Africa Steel Market to Grow at a CAGR of 3.10% During 2024-2032, Aided by the Increasing Number of Construction Projects in the Region

The growth of the Africa steel market is driven by the increasing number of construction projects and rising investments in infrastructure development in the region. Africa’s rising population and affluence are driving shifts in consumption patterns, necessitating improved development to meet the changing demand.

Fig: Crude Steel Production by Region

In December 2023, Africa's steel production reached 1.9 million tonnes, marking a 17.7% increase from December 2022. Conversely, Asia and Oceania saw a decline of 9.7%, with 96.4 million tonnes produced. Notably, the Middle East produced 4.9 million tonnes, up by 9.6%. Other regions also reported varied production changes. These 71 countries collectively represented about 98% of global crude steel production in 2022.

The market is poised for growth, fueled by expanding applications across industries like automotive and construction. Increased fabrication of metal goods and machinery production are key drivers. Urbanisation, alongside the rising demand for water and energy, presents lucrative opportunities. Additionally, growth in manufacturing and industrial sectors contributes significantly to the market expansion.

The African market for steel is set to expand with a rise in construction projects across the continent. Increased investments, both public and private, supported by regional governments, will drive growth in the construction sector and boost demand for steel. Local steel is increasingly favored for construction projects, contributing to market growth. Governments are promoting the use of locally produced steel to stimulate economic development and employment.

The Africa steel market is further aided by the automotive industry's expansion across the continent. Robust growth in Africa's automotive sector is evident, with major international car manufacturers setting up assembly plants in countries like South Africa, Nigeria, and Morocco. Supported by favorable government policies and tax incentives, these initiatives have significantly increased the demand for steel, which plays a vital role in car manufacturing.

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Market Breakup by Product, Type, End User, and Country:

• The market is segmented based on product into long steel and flat steel.

• Based on type, the market is divided into carbon steel, alloy steel, stainless steel, and tool steel.

• On the basis of end user, the market is categorised into construction, mechanical engineering, automotive, metalware, domestic appliances, and agricultural, among others.

• By country, the market is segmented into Egypt, South Africa, Nigeria, Kenya, Tanzania, Morocco, Namibia, among others.

Key Findings of the Report:

• The Africa steel market is poised for growth due to a rise in construction projects across the continent. Increased investments in both public and private sectors, supported by regional governments, are expected to strengthen the construction sector and drive the demand for steel. 

• The market is experiencing growth as local steel finds increased use in construction projects throughout the region. Regional governments are advocating for the use of locally produced steel to stimulate economic development and employment opportunities. 

• In the market, a notable trend is the increased production of specialised steel alloys tailored to specific needs, showcasing enhanced characteristics. The region's abundant natural resources, including diverse metal ores, facilitate the production of a wide range of steel alloys with unique properties to meet various industry demands. This trend underscores the market's capability to offer customised steel solutions.

• The market benefits from the increasing utilisation of steel in the manufacturing of household appliances. This trend underscores the expanding application of steel across diverse industries within the region, signalling promising opportunities for market expansion.

Key Offerings of the Report:

• The EMR report gives an overview of the steel market in Africa for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the product, type, end user, and country of the Africa steel market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Africa steel market are ArcelorMittal S.A., Hesteel Group, Egyptian Steel Group, African Industries Group, elmarakby steel, Suez Steel Company, Devki Steel Mills Limited, Steel and Tube Industries Ltd, Ezz Steel, and The Libyan Iron & Steel company, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.