Market Research Report
Europe Steel Market (Production, Imports & Exports) Report with Potential Impact of COVID-19: 2021 Edition
|Europe Steel Market (Production, Imports & Exports) Report with Potential Impact of COVID-19: 2021 Edition|
Published: July 7, 2021
Content info: 118 Pages
Delivery time: 1-2 business days
The European steel market is expected to reach US$107.5 billion in 2025, at a negative CAGR of 3.03%, for the duration spanning 2021-2025. The factors such as growth in automotive production, rising use of major home appliances, Upsurge in construction & heavy equipment sales, accelerating demand for finished steel products. and rapid urbanization would generate the market value. However, rising penetration of electric vehicles and steel price volatility are the challenges faced by the market. A few notable trends may include emerging role of steel in renewable energy sector, high consumption of electric steel in transformers & motors and adoption of green steel.
The steel market is highly concentrated to a few large players, as the importance of scale economies favours concentration to larger companies. However, as the steel market remains highly cyclical, it is subject to intense competition. The main challenges that steelmakers face include: volatility, shifting demand centers, complex supply chains, productivity and cost efficiency. The market is also affected by general economic conditions and end-use markets, including the automotive, appliance, construction and energy industries. As these industries experience a downturn, the steel market usually follows their trend.
The COVID-19 pandemic has created havoc in the Europe steel industry as companies were forced to shut down and business operation were halted, in order to curb the spread of the virus. Manufacturing facilities witnessed the sudden closure for a particular period. Steel manufacturing plants had to direct their activities in the production of medical oxygen, which halted the operation of oxygen furnace. These factors had a significant and long term impact on the steel industry in Europe.
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