MarketResearchReports.Biz has announced addition of new report "Steel Market in ASEAN Countries 2015-2019" to its database.
Outlook of the ASEAN steel market
Technavios market research analyst predicts the ASEAN steel market to witness moderate growth at a CAGR of around 6% during the forecast period. The automotive industry, mechanical machinery, and infrastructure and construction industries are the primary users of steel and have been driving the growth of the ASEAN steel market. The infrastructure and construction sector accounts for more than 52% of the global steel consumption. This research report predicts that the increase in the GDP in the ASEAN countries will lead to excess spending in the end-user industries, creating a high demand for steel manufacturing in this region.
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The supply shortage in this region is anticipated to deter the growth of the market during the forecast period. Mining mills in this region have suffered from unsustainably high operating cost and the reliance on electric arc furnace steelmaking, which has limitations on the raw material used by steel makers. With the steel supply overhauling demand, this has resulted in reduced profit margins for steel manufacturers in the ASEAN region.
Segmentation by type and analysis of - carbon steel, alloy steel, stainless steel
Stainless steel mostly contains 10-20% of chromium as the main alloying element and have high corrosion resistance. It is further classified into austenitic, ferritic, and martensitic.
The report offers an analysis of each of the following segments and discusses its impact on the overall market growth -
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Segmentation by end user and analysis of - automotive, infrastructure and construction, mechanical machinery
Infrastructure and construction accounted for nearly 52% of the overall market during 2014. Steel-intensive infrastructure such as roads, rail, ports, airports, marine, and power are the primary drivers for the increase in the demand for steel in ASEAN countries.