Renewable Energy Fuelling Growth in the Global Steel Manufacturing Market: TechNavio Report
The Global Steel Manufacturing Market is expected to grow at a CAGR of 3.41 percent from 2013-2018.
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London - August 11, 2014 (Investorideas.com renewable energy stocks newswire) TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Global Steel Manufacturing Market 2014-2018. The report indicates that the augmented demand for updated infrastructure from the renewable energy industry will ultimately result in growth in the steel industry.
By far the largest use of steel is witnessed in the automotive industry accounting, which accounts for 65 percent of the material used in passenger cars. Seeing the massive growth potential in this area, steel manufacturers are investing in joint ventures with automotive manufacturers. But traditional consumers of steel such as the US auto sector are stagnating, leaving it to other countries to pick up the slack.
"One of the major drivers in the market is the growth in the emerging economies. With the stagnation of growth in developed markets such as the US, the EU, and Japan, steel production and demand has mainly been driven by the growth in emerging economies, especially from Asian countries," says Faisal Ghaus, Vice President of TechNavio Research.
"China has been the principle growth driver producing around 49 percent of the total global steel. India, the second largest producer of steel in the APAC region, is expected to witness a growth of 3.5 percent in steel production because of the improved demand from the manufacturing and construction sectors."
Inclination Towards Renewable Energy
The demand for energy from every industry has been increasing exponentially over the past few years. However, the natural resources that were used to generate this energy are quickly being exhausted, inducing industries to move towards renewable energy resources. In such circumstances, steel is likely to don a predominant role in developing infrastructure for the generation of power from renewable energy sources such as wind, solar, and tidal. All this will lead to higher steel demand in the future, spurring the market growth over the next few years.
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global Steel Manufacturing Market 2014-2018, please send an e-mail to media@TechNavio.com
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