LONDON, Dec. 30, 2015 /PRNewswire/ -- Technavio€™s market research analyst estimates the global steel scrap market to post a slow but moderate CAGR of nearly 2% by 2020. The rising need to preserve natural resources, especially iron ore, is expected to result in this market€™s moderate growth rate during the forecast period.
Geographically, the Asian region is predicted to dominate the global market for steel scraps during the forecast period. The recent restriction on the export of nickel ore by the Indonesian government is a significant factor that impels market growth in this region during the forecast period.
Source-based segmentation of the steel scrap market
In this market research report, analysts have estimated the obsolete segment to be the largest market segment during the projected period. The obsolete segment presently accounts for a market share of nearly 49% and consists of industrial sectors like automobiles, appliances, ships, and bridges. The growing need to properly dispose of all the waste materials generated by these industrial segments is envisaged to account for its high market share during the forecast period.
Segmentation by grade and analysis of the steel scrap market
No. 2 heavy metal steel and bundles
No. 1 heavy metals
No. 1 and electric furnace bundles
Cut structural and plates
No. 1 busheling
Turnings and borings
Technavio market research analysts estimate the shredded steel scrap segment to account for a total market share of approximately 21% by 2020. Since this sector consists of homogeneous steel and scraps from auto bodies, the augmented need of disposing such materials is expected to result in market growth during the forecast period.
Competitive landscape and key vendors
The global steel scrap industry is similar to a pyramid structure, where most of the companies are located in the supplier€™s segment. The competitive environment in this market is expected to intensify with an increase in scrap usage innovations and M&A in the coming years. The key players in this market are expected to diversify their geographical presence with a focus on APAC during the forecast period.
The leading vendors in this market are -
The other prominent vendors analyzed in this market study include Anyang, Hebei Iron and Steel, Hyundai, Nippon Steel & Sumitomo Metal, and POSCO.
Key questions answered in the report
What will the market size and the growth rate be in 2020?
What are the key factors driving the global steel scrap market?
What are the key market trends impacting the growth of the global steel scrap market?
What are the challenges to market growth?
Who are the key vendors in the global steel scrap market?
What are the market opportunities and threats faced by the vendors in the global steel scrap market?
Trending factors influencing the market shares of the Americas, Asia, Europe, and ROW?
What are the key outcomes of the five forces analysis of the global steel scrap market?
Technavio also offers customization on reports based on specific client requirement.
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