San Francisco, 10 December 2018: According to a report
by Grand View Research, Inc.; the global steel market is anticipated to reach a valuation of USD 1.01 trillion by
2025. Growing requirement for pre-engineered metal buildings and lightweight
building materials to foster energy savings is anticipated to propel market
over the forecast period (2014 to 2025). Advanced steel products reduce
construction costs, enhance consumer safety, and minimize business risks
associated with poor welding quality. This factor is anticipated to boost
adoption in near future.
Continual transition from
conventional casting processes to novel technologies using recycled metals can
fuel market growth. Growing awareness regarding sustainable manufacturing
processes to reduce harmful emissions and wastage can further drive demand.
Growth of construction sector in developed economies coupled with increasing
number of building permits can augment adoption of steel over the next few
years. Technological advancements and R&D activities by manufacturing
companies to produce new and innovative products can stimulate market growth
during the forecast period.
The global steel market is
segmented on the basis of product, application, and region. Based on product,
the market is categorized into cold rolled, hot rolled, direct rolled, tubes,
and other profiles. In 2016, hot rolled steel segment dominated the market with
around 75% volume share. The product is increasingly being preferred attributed
to relatively more production and exceptional characteristics such as
formidability, superior weldability, and high residual strain during baking
along with good adhesion ability.
Based on application, the
market is classified into Pre-engineered Metal Buildings (PMB), bridges, and industrial
structures. In 2016, PMB was predicted to remain dominant application with
around 40% of volume share. Rising demand for ready-made and hassle free
buildings for industrial applications are some of the growth drivers. In
addition, rapid rise of industrialization in emerging economies coupled with high
awareness regarding lower costs associated with PMB can drive growth of
segment.
The PMB segment is segmented
further into primary and secondary members, panels, and roofs and walls. In
2016, primary members alone accounted for 30% revenue share. Steel panels are
likely to witness the fastest CAGR of 8.2% from 2017 to 2025. These panels can
be utilized for both residential and non-residential infrastructures attributed
to lightweight, ease of installation, and high resistance to adverse climatic
conditions such as snow storm and heavy rains.
Regional segmentation includes
Europe, North America, Asia Pacific, Latin America, and Middle East and Africa.
Asia Pacific market for steel is predicted to witness the fastest CAGR of 2.3% in
terms of volume over the forecast period. Growth of infrastructure to support
increasing population coupled with substantial rise in residential construction
projects can fuel regional demand. In addition, rising adoption of lightweight
and low-cost building materials among construction companies is likely to push
manufacturers to develop new and innovative products. This, in turn can augment
market growth in the region during the forecast period.
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North America and Europe are estimated
to grow well over the forecast period attributed to rebound in housing and
construction activities in Canada, United States, and France.
Latin America and Middle East
and Africa are likely to witness substantial growth during the forecast period.
High adoption of reserve funds not only in Dubai but entire Middle East is
viewed as a vital tool for strategic asset management and protection of real
estate as a viable investment.
In addition, outlook for
steelmakers in Latin America is anticipated to remain positive over the
forecast period. These manufacturers have efficient and profitable operations
and create significant levels of employment. They do not receive subsidies or
other state aids and can operate and compete internationally. Countries such as
Peru and Chile remain economic outperformers, overcoming regional obstacles to
present significant investment opportunities. These factors are projected to
drive regional market in the forthcoming years.
Some of the leading companies in
the steel market are Emirates Steel, Hamriyah Steel FZC, Al Ghurair Iron &
Steel LLC, Solb Steel Company, and Absal Steel. The market is highly
competitive attributed to technological developments and entry of new players.
In addition, extensive R&D activities for improved product offerings and
development of diversified product portfolios can further fuel competition.
Increasing focus on digitalization to deal with various challenges is
anticipated to create growth opportunities for steelmakers.
Access
Press Release of Steel Market@ www.grandviewresearch.com/press-release/global-steel-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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