Recovery in Construction Activity and Industrial Production Levels Spur Demand for Steel, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) September 16, 2014 -- Follow us on LinkedIn – Steel is one of the most essential engineering materials and the most widely manufactured industrial produce worldwide. A wide range of steel products, such as steel pipes and tubes, beams, rods, find use in diverse industries including construction, petrochemical, automotive, energy, oil and natural gas, steam generation, and metal processing, among others. The automotive and construction industries remain the prime consumers of steel. Given that business cycles in these end-use markets reflect the general economic activity of a nation, demand for steel is highly sensitive to the broader economic variables in a given country. Increase in construction activity, improvement in manufacturing sector and subsequent rise in demand for a range of machinery, and growth in vehicle ownership is expected to drive demand for finished steel in the coming years. Steel is also expected to benefit from rising investment in the oil and gas sector and demand for premium oil country tubular goods (OCTGs) especially for unconventional projects, and distribution pipelines, among other steel-based infrastructure.
Demand for stainless steel is gaining momentum supported by surging usage in emerging markets, given the low per-capita consumption as compared to established markets. Heat tolerance, corrosion resistance, high strength-to-weight ratio, recyclability and aesthetic qualities represent key attributes of stainless steel that are expected to expand application areas in the coming years. Higher durability feature of special steels is also expected to benefit market prospects in the near term.
In the auto industry, steel is of high importance as it is not only used in the vehicle frame, but is also used in automotive systems and components. With the automotive industry expected to witness increased production in the coming years, in line with projected rise in auto sales, particularly in developing markets, demand for steel in this sector is expected to grow stronger. There also exists strong demand for advanced high-strength steel (AHSS) in the automobile sector, as the material provides the right balance in terms of strength-weight-cost basis.
As stated by the new market research report on Steel, Asia-Pacific represents the largest market worldwide. Africa represents the fastest growing market with a CAGR of 7.2% over the forecast period. Growth in the emerging markets such as Asia-Pacific, Latin America, and the Middle East is supported by rising investments in the real estate and infrastructure sectors, blistering pace of industrialization, and robust demand for automobiles. In China, demand for steel in the manufacturing sector is expected to pick momentum with the rise in new export orders following resurgence in developed economies including Europe.
Major players profiled in the report include Anshan Iron and Steel Group Corporation, ArcelorMittal S.A., Baoshan Iron & Steel Co., Ltd., EVRAZ Group S.A., Gerdau S.A., Hebei Iron and Steel Group Company Limited, JFE Steel Corporation, Jiangsu Shagang Group, Nizhniy Tagil Iron and Steel Works, Nucor Corporation, Riva Group, Tata Steel Group, Tenaris S.A., ThyssenKrupp Steel Europe AG, and United States Steel Corporation, among others
The research report titled “Steel: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea, Taiwan, and Rest of Asia-Pacific), Middle East, Latin America, and Africa. End-use sectors analyzed in the report include Construction, Transportation, Machinery, Metal Goods, Household Appliances, and Others.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Steel_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Telephone: 408-528-9966
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Public Relations, Global Industry Analysts, Inc., http://www.StrategyR.com/, +1 (408) 528-9966, [email protected]
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