COVID-19 IMPACT SURVEY MAY 2020
Amid the COVID-19 crisis and the looming economic recession, the Steel market worldwide will grow by a projected 75.7 Thousand Metric Tons, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 0.7%. Construction, one of the segments analyzed and sized in this study, is forecast to grow at over -0.3% and reach a market size of 684 Thousand Metric Tons by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Construction market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
As part of the new emerging geographic scenario, the United States is forecast to readjust to a 0.3% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over -297.2 Metric Tons to the region's size over the next 7 to 8 years. In addition, over 1.7 Thousand Metric Tons worth of projected demand in the region will come from Rest of European markets. In Japan, the Construction segment will reach a market size of 39.8 Thousand Metric Tons by the close of the analysis period. Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Steel market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world's second largest economy will grow at 1.9% over the next couple of years and add approximately 34.5 Thousand Metric Tons in terms of addressable market opportunity. Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Steel market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.
Competitors identified in this market include, among others, Ansteel Group Corporation Limited; ArcelorMittal S.A.; China Baowu Steel Group Corporation Limited; EVRAZ NTMK; EVRAZ plc; Gerdau S.A.; HBIS Group; HYUNDAI Steel Company; JFE Steel Corporation; Jiangsu Shagang Group; Nippon Steel & Sumitomo Metal Corporation; Nucor Corporation; POSCO; Riva Group; Shandong Iron and Steel Group Co. Ltd.; Shougang Corporation; Tata Steel Europe Ltd.; Tata Steel Group; thyssenkrupp Steel Europe AG; United States Steel Corporation