Global Blast Furnaces Market 2019-2023|Growth Analysis and Forecast| Technavio

The global blast furnaces market research report by Technavio predicts the market to post a CAGR of more than 4% during the period 2019-2023. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.

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A key driver for the global blast furnaces market is the growing steel demand from India and Russia. Among the major steel producing nations, India is anticipated to witness the fastest growth in the consumption and production of steel. The construction sector is expected to account for most of the steel demand in India during the period 2018-2023. In May 2017, the Indian government launched The National Steel Policy 2017, to meet the growing steel demand.

This global blast furnaces market research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

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In this report, Technavio highlights the increasing private ownership as one of the key trends in the global blast furnaces market:

Global blast furnaces market: Increasing private ownership

The steel industry is recognized as an industry of national importance in many countries. This has induced many national governments to invest in large integrated steel plants to cater to their domestic demand and enhance their ability to export steel. Most of the developed countries have witnessed the privatization of their steel industry. But, countries such as China, India, and Russia still have a significant presence of government-owned steel plants. However, these countries have also been observing an increase in private sector mills.

“Private sector mills focus on highly flexible steel production methods. Besides, the private mills generally do not have as many financial resources at their disposal when compared with government-owned steel plants. Hence, the private sector steel mills prefer to adopt the EAF route of steel making as it does not require upstream investment in railroads and mines,” says a senior research analyst at Technavio.

Global blast furnaces market: Segmentation analysis

This blast furnaces market analysis report segments the market by application (capacity additions and revamping projects) and geography (the Americas, APAC, and EMEA).

The capacity additions segment held the largest blast furnaces market share in 2018, accounting for over 53% of the market. This application segment is expected to dominate the global market throughout the forecast period.

The APAC region led the market in 2018 with more than 53% of the market share, followed by EMEA and the Americas, respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.

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Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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