The global steel service center market demand is expected to reach 755,191.3 kilotons by 2025, registering a CAGR of 3.5% over the forecast period, according to a new report by Radiant Insights, Inc. High demand for steel products from construction and advanced manufacturing industries is likely to remain a prominent growth driver.
Increasing focus on advanced manufacturing sector coupled with investments in private and public constructions in countries, such as India, China, and U.S. is expected to drive the demand for steel and related products. Steel is one of the versatile materials and has various applications in biotechnology and new-energy vehicle sectors. Recently, China Construction Bank tied up with the National Development and Reform Commission to start an investment fund of around USD 47 billion in the industries such as biotechnology and new materials and vehicles. Also, as per China's state plan, the country aims to double the contribution from these sectors by 2020.
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Ground transportation segment accounted for market share of 15.6% in 2018. Challenges such as decreasing sales of vehicles are anticipated to create a negative impact on the steel service center market for a short term. Recently, many countries have observed a decline in sales of commercial and passenger vehicles. For instance, China witnessed more than 12% drop in the first six months of 2019. As per the China Association of Automotive Manufacturers, auto sales were down by 9.6% in June 2019 compared to the previous year.
Monetary reforms and new taxation policies to reduce the burden on companies in developing countries is a positive sign for steelmakers. In September 2019, India's Ministry of Finance announced reduction in corporate taxes, to ease the burden on the corporate sector. As per this announcement, the effective tax rate for the companies with taxable income greater than INR 1 crore has been reduced to 25.6% from 34.9% earlier. Also, to attract investors in domestic manufacturing, the companies incorporated after 1 October 2019 will have a tax rate of 15%. This was a key decision for the Indian manufacturing companies and is anticipated to create a positive impact in the long run.
Steelmakers in the market focus on the data due to the immense potential present in the sector. To meet the short lead times the companies have started utilizing the data associated with yield, real-time prices, costing, and tracking. Another trend observed in the market is the emergence of e-commerce platforms. The companies are integrating business information to keep up with increasing pace of online sales.
Further key findings from the report suggest:
• In terms of volume, heavy industry held the highest market share of 27.8% in 2018. Focus on increasing industrial output supported by government programs are the key driving factors
• Ground transportation segment is anticipated grow on the account of increasing sales of electric and hybrid vehicles. In 2018, this segment accounted for 97.725.5 kilotons of volume
• Asia Pacific is projected to lead the segment with highest market share of 66.7% in 2018. The growth in this region is characterized by presence huge manufacturing sector in developing economies including India and China
• In terms of volume, Europe is likely to expand at a CAGR of 3.3% during forecast period, owing to increasing R&D expenditure by the regional steel companies
• Some of the key market players include Tata Steel, Russel Metals, Reliance Steel & Aluminum Co, Samuel, Son & Co., thyssenkrupp Materials Processing Europe GmbH, and voestalpine Steel & Service Center GmbH among others
• Recently, many manufacturers have started establishing new steel service centers in North America through joint ventures and inorganic growth strategies. Imposition of steel tariffs by the U.S. government is a key factor driving the establishment of the new centers
Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/steel-service-centers-market
Table of Contents
Chapter 1 Methodology and Scope
1.1 Market segmentation & scope
1.2 Market definition
1.3 List of data sources
1.4 Information procurement
1.5 Information analysis
1.6 Market formulation & data visualization
1.7 Data validation & publishing
Chapter 2 Executive Summary
2.1 Market outlook
2.2 Segmental outlook
2.3 Competitive Insights
Chapter 3 Steel Service Center Market Variables, Trends, & Scope
3.1 Market outlook
3.1.1 Global steel market outlook
3.2 Penetration & growth prospect mapping
3.3 Industry value chain analysis
