Press Release

Turkey Steel Market to be dominated by Structural Steel till 2027

Favorable government policies and high demand from the automotive industry are expected to drive the demand for Turkey steel market in the forecast period, 2023-2027. 

According to TechSci Research report, Turkey Steel Market By Region, Competition Forecast & Opportunities, 2027, the Turkey steel market is expected to witness steady growth in the forecast period, 2023-2027. Steel is one of the most crucial engineering materials and finds diverse applications in different industries, including metal fabrication applications, machine manufacturing, construction industry, shipbuilding, oil & gas infrastructure, automobile, and auto components. Steel is one of the most sustainable building materials across the globe, as the majority of all the structural steel can be recycled and made into new products. Steel loses its strength or any other physical properties even after undergoing the repeated cycling process. Building contractors generate minimal waste during fabrication and construction. Also, all scrap is recyclable and can be sold, which increases the importance of steel. The market is driven by rapid urbanization and industrialization requiring steel to build the infrastructure. Also, the investments to purchase new machines and technologies in steel processing and manufacturing new products are expected to create lucrative growth opportunities for the Turkey steel market over the next five years.

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Turkey steel market is segmented into type, product, application, regional distribution, and competitive landscape.

Based on type, the market is divided into flat and long. Long steel is expected to account for a significant market share, while flat steel is expected to hold the largest market share over the next five years. Long steel consists of ingots from continuous casting, railway rails, wire, hot rolled bar, cold rolled bar, rope, woven cloth of steel, and steel in different forms such as U,H or I section.

Based on product, the market is divided into the structural steel and prestressing steel. Structural steel is currently dominating the industry and is expected to maintain its dominance over the next five years. Structural steel is non-combustible and does not mold or mildew. They are used to construct prefabricated steel buildings, which considerably reduce production costs and time. Structural steel is safe and reliable and adds strength to the building or structure. The rise in awareness about the benefits of using structural steel and massive steel production within the country further supports the segment growth over the next five years.

Based on application, the market is divided into building & construction, automotive, electrical appliances, and others. Building & construction segment is expected to capture the highest market share in the forecast period. The construction industry is considered the largest end-user of the steel industry. New construction, refurbishments, and renovations require steel in vast amounts to ensure the enhanced strength of the buildings. Steel is corrosion resistant and protects the structure from fire, therefore is considered highly popular among construction contractors. Also, the steel can be transformed into high-strength steel plants which exhibit low-temperature toughness and improved weldability and formability. Market players are investing in research and development activities to develop rust-free and lightweight steel, which is expected to witness massive demand across the country.

Major market players operating in the Turkey steel market are:

·         Erdemir Group

·         Habas

·         Icdas

·         Diler Group

·         Colakoglu Metalurji

·         ArcelorMittal

·         POSCO

·         NSSMC Group

·         HBIS Group

·         Nucor Corporation

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“The Turkish government supports developing the infrastructure sector in prominent sectors, including transportation, renewable energy, and the healthcare industry, to boost the economy. According to the World Bank, Turkey ranks third at the global level in Public-Private Partnership (PPP) projects and encourages foreign direct investments, which is expected to affect the Turkey cement market positively. Also, the Ministry of Transport and Infrastructure has announced the ‘Transport and Logistics Master Plan’ and Transport Vision 2053 to achieve transportation and communication infrastructure targets of the country. Favorable government policies in the form of investments and big infrastructure development projects are expected to propel the growth of the Turkey steel market till 2027”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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”, has evaluated the future growth potential of Turkey steel market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Turkey steel market.

 

 

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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

Infrastructure | Jun, 2022

High demand from the automotive industry and favorable government policies are expected to drive the demand for Turkey steel market in the forecast period, 2023-2027.

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