Understanding How Latest Trends Can Offer Growth Opportunities for Companies in the Steel Market – SpendEdge
LONDON--(BUSINESS WIRE)--May 24, 2019--
SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the key trends impacting the steel market.
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Key Trends in the Steel Market. (Graphic: Business Wire)
Owing to the strong demand from sectors such as automotive and construction, the experts are predicting steady growth for the steel market. The infrastructure initiatives taken by the emerging economies possess the potential to boost the revenues of companies in the steel industry. However, companies need to be well informed about the latest market trends to gain a competitive edge in the steel market.
At SpendEdge, we understand that conducting a market analysis is imperative for companies to be aware of the upcoming trends and challenges. And to help companies leverage the benefits of this analysis, we have compiled the list of latest trends and challenges influencing the growth of the steel market.
Conducting a market analysis is crucial for companies to understand the happenings in the market. Request a free demo to access real-time dashboards for free.
Key Trends in the Steel Market:
Trend 1: Rise in the Utilization of Iron Scrap
Companies are expanding the utilization of iron scrap to reduce their carbon footprint. They are focusing on enhancing business’ economic viability to lessen the ecological impact. This is eliminating the need for iron ore extraction and driving subsequently resulting in the growth of the stainless-steel market.
Trend 2: Pre-engineered Buildings
The use of steel for pre-engineered buildings (PEB) is increasing and the PEB market is estimated to surpass almost USD 15 billion by 2020. Also, PEB producers are building their own logistics capabilities predicting a positive growth for steel market.
Wondering how these trends can impact the revenues of steel companies? Request a free proposal to gain complimentary access to our solution portfolio.
Trend 3: Rationalization of Capacity
The Chinese steel industry is expected to change its financial model to address excess steel capacity. They are also concentrating on increasing their capacity utilization. This is going to impact the global steel market as China owns the biggest excess steel capacity in the world.
To access the complete list of trends and challenges influencing the steel market, get in touch with our analysts here!
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INDUSTRY KEYWORD: MANUFACTURING STEEL
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PUB: 05/24/2019 11:49 AM/DISC: 05/24/2019 11:49 AM