MarketResearchReports.Biz has announced addition of new report "Global Steel Scrap Market Outlook 2016-2020" to its database.
Market outlook of the global steel scrap market
Technavios 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 markets 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.
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Source-based segmentation of the steel scrap market
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Prompt
Obsolete
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.
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Segmentation by grade and analysis of the steel scrap market
Shredded scrap
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 suppliers 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.
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