Research Nester published a report titled “Africa Iron, Steel, and Cast-Iron Market: Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the Africa iron, steel, and cast-iron market in terms of market segmentation by product type, process, end-use industry, technology, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The Africa iron, steel, and cast-iron market is anticipated to grow with a CAGR of 6.3% over the forecast period, i.e., 2020 – 2029. The market is segmented by product type into steel, cast-iron, and others, out of which, the steel segment is expected to generate the largest revenue of USD 30804.4 Million by the end of 2029. Moreover, in the year 2020, the segment registered a revenue of USD 17608.4 Million.
The Africa iron, steel, and cast-iron market is estimated to garner a revenue of USD 32789.7 Million by the end of 2029, up from a revenue of USD 18908.6 Million in the year 2020. Increasing construction activities in Africa, along with the rising focus of the government of the countries in the continent to develop both public and private infrastructure, are some of the major factors anticipated to drive the market growth. Moreover, the surge in end-use industries of iron, steel, and cast-iron, is also expected to create numerous opportunities for market growth during the forecast period.
By region, the Africa iron, steel, and cast-iron market is segmented into Northern Africa, Southern Africa, Central Africa, Western Africa, and Eastern Africa, out of which, the market in Northern Africa is anticipated to garner the largest revenue of USD 17718.4 Million by the end of 2029. Moreover, in the year 2020, the market in the region generated a revenue of USD 10243.7 Million.
Growing Number of Construction Activities in Africa to Drive Market Growth
In the year 2018, total number of projects in the construction sector in the continent touched close to 480 numbers, up from around 280 numbers in 2016.
African countries, such as Nigeria, South Africa, Egypt, Algeria, and Morocco among others, are some of the countries which are witnessing a large number of construction projects. Besides this, the construction industry in the continent is one of the most booming industrial sectors, and is contributing significantly to the GDP of the continent. Along with the this, the rising demand for iron, steel, and cast-iron in the continent, backed by the rising number of construction activities, is also expected to accelerate the market growth in the coming years.
However, the fluctuation in the price of iron ore is expected to operate as key restraint to the growth of Africa iron, steel, and cast-iron market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Africa iron, steel, and cast-iron market which includes company profiling of ArcelorMittal South Africa Limited, African Industries Group, Steelmor Industries, Ezz Steel, MD IRON STEEL FOUNDRY, Beshay Steel, Scaw Metals Group, Libyan Iron and Steel Company, Maghreb Steel, Suez Steel, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Africa iron, steel, and cast-iron market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.