As the world economy is constantly evolving, our demand for material goods increases along the way. Steel, the recycled material is one of the top products in the manufacturing sector of the world. It is a leading supplier in industries such as automotive, construction, transport, power and machine goods.
The steel industry is a booming industry due to the increasing demand of development projects around the world. The increasing need of steel in developing countries for its infrastructural projects and real estate projects has pushed the companies in this industry near their operative capacity, thus creating strong financial condition in the last decade.
The main demand of steel industries comes from the construction industry. With developmental works on the rise in both developed and developing countries, the rise of housing and construction sector is the largest consumer of steel today, using around 50% of world steel production.
The automotive industry is quickly rising as a potential demand for steel industries because the use of steel in vehicles cause the weight of the same to lesson by almost twenty five percent of the material. On the technological front, steel is making a rapid improvement with the implementation of cutting-edge technologies. As we see economies grow around the world, we also see that steel is a key driver of the world’s economy. Click here to visit Shanghai Metal Corporation’s website.
Steel industry in the global market:
- Asian countries have dominated the production of steel in the last twenty years.
- India is also among the one of the fastest growing economies in the world and has been considered to be a potential global steel hub.
- India, Brazil, South Korea, and Turkey are poised for future production growth and all have entered the top ten producers list in the past 40 years.