for wind turbines, increasing their productivity and lowering carbon emissions associated with their construction. Also, the manufacturers are making efforts to reduce energy consumption in the steel manufacturing process to achieve reduction of greenhouse gas emissions,” says Sriram Mohan, Industry Manager, Chemicals & Materials, Technavio Research.
The rapid growth of developing economies such as India is also expected to contribute to the market growth during the forecast period. Around 63% of the demand in India is catered by the coal-intensive blast furnaces. The Indian government has banned iron ore, to fight against illegal mining, which is expected to reduce the domestic supply.
The leading vendors in the global steel industry outlook include ArcelorMittal, Ansteel, Baosteel, Hebei Iron and Steel, Jiangsu Shagang, Nippon Steel & Sumitomo Metal, and POSCO. The market is highly fragmented with the presence of numerous global and regional vendors. The competition among vendors is intense, resulting in lower steel prices and reduced profit margins.
A more detailed analysis is available in the Technavio report, Global Steel Industry Outlook 2015-2019.
We can customize this reports by other regions and specific segments upon request.
Other related reports:
