Dublin, Sept. 09, 2024 (GLOBE NEWSWIRE) -- The "Iron & Steel Manufacturing in the UK - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)" report has been added to ResearchAndMarkets.com's offering.
Over the five years through 2024-25, revenue is expected to dip at a compound annual rate of 2.1% to £7.6 billion
Market size is projected to decline over the next five years. An explosion in steel prices has inflated revenue for manufacturers Over recent years, the steel market has been exceptionally turbulent. Prices dropped considerably in 2019-20 and again in 2020-21 as global steel demand fell, causing an oversupply.
Heaps of cheap steel on the global market have undercut British prices and caused big trade partners like the EU to institute import quotas. Unable to lower prices because of high labour costs and environmental charges, industry giants like British Steel and Tata Steel have stated a need for government intervention to continue operating. The industry has also been wracked by volatility. Metal prices initially dropped during the pandemic due to overproduction, but following a swell in demand, prices soared as metal production failed to keep up.
Trends and Insights
- Soaring iron prices inflate revenue.
- Iron and steel manufacturers' revenue swelled significantly as soaring iron ore prices caused them to increase prices. Rods and bars are the most popular industry products.
- However, like most iron and steel products, intense competition from foreign producers, most notably China, has dampened revenue from this segment. Many manufacturers base themselves in Yorkshire.
- Iron and steel manufacturers in region benefit from easy access to raw materials, with Grimsby in Yorkshire providing an essential shipping link with Northern Europe. Internal competition between domestic iron and steel manufacturers is limited.
- Domestic manufacturers can compete based on the quality of their steel, the precision of manufactured products and the ability to meet tight delivery schedules.
- Foreign quotas will continue to limit exports
- The EU steel safeguard measures instituting import quotas on steel are set to continue until at least 30 June 2024, limiting exports to a major market.
Key Topics Covered:
ABOUT THIS INDUSTRY
- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
PRODUCTS & MARKETS
- Supply Chain
- Products & Services
- Major Markets
- Globalisation & Trade
- Business Locations
COMPETITIVE LANDSCAPE
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Barriers to Entry
MAJOR COMPANIES
- Celsa (UK) Holdings Ltd
- British Steel Ltd
- Tata Steel UK Ltd
OPERATING CONDITIONS
- Capital Intensity
KEY STATISTICS
- Industry Data
- Annual Change
- Key Ratios
JARGON & GLOSSARY
For more information about this report visit https://www.researchandmarkets.com/r/vx1jvh
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