19 December 2019
Visiongain has launched a new report Steel Market Report 2020-2030: Volume and Value Forecasts by Process (Hot Rolled, Cold Rolled, Direct Rolled, Tubes, Others), by Steel Type (Carbon Steel, Alloy Steel, Stainless Steel, Others), by End-User Industry (Automotive, Mechanical Engineering, Electronic Engineering, Oil & Gas, Construction, Others) Plus Financial Analysis of Leading Companies and Leading National Market and Volume (Consumption and Production) Analysis.
Increasing automotive production mainly in China, Indonesia, Japan, Malaysia, and Taiwan is expected to propel the demand for steel in the coming years. In 2018, the Chinese market for passenger and commercial vehicles was more than 24 million units. The Chinese automotive industry grew at a compounded rate of 7% from 2012 to 2018.
Increased urbanisation along with high demand for SUVs and sedans is expected to propel the market growth. India also is expected to witness high demand growth for automobiles due to industrialisation coupled with government support for manufacturing vehicles. Increasing purchasing power and the trend of owning multiple vehicles by upper-middle-class in urban areas across India is likely to boost automotive sales within the country.
The application of high-strength stainless steel for architectural, industrial, and consumer applications is increasing as it offers higher fatigue strength and adds toughness to the final products. Its high strength-to-weight ratio and qualities, such as affordable cost, will further boost the application of high-strength stainless steel across various end-user industries. Analysis of the stainless-steel industry identifies the upsurge in the consumption of high-strength stainless steel to be one of the major factors that will have a positive impact on the stainless-steel market’s growth.
Rise in demand for steel in medical industry may propel the market growth over the forecast timeframe. It is widely used in construction of kidney dishes, surgical and dental instruments, in addition to other medical equipment such as steam sterilisers, MRI scanners, and cannulas. Positive application scope in consumer goods such as such as cookware, stoves, and showpieces are also expected to boost the product demand.
The trend towards achieving environmental sustainability through the reduction of carbon di-oxide (CO2) emission from vehicle is encouraged by various governmental and non-governmental organizations globally. For instance; as of 2018, fuel economy standard in U.S. for fleet-wide average is set to 33.3 MPG which is expected to reach 54.5 MPG with similar trend being followed in Mexico, Canada and other European Countries. This trend can act as a restraint for steel industry over the coming years.
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