LONDON–(BUSINESS WIRE)–According to the latest market research study released by Technavio, the ASEAN countries steel market consumption is expected to exceed 90 million tons by 2019, growing at a CAGR of over 6% during the forecast period.
This research report titled ‘ASEAN Countries Steel Market Outlook 2015-2019’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions.
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The report segments ASEAN countries steel market by end-uses and can be divided into four broad categories which are:
ASEAN steel market by infrastructure and construction
The market consumption for infrastructure and construction is likely to exceed 47 million tons by 2019, growing at a CAGR of over 6%.The construction industry is expected to be driven by an increase in government spending in both developed and developing economies, for the construction of roads, rail, and airports.
“Moreover, the growing middle-class population in emerging economies will lead to an increase in demand for residential properties. All these factors will drive steel demand during the forecast period. Steel demand will also be driven by strong construction and infrastructure investments in Indonesia and the Philippines during the remaining years of the forecast period,” says Chandrakumar Badala Jaganathan, lead research analyst at Technavio for metals and minerals.
ASEAN steel market by mechanical machinery
The mechanical machinery market is likely to exceed 12 million tons by 2019, growing at a CAGR of over 5%.The mechanical machinery industry is currently witnessing growth, and this trend is expected to continue during the remaining years of the forecast period.
“Malaysia and Thailand are the largest producers and exporters of machinery. Thus, an increase in the production and usage of mechanical machinery will boost the demand for steel,” says Chandrakumar.
ASEAN steel market by automotive industry
The automotive industry market consumption is likely to exceed 10 million tons by 2019, growing at a CAGR of almost 6%. This market accounted for around 14 % of the steel consumption in the ASEAN steel market in 2014. Steel finds its largest application in the automotive industry and accounts for 65% of the material used in passenger cars.
Therefore, growth of the automotive industry is likely to boost the demand for steel.
ASEAN steel market by other end-uses
The other industries include electrical equipment, other transport, marine equipment, and domestic appliances. This market is likely to increase consumption of steel to 19 million tons by 2019, growing at a CAGR of over 5%.
The burgeoning middle-class population, rising per capita income of people in emerging economies, as well as increasing consumer spending and growing confidence in developed economies signify a positive outlook for all these industries. Therefore, the demand for steel over the next few years is expected to remain high.
Technavio analysts highlight the following six vendors as the top contributors to the ASEAN countries steel market.
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