London, UK – According to the latest research study released by Technavio, the global steel scrap market will be dominated by Asia with over 258 million metric tons in volume by 2020. This research report titled ‘Global Steel Scrap Market 2016-2020’ provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all leading regions.
“Nickel ore is widely used for the production of steel in China, which is one of the largest consumers of steel. However, the ban on exports by Indonesia has led to a shortage of raw materials. Thus, the use of steel scrap as raw material for the production of steel is increasing. In addition, production of steel has expanded in several countries like Qatar, Saudi Arabia, and Kuwait,” said Chandrakumar BJ, one of Technavio’s lead analysts for metals and minerals research.
“Steel scrap is present in various quality grades, which can be used for numerous purposes. The presence of contaminants lowers the quality of scrap and makes it difficult for separation. However, plants have developed the ability to dilute residues and derive better quality from these lower grade steel scrap. Such advances in processing have led to an increase in the use of lower quality grades, thus driving the growth of the global steel scrap market,” added Chandrakumar.
More information is available under technavio.com.
Source: BusinessWire / Technavio