Africa Iron, Steel, and Cast-Iron Market Highlights Over 2020 - 2029
The Africa iron, steel, and cast-iron market is estimated to garner a revenue of USD 32789.7 Million by the end of 2029 by growing at a CAGR of 6.3% over the forecast period, i.e., 2020 – 2029. Moreover, in the year 2020, the market generated a revenue of USD 18908.6 Million. The growth of the market can be attributed to growing number of construction activities in several African countries, such as Nigeria, South Africa, Egypt, Algeria, and Morocco among others. For instance, the total number of projects in the construction sector in the continent increased from close to 280 numbers in the year 2016 to around 480 numbers in the year 2018. The construction industry in Africa is one of the most booming industrial sectors, which is contributing significantly to the GDP of the continent. The demand for iron, steel and cast-iron is primarily driven by the surge in the number of construction projects in the continent, especially in the transportation, energy & power, shipping & ports, mining, oil & gas, and real estate among others. According to the statistics by the African Development Bank (ADB), the real GDP growth in Africa is anticipated to grow from -2.1% in the year 2020 to 4.6% in the year 2022.
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Moreover, the increasing investments in the construction sector in the continent, along with the rising focus of the government of the countries in the continent to develop the public and private infrastructure, are also expected to create numerous opportunities for market growth. Besides this, several countries in the continent are witnessing massive surge in investments from nearby regions, especially Asia and European Union, backed by cheap labor cost, as well as supporting initiatives for foreign direct investments. Such a factor is also projected to drive the demand for iron, steel and cast-iron, and in turn, boost the market growth.
Africa Iron, Steel, and Cast-Iron Market Regional Synopsis
Regionally, the Africa iron, steel, and cast-iron market is segmented into Northern Africa, Southern Africa, Central Africa, Western Africa, and Eastern Africa. The market in Northern Africa is anticipated to garner the largest revenue of USD 17718.4 Million by the end of 2029, up from a revenue of USD 10243.7 Million in the year 2020. One of the major factors anticipated to drive the growth of the market in the region is the growing demand for iron, steel, and cast-iron from several end-use industries, such as the automotive, and the construction industry. Besides this, the growing automobile sales in Northern African countries, such as Egypt, Morocco, and others is also expected to contribute to the growth of the market in the region in the coming years. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the sales of vehicles in Egypt increased from 170568 numbers in the year 2019 to 219732 numbers in the year 2020, witnessing a growth of 28.8% between the two years. On the other hand, in the year 2019, vehicles sales in Morocco touched 165916 numbers.
Growth Drivers and Challenges Impacting the Growth of the Africa Iron, Steel, and Cast-Iron Market
Growth Drivers
- Growing Construction Industry
- Rising Investments for Developing Public and Private Infrastructure
Challenges
- Fluctuation in the Price of Iron Ore
Africa Iron, Steel, and Cast-Iron Market Segmentation Synopsis
The Africa iron, steel, and cast-iron market is segmented by product type into steel, cast-iron, and others. Out of these, the steel segment is expected to generate the largest revenue of USD 30804.4 Million by the end of 2029, by growing from a revenue of USD 17608.4 Million in the year 2020. Further, by process, the steel segment is divided into hot rolled steel, and cold rolled steel, out of which, the cold rolled steel segment is projected to grow with the highest CAGR of 7.1% during the forecast period. By end-use industry, the Africa iron, steel, and cast-iron market is segmented into building & infrastructure, automotive, transportation, domestic appliances, mechanical & electrical equipment, and others. Out of these, the building & infrastructure segment is anticipated to attain the largest revenue of USD 15360.1 Million by the end of 2029, up from a revenue of USD 8656.6 Million in the year 2020. The segment is further anticipated to grow with a CAGR of 6.6% during the forecast period. By technology, the steel segment is divided into oxygen blown converter (OFC), and electric furnace (EF), out of which, the electric furnace segment is projected to attain the largest revenue by the end of 2030, and also grow with the highest CAGR during the forecast period. The cast iron segment, on the other hand, is divided by technology into re-melted, and poured into sand molds, out of which, the re-melted segment is projected to grow with the highest CAGR of 5.6% during the forecast period.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Africa iron, steel, and cast-iron market that are included in our report are 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.
