The ‘Africa Steel Market Size, Share, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the Africa steel market, assessing the market on the basis of its segments like products, types, end users, and major countries.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Africa Steel Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): Nearly 38.3 Million Tons
- Forecast CAGR (2023-2028): 3.10%
- Forecast Market Size (2028): Around 45.9 Million Tons
The robust growth of the construction sector, along with the surging private and public investments in infrastructural development, is boosting the demand for steel. Due to its versatility, excellent tensile strength, and structural rigidity, steel finds usage in different applications, ranging from engineering to agriculture.
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Steel offers various recyclability benefits, enhanced accuracy, and waste-free assembly on-site while lowering the duration of construction. Governments in the African region are increasingly using indigenous-produced steel in construction projects to promote employment and economic development.
The Africa steel market is being driven by the surging production and development of specialised steel alloys, the rising demand for steel with different characteristics, and the increasing usage of varied steel alloys in construction activities in the region.
Africa Steel Industry Definition and Major Segments
Steel refers to an alloy of carbon and iron that also contains small amounts of sulphur, oxygen, and phosphorous. It is one of the most crucial construction and engineering materials and finds usage in different applications ranging from cargo ships to washing machines. Steel has high-strength, excellent durability, versatility, weldability, conductivity, machinability, and corrosion resistance, among others.
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The market, on the basis of product, is categorised into:
- Wire Rod
- Merchant Bars
- Heavy Sections
- Hot Rolled Wide Strip
- Quarto Plate
Based on type, the market is divided into:
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Tool Steel
By end user, the market is segmented into:
- Mechanical Engineering
- Domestic Appliances
The major countries in the Africa steel market include:
- South Africa
Africa Steel Market Trends
Flat steel represents a considerable market share due to its extensive usage in heavy machinery, construction, and vehicles. The product also finds wide utilisation in sectors, such as shipbuilding, machinery, as well as domestic appliances, among others. Moreover, the versatility, durability, malleability, and robustness of the product are surging its utilisation in home appliances and frames, among others.
There is a rising usage of long steel in the development of tyre cords for the automotive sector and the production of wire ropes for bridges. In addition, the increasing development of blooms, rails, and wire rods, among others, in the mining, energy, and automotive sectors are likely to aid the Africa steel market in the coming years.
Key Market Players
The major players in the Africa steel market report are
- ArcelorMittal S.A.
- Hesteel Group
- Egyptian Steel Group
- African Industries Group
- elmarakby steel
- Suez Steel Company
- Devki Steel Mills Limited
- Steel and Tube Industries Ltd
- Ezz Steel
- The Libyan Iron & Steel company
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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