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Technavio’s market research analyst predicts the global steel sections market to grow at a CAGR of more than 5% by 2020. Steel sections are a kind of steel long products, used across several applications including infrastructure and construction, power, industrial machinery, and railway. Steel sections strengthen the structural integrity of buildings, providing them better ability to absorb energy, adapt to extreme conditions, and change forms. These have extensive usage in bridges and columns and other heavy industrialization activities. The growing improvements in non-residential construction is another growth driver for this market. APAC accounts for more than two-thirds of the steel demand with countries like India and China being the steel-intensive markets. With steel gaining momentum as a sustainable construction material, the market for steel sections will witness a positive growth over the next four years.
One of the latest trends gaining grounds in the market is the shift towards using steel scrap as a raw material. Scrap recycling lowers the environmental impact by eliminating the need for iron ore extraction for steel production. This helps in reducing the carbon dioxide emissions, saves energy and water consumption, and also eliminates air pollution. Owing to the several advantages of using steel scrap such as energy and natural resources conservation, it has gained huge popularity among steel producers as a preferred raw material.
The market is moderately fragmented with a handful of global players. APAC is the largest steel-consuming region across the globe owing to the presence of steel sections manufacturers that cater to the regional demand. Intense competition prevails in the market where the established players are constantly focusing on increasing their market shares based on different expansion strategies. The strong dominance of the leading players in the market will restrict the entry of new vendors in the coming years.
Leading vendors in the market are -
Other prominent vendors in the steel sections market include Anyang Steel Group, Celsa Steel, Hyundai Steel, Mechel, and Tata Steel.
The infrastructure and construction sector is the largest end-user in the steel sections market and is anticipated to hold around 46% of the overall market share by 2020. Factors such as an increase in infrastructure investments and upgrading of transmission and distribution lines in the power sector are significantly aiding to the growth of this segment. The ongoing ventures in road, railway, and airport systems, as well as the constant development of the construction industry, will also spur the growth prospects for the market in the coming years.
APAC will continue its dominance in the steel sections market during the forecast period and will likely occupy more than 76% of the total market share by 2020. Much of this region’s growth can be attributed to the growing demand for steel from the construction and transmission and distribution sectors. Also, heavy investments in grid improvement and grid expansion programs in several APAC nations will drive the growth of this market during the predicted period. Factors such as an increase in construction spending and restrictions on the export of nickel ore are propelling the use of steel scrap, which will boost the growth prospects of the market in the coming years.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by end-user
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
PART 16: Explore Technavio
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