3.3.1 Raw materials trends
3.3.1.1 Iron ore
3.3.1.2 Coking coal
3.3.1.3 Ferrous scrap
3.3.2 Distribution channel analysis
3.3.3 Vendor selection criteria analysis
3.3.4 Manufacturing and technology trends
3.4 Regulatory framework
3.5 Market dynamics
3.5.1 Market driver analysis
3.5.1.1 Growth of automotive sector
3.5.1.2 Growing heavy industry
3.5.2 Market restraint analysis
3.5.2.1 Fluctuations in raw material prices
3.5.3 Industry challenges
3.6 Steel service center market - Business environment analysis
3.6.1 Industry analysis - Porter's
3.6.2 PESTEL analysis
Chapter 4 Steel Service Center Market: Application Estimates & Trend Analysis
4.1 Definition & scope
4.2 Application movement analysis & market share, 2018 & 2025
4.3 Metal fabrication & machine shops
4.3.1 Market estimates and forecasts in metal fabrication & machine shops, 2014 - 2025 (Kilotons)
4.4 Heavy industry
4.4.1 Market estimates and forecasts in heavy industry, 2014 - 2025 (Kilotons)
4.5 HVAC
4.5.1 Market estimates and forecasts in HVAC 2014 - 2025 (Kilotons)
4.6 Consumer applinaces
4.6.1 Market estimates and forecasts in consumer appliances 2014 - 2025 (Kilotons)
4.7 Food processing & agriculture
4.7.1 Market estimates and forecasts in consumer food processing & agriculture, 2014 - 2025 (Kilotons)
4.8 Oil & gas
4.8.1 Market estimates and forecasts in oil & gas, 2014 - 2025 (Kilotons)
4.9 Ground transportation
4.9.1 Market estimates and forecasts in ground transportation, 2014 - 2025 (Kilotons)
4.10 Others
4.10.1 Market estimates and forecasts in other applications, 2014 - 2025 (Kilotons)
Continued…
Read all Reports of this category @ https://www.radiantinsights.com/catalog/materials
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assists and facilitate organizations and individuals procure market research reports, helping them in the decisions making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Phone: (415) 349-0054
Toll Free: 1-888-928-9744
Address: 201 Spear Street 1100, Suite 3036,
City: San Francisco; State: California; Country: United States
Email: sales@radiantinsights.com
Website: https://www.radiantinsights.com/
Increasing focus on advanced manufacturing sector coupled with investments in private and public constructions in countries, such as India, China, and U.S. is expected to drive the demand for steel and related products. Steel is one of the versatile materials and has various applications in biotechnology and new-energy vehicle sectors. Recently, China Construction Bank tied up with the National Development and Reform Commission to start an investment fund of around USD 47 billion in the industries such as biotechnology and new materials and vehicles. Also, as per China's state plan, the country aims to double the contribution from these sectors by 2020.
Download Free Sample Report @ https://www.radiantinsights.com/research/steel-service-centers-market/request-sample
 |
| Steel Service Centers Market |
Ground transportation segment accounted for market share of 15.6% in 2018. Challenges such as decreasing sales of vehicles are anticipated to create a negative impact on the steel service center market for a short term. Recently, many countries have observed a decline in sales of commercial and passenger vehicles. For instance, China witnessed more than 12% drop in the first six months of 2019. As per the China Association of Automotive Manufacturers, auto sales were down by 9.6% in June 2019 compared to the previous year.
Monetary reforms and new taxation policies to reduce the burden on companies in developing countries is a positive sign for steelmakers. In September 2019, India's Ministry of Finance announced reduction in corporate taxes, to ease the burden on the corporate sector. As per this announcement, the effective tax rate for the companies with taxable income greater than INR 1 crore has been reduced to 25.6% from 34.9% earlier. Also, to attract investors in domestic manufacturing, the companies incorporated after 1 October 2019 will have a tax rate of 15%. This was a key decision for the Indian manufacturing companies and is anticipated to create a positive impact in the long run.
Steelmakers in the market focus on the data due to the immense potential present in the sector. To meet the short lead times the companies have started utilizing the data associated with yield, real-time prices, costing, and tracking. Another trend observed in the market is the emergence of e-commerce platforms. The companies are integrating business information to keep up with increasing pace of online sales.
