Global Blast Furnaces Market 2019-2023|Growth Analysis and Forecast| Technavio
LONDON--(BUSINESS WIRE)--Nov 13, 2018--The global blast furnaces market research report by predicts the market to post a CAGR of more than 4% during the period 2019-2023. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
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Technavio has released a new market research report on the global blast furnaces market for the period 2019-2023. (Graphic: Business Wire)
A key driver for the global blast furnaces market is the growing steel demand from India and Russia. Among the major steel producing nations, India is anticipated to witness the fastest growth in the consumption and production of steel. The construction sector is expected to account for most of the steel demand in India during the period 2018-2023. In May 2017, the Indian government launched The National Steel Policy 2017, to meet the growing steel demand.
This research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the increasing private ownership as one of the key trends in the global blast furnaces market:
Global blast furnaces market: Increasing private ownership
The steel industry is recognized as an industry of national importance in many countries. This has induced many national governments to invest in large integrated steel plants to cater to their domestic demand and enhance their ability to export steel. Most of the developed countries have witnessed the privatization of their steel industry. But, countries such as China, India, and Russia still have a significant presence of government-owned steel plants. However, these countries have also been observing an increase in private sector mills.
“Private sector mills focus on highly flexible steel production methods. Besides, the private mills generally do not have as many financial resources at their disposal when compared with government-owned steel plants. Hence, the private sector steel mills prefer to adopt the EAF route of steel making as it does not require upstream investment in railroads and mines,” says a senior research analyst at Technavio.
Global blast furnaces market: Segmentation analysis
This blast furnaces market analysis report segments the market by application (capacity additions and revamping projects) and geography (the Americas, APAC, and EMEA).
The capacity additions segment held the largest blast furnaces market share in 2018, accounting for over 53% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The APAC region led the market in 2018 with more than 53% of the market share, followed by EMEA and the Americas, respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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INDUSTRY KEYWORD: MANUFACTURING STEEL OTHER MANUFACTURING
SOURCE: Technavio Research
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PUB: 11/13/2018 10:04 AM/DISC: 11/13/2018 10:04 AM