New York, Jan. 27, 2022 (GLOBE NEWSWIRE) -- According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the sales of motor vehicles in African countries, such as Egypt, Morocco, and South Africa, in the year 2020 was 219732 units, 133308 units, and 377932 units respectively. Moreover, the production of motor vehicles in South Africa and Morocco grew from 345297 units and 19432 units respectively in the year 2000 to 631983 units and 394652 units respectively in the year 2019.
Research Nester has recently released a report on “Africa Iron, Steel, and Cast-Iron Market: Demand Analysis & Opportunity Outlook 2020-2029” which is studied for the forecast period, i.e., 2020-2029 and includes a detailed insight of the key market players and their growth strategies. The report also includes the market lineage outlook, along with the key market numbers, which are studied and calculated via both primary and secondary research. Additionally, the report also includes the key opportunities, latest market trends, and the growth drivers and restraint factors that are associated with the market growth during the forecast period.
The GDP of several African countries is projected to expand at a progressive rate in the coming years, backed by the growing contribution from several industries, including manufacturing, automotive, construction, and others. For instance, the real GDP growth in Central, East, North, Southern, and West Africa, according to the statistics by the African Development Bank, is estimated to be 4.0%, 5.6%, 6.0%, 2.4%, and 3.9% respectively. Moreover, with the rising economy of the countries in the continent, the focus on developing public and private infrastructure is also on the rise, thereby driving the demand for iron, steel, and cast-iron products. Further, the rising sales and production of motor vehicles in these countries is also anticipated to drive the need for iron and steel, and in turn contribute to the growth of the Africa iron, steel, and cast-iron market.
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The Africa iron, steel, and cast-iron market, which registered a revenue of USD 18908.6 Million in the year 2020, is further expected to grow with a CAGR of 6.3% during the forecast period and attain revenue of USD 32789.7 Million by the end of 2029. The growth of the market can also be attributed to the rising number of construction projects in the construction sector in the continent, which was registered close to 480 numbers in the year 2019. Besides this, the rising funding in the development of infrastructure in the continent, which according to the statistics by The Infrastructure Consortium of Africa (ICA) grew by 24% to reach USD 100.8 Billion in the year 2018 from its previous year, is also expected to contribute to the market growth in the coming years.
Additionally, the growing production and use of steel in the continent is also expected to significantly boost the market growth during the forecast period. According to the statistics by the World Steel Association, the total production of crude steel in Africa increased from 13099 thousand tonnes in the year 2016 to 17610 thousand tonnes in the year 2018. Moreover, the exports of semi-finished and finished steel products grew from 2823 thousand tonnes in the year 2015 to 5905 thousand tonnes in the year 2019. Besides this, the apparent steel use in the continent touched 41728 thousand tonnes in the year 2019, up from 37585 thousand tonnes in the year 2017.
The Africa iron, steel, and cast-iron market is segmented by region into Northern Africa, Southern Africa, Central Africa, Western Africa, and Eastern Africa. Amongst the market in these regions, the market in Northern Africa registered the largest revenue of USD 10243.7 Million in the year 2020 and is further expected to grow with a CAGR of 6.3% during the forecast period and touch revenue of USD 17718.4 Million by the end of 2029. On the other hand, the market in Western Africa is anticipated to generate a revenue of USD 4340.4 Million by the end of 2029, up from a revenue of USD 2506.4 Million in the year 2020. Moreover, the market in the region is segmented by country into Benin, Burkina Faso, Niger, Nigeria, Mali, Togo, Ghana, Senegal, and the Rest of Western Africa. Amongst the market in these countries, the market in Nigeria generated the largest revenue of USD 819.2 Million in the year 2020 and is further projected to garner a revenue of USD 1455.7 Million by the end of 2029.
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The Africa iron, steel, and cast-iron market is further segmented by end-use industry into building & infrastructure, automotive, transportation, domestic appliances, mechanical & electrical equipment, and others, out of which, the building & infrastructure segment registered the largest revenue of USD 8656.6 Million in the year 2020, and is further expected to touch USD 15360.1 Million by the end of 2029. In Northern Africa, the segment is expected to garner the largest revenue of USD 8291.7 Million by the end of 2029, up from a revenue of USD 4685.0 Million in the year 2020, while in Western Africa, the segment is anticipated to touch USD 2030.6 Million by the end of 2029. Moreover, the building & infrastructure segment in the Western African country Nigeria, attained USD 375.0 Million in the year 2020 and is further expected to touch USD 681.8 Million by the end of 2029. Furthermore, in Ghana, the segment is projected to reach USD 408.8 Million by the end of 2029.
On the basis of technology, the Africa iron, steel, and cast-iron market is segmented into oxygen-blown converter (OBC), and electric furnace (EF) for steel. Amongst these segments, the electric furnace (EF) segment is projected to grow with the highest CAGR of 6.6% during the forecast period and also attain the largest revenue by the end of 2029. On the other hand, the market is segmented by technology for cast-iron into re-melted and poured into sand molds. Amongst these segments, the re-melted segment is expected to grow with the highest CAGR of 5.6% during the forecast period.
The Africa iron, steel, and cast-iron market is further segmented by product, and by process.
Africa Iron, Steel, and Cast-Iron Market, Segmentation by Product Type
- Steel
- Carbon Steels
- Alloy Steels
- Stainless Steels
- Tool Steels
- Cast Iron
- Gray Cast Iron
- White Cast Iron
- Ductile Cast Iron
- Malleable Cast Iron
- Others
- Others
Africa Iron, Steel, and Cast-Iron Market, Segmentation by Process
- Hot Rolled Steel
- Cold Rolled Steel
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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.
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