Further key findings from the report suggest:
• In terms of volume, heavy industry held the highest market share of 27.8% in 2018. Focus on increasing industrial output supported by government programs are the key driving factors
• Ground transportation segment is anticipated grow on the account of increasing sales of electric and hybrid vehicles. In 2018, this segment accounted for 97.725.5 kilotons of volume
• Asia Pacific is projected to lead the segment with highest market share of 66.7% in 2018. The growth in this region is characterized by presence huge manufacturing sector in developing economies including India and China
• In terms of volume, Europe is likely to expand at a CAGR of 3.3% during forecast period, owing to increasing R&D expenditure by the regional steel companies
• Some of the key market players include Tata Steel, Russel Metals, Reliance Steel & Aluminum Co, Samuel, Son & Co., thyssenkrupp Materials Processing Europe GmbH, and voestalpine Steel & Service Center GmbH among others
• Recently, many manufacturers have started establishing new steel service centers in North America through joint ventures and inorganic growth strategies. Imposition of steel tariffs by the U.S. government is a key factor driving the establishment of the new centers
Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/steel-service-centers-market
Table of Contents
Chapter 1 Methodology and Scope
1.1 Market segmentation & scope
1.2 Market definition
1.3 List of data sources
1.4 Information procurement
1.5 Information analysis
1.6 Market formulation & data visualization
1.7 Data validation & publishing
Chapter 2 Executive Summary
2.1 Market outlook
2.2 Segmental outlook
2.3 Competitive Insights
Chapter 3 Steel Service Center Market Variables, Trends, & Scope
3.1 Market outlook
3.1.1 Global steel market outlook
3.2 Penetration & growth prospect mapping
3.3 Industry value chain analysis
3.3.1 Raw materials trends
3.3.1.1 Iron ore
3.3.1.2 Coking coal
3.3.1.3 Ferrous scrap
3.3.2 Distribution channel analysis
3.3.3 Vendor selection criteria analysis
3.3.4 Manufacturing and technology trends
3.4 Regulatory framework
3.5 Market dynamics
3.5.1 Market driver analysis
3.5.1.1 Growth of automotive sector
3.5.1.2 Growing heavy industry
3.5.2 Market restraint analysis
3.5.2.1 Fluctuations in raw material prices
3.5.3 Industry challenges
3.6 Steel service center market - Business environment analysis
3.6.1 Industry analysis - Porter's
3.6.2 PESTEL analysis
Chapter 4 Steel Service Center Market: Application Estimates & Trend Analysis
4.1 Definition & scope
4.2 Application movement analysis & market share, 2018 & 2025
4.3 Metal fabrication & machine shops
4.3.1 Market estimates and forecasts in metal fabrication & machine shops, 2014 - 2025 (Kilotons)
4.4 Heavy industry
4.4.1 Market estimates and forecasts in heavy industry, 2014 - 2025 (Kilotons)
4.5 HVAC
4.5.1 Market estimates and forecasts in HVAC 2014 - 2025 (Kilotons)
4.6 Consumer applinaces
4.6.1 Market estimates and forecasts in consumer appliances 2014 - 2025 (Kilotons)
4.7 Food processing & agriculture
4.7.1 Market estimates and forecasts in consumer food processing & agriculture, 2014 - 2025 (Kilotons)
4.8 Oil & gas
4.8.1 Market estimates and forecasts in oil & gas, 2014 - 2025 (Kilotons)
4.9 Ground transportation
4.9.1 Market estimates and forecasts in ground transportation, 2014 - 2025 (Kilotons)
4.10 Others
4.10.1 Market estimates and forecasts in other applications, 2014 - 2025 (Kilotons)
Continued…
Read all Reports of this category @ https://www.radiantinsights.com/catalog/materials
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assists and facilitate organizations and individuals procure market research reports, helping them in the decisions making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Phone: (415) 349-0054
Toll Free: 1-888-928-9744
Address: 201 Spear Street 1100, Suite 3036,
City: San Francisco; State: California; Country: United States
Email: sales@radiantinsights.com
Website: https://www.radiantinsights.com/
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