Asia shares 61% of world iron, steel industry

Asia dominates the global iron and steel industry and represents 61% of the market, reports Research and Markets. Some of the major players in this industry are Arcelormittal, ThyssenKrupp, Nippon Steel, and POSCO. A combination of factors such as growth in related complementary industries and governmental regulations, cyclical fluctuations in input prices, general economic conditions, and end-use markets are witnessed to impact the industry dynamics significantly. The global iron and steel industry is expected to witness good growth during the next five years, and the industry revenue is forecast to reach an estimated US$1,715 billion in 2017 with a CAGR of 5.1% over the forecast period.

Technological advancement and new product development at competitive prices will be the key factors for future market growth. APAC is projected to lead the industry over the forecast period. The emerging markets of China and India are expected to witness growth on the back of robust demand from key end user markets such as construction, automotive, and consumer durables. A high rate of growth in emerging economies will lead to growth of iron and steel market.