Dublin, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The "Turkey Steel Market, By Type (Flat and Long), By Product (Structural Steel, Prestressing Steel), By Application (Building & Construction, Automotive, Electrical Appliance, Others), By Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
Turkey steel market is anticipated to grow at a steady CAGR during the forecast period, 2023-2027
The rise in the investments by the leading authorities for the development of the infrastructure sector of the country and supportive government policies are the primary factors driving the growth of the Turkey steel market.
Also, the technological advancements in steel production and processing process and high-end investments by the market players are expected to further support the Turkey steel market growth in the forecast period.
Flourishing Steel Industry Drives the Market Growth
Turkey is among the top leading players in steel production and exportation across the globe. It boasts of producing quality products and invests significant amounts in expanding flat products production capacity and developing novel technology. Turkey's unique geographical location has a long Mediterranean coastline to serve European steel markets more efficiently and quickly.
Turkey accounts for 24 electric arc furnace mills and two induction furnaces with a capacity ranging between 200,000 to 5 million tonnes and 3 BOF plants. All the steel companies in Turkey are privately owned, and the market players are making continuous efforts for technological advancements to stay ahead in the market at the country and global level. The iron & steel industry is the third-largest contributor to the Turkish economy and has become one of the most developed sectors in Turkey.
Also, the market players are working on increasing their steel production capacity. They have started several projects in the flat products segment and are introducing new production facilities and modernizing the existing facilities. The continuous efforts by the market players and the use of advanced technologies in the production process are expected to accelerate the Turkey steel market growth over the forecast period.
Strong Economic Position of Turkey Supports the High Market Demand
According to the data generated by World Steel Association, Turkey churned out 40.4 million tons of crude steel, which increased the percent up to 12.7% by 2020. Market players are working to fuel their production and export to record levels in 2021, and further increase their production capacity in the coming years.
The dramatic devaluation of the lira has increased the cost of raw materials. It pressured the small steel producers to deal in domestic markets, while for the medium and large exporters who exported the steel, it proved as a boon. Also, the sudden increase in transportation costs has made the steel buyers look for near home and convenient places, thereby bolstering the demand for Turkey steel industry in the nearby countries over the forecast period.
The Turkish government has signed custom union agreements with the European Union and free trade agreements with more than twenty countries, including Malaysia, Singapore, Israel, the United Kingdom, and Egypt. Turkey is also planning to use relatively low carbon intensity steel to meet the demands of the companies that aim to achieve net-zero emissions.
Therefore, the rise in the efforts by the leading authorities to support the steel industry and the strong economic position of Turkey is expected to propel the growth of Turkey steel market in the next five years.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Turkey steel market.
- Erdemir Group
- Habas
- Icdas
- Diler Group
- Colakoglu Metalurji
- ArcelorMittal
- POSCO
- NSSMC Group
- HBIS Group
- Nucor Corporation
Report Scope:
Turkey Steel Market, By Type:
- Flat
- Long
Turkey Steel Market, By Product:
- Structural Steel
- Pre-stressing Steel
Turkey Steel Market, By Application:
- Building & Construction
- Automotive
- Electrical Appliance
- Others
Turkey Steel Market, By Region:
- Marmara
- Central Anatolia
- Aegean
- Mediterranean
- Black Sea Region
- South-Eastern Anatolia
- Eastern Anatolia
For more information about this report visit https://www.researchandmarkets.com/r/cjt0wu-steel?w=12
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
