By 2020, the market volume of steel made $ 21 billion
Analysts are already making predictions about the near future of the steel industry. The global steel market to grow by a third by 2020. And in the next four years the market size will exceed the mark of $ 21 billion. Reaching a total of almost twenty-two billion dollars.
Earlier assessment the total assessment of the global steel market was held in the year 2015. Then, according to analysts ' estimates, it amounted to was 14.27 billion dollars. Experts suggest that every year the market will grow by approximately 8.2 per cent.
Analysts do forecast that the main increase in consumption will be observed in the Asian and Pacific market. Currently, it is the Asia-Pacific region represents the fastest growing market in the world. The development of the region gives rise to significant consumption growth of steel. Now in the Asia-Pacific countries is a significant development of industrialization, developing infrastructure. Accordingly, this gives a huge opportunity for the steel industry. In addition, the welfare of the population increases. That, in turn, rotting, urbanization, and growth of the manufacturing sector. Thus, the consumption of high-strength steel is growing.
With regard to industry consumption, here the bulk of the growth will occur in the automotive industry. This industry segment is the largest segment of the global market. As well as the main consumer of high-strength steel. We are talking about the results of end-use in industry. High-strength steel facilitates the frame of the car. Moreover, this steel is quite economical. In addition, the strength and endurance of the material ensures safety. High strength steel is more environmentally friendly. Since the increase in fuel efficiency reduces carbon emissions. All these advantages give the opportunity to make appropriate assumptions. Analysts say that high-strength steel in the future will supersede other brands.
Active consumption growth in the Asia-Pacific region will allow to compensate falling demand in other countries. And it will save the global industry from collapse.