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Key Emerging Trends in the Steel Market
The Building and Construction Industry's Impact on Steel Market Growth
More than 25% of the steel produced each year is used in constructing buildings. Steel plays a crucial role in various building applications, including low- and high-rise structures, sports stadiums, bridges, offices, and coastal defenses. In Europe, the growth of the building and construction industry is expected to significantly contribute to the expansion of the steel market.
The construction output in the European Union (EU) reached approximately USD 1,454 billion in 2017, with notable contributions from countries like Germany, France, Italy, the UK, and the Nordic countries. The increased focus on renovating and maintaining buildings in Western and Northern Europe to meet modern architectural and smart building needs is expected to drive the demand for steel. In Eastern Europe, the growth in construction activities, including the construction of single-family homes, supported by increased lending to households and favorable mortgage rates, is another factor boosting the steel market.
Commercial construction investments in infrastructure development, particularly in Central Europe, are also set to fuel the growth of the steel market. Notable projects like the expansion of the Berlin Brandenburg airport and the Stockholm bypass project, aimed at reducing traffic congestion by expanding a section of the European Highway, are expected to be completed by 2025, further driving the demand for steel. Other significant projects like London’s Crossrail Project, Russia’s Crimean Bridge, and Power of Siberia are also anticipated to contribute to the increasing demand for steel in Europe.
Rising Use of Advanced High Strength Steel in German Vehicles
Germany, a hub for automotive manufacturing, is witnessing a surge in the use of advanced high strength steel (AHSS) in premium cars. AHSS is being applied in various components such as side impact beams, roofs, pillars, and chassis to enhance safety while reducing overall vehicle weight. Major European vehicle manufacturers like Volvo and BMW are adopting AHSS in the production of roofs and B-pillars.
The German automotive industry's growth is attributed to the substantial presence of original equipment manufacturers (OEMs) and major automotive suppliers. In 2017, Germany produced 16.4 million vehicles, constituting approximately 30% of all passenger vehicles manufactured and nearly 20% of all new registrations in Europe. The increasing production of premium cars, including small & compact cars and SUVs, to meet global demand is propelling the growth of the automotive industry in Germany. Germany accounted for approximately 38% of the total global premium vehicles manufactured in 2017, backed by substantial investments in research and development, with automotive companies investing around USD 24.89 billion in internal R&D projects during the same year.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | The rise in construction activities in developed and developing economies |
| Market Dynamics | Rising automotive production Large-scale investments in water treatment facilities |
Steel Market Highlights:
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