LONDON, Feb. 16, 2016 /PRNewswire/ --
The world market for steel will reach $1.3 trillion in 2015, with production levels to reach 1,694.73 million tonnes whilst consumption will reach 1,545.50 million tonnes. The market has been declining over the past few years as a result of the large oversupply of steel that pressured prices downwards. The global recession that hit the commodities sector hard also contributed to the shrinking growth. As a result, the steel market is expected to grow at a slow rate in the first half of the forecast period (2015-2020) before accelerating at a higher rate in the second half of the forecast period (2020-2025).
Visiongain predicts that an oversupply will remain over the next decade. This will be mainly attributed to the resistance of China to cut production levels as well as the declining demand across the world.
The steel market has been dominated by China, accounting for half of the global market. It is the largest and fastest growing producer and consumer of steel and it will retain its leading position throughout the forecast period. India, Taiwan, Iran, Japan, Mexico and South Korea are other countries exhibiting strong growth in terms of steel production and consumption. Global steel demand over the next decade will mainly depend on the emerging economies. However, economic conditions for the global steel industry remain uncertain and challenging.
The main factors that led to a previously significant increase in demand for steel are new infrastructure developments and the growing needs of the increasing middle class in the developing countries. The construction, automobile, and white goods industries will attract a high demand for steel over the next decade. The construction sector will be the key consumer of steel over the forecast period (2015-2025) as we predict growth above the global trend.
This report analyses the global steel market for 7 key applications (construction, automotive, mechanical engineering, electrical engineering, oil & gas, domestic appliances and other applications) and 17 national markets plus the rest of the world. The analyses and forecasts are presented in both volume and value terms.
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What does the future hold for the steel market? Will this market have a prosperous future? What is restraining the growth of the steel market? Will the prices for steel decline further? What industries will consume steel faster than others?
Visiongain's brand new report answers these questions and gives you demand and supply predictions of the steel market in value ($bn) and volume (Million Tonnes) terms, its submarkets and leading companies through to 2025, assessing data, trends, opportunities and prospects there. Besides revenue forecast to 2025, this report provides you with market shares, business outlook, qualitative analysis, profiles and revenue forecasts of leading companies in the industry. This definitive report will benefit your decision making and help to direct your future business strategy.
How this 304 page report will inform you:
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-- The report provides 344 tables, charts, and graphs
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