Africa Steel Market Outlook
According to the report by Expert Market Research (EMR), the Africa steel market size reached a volume of approximately 39.49 million tons in 2023. Aided by the rise in infrastructural developments, coupled with the growing construction and automotive industries across the continent, the market is projected to further grow at a CAGR of 3.10% between 2024 and 2032, reaching a volume of 51.86 million tons by 2032.
Steel, an alloy primarily composed of iron and carbon, stands out as an indispensable material in a plethora of applications, ranging from construction, machinery, transportation, to tools. Owing to its strength, durability, and recyclability, steel has become a backbone for economic growth and modern development. In Africa, as urbanisation accelerates and the focus on infrastructural projects amplifies, the demand for steel as a fundamental building material escalates.
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One of the pivotal drivers for the Africa steel market growth lies in the rapid urbanisation and industrialisation happening across many African nations. As these nations stride towards modern development, there’s an insatiable appetite for steel-enforced infrastructures like skyscrapers, bridges, roads, and railways. This surge in construction and infrastructure projects translates to a heightened demand for steel and steel products.
Another sector propelling the Africa steel market demand is the automotive industry. Africa’s automotive sector is witnessing robust growth, with numerous international car manufacturers establishing assembly plants in countries like South Africa, Nigeria, and Morocco. These initiatives, bolstered by favourable government policies and tax incentives, have considerably ramped up the steel demand, given its crucial role in car manufacturing.
As per the Africa steel market analysis, the oil and gas industry in Africa, particularly in nations like Nigeria, Angola, and Algeria, is contributing substantially to the steel demand. Steel plays a cardinal role in the construction of pipelines, rigs, and other facilities in this industry. As Africa continues to explore its vast oil reserves, the need for steel in this sector is expected to grow consistently.
Furthermore, Africa’s focus on sustainable development and eco-friendly alternatives has highlighted the recyclability and sustainability of steel. Given that steel can be recycled multiple times without losing its quality, it stands out as an eco-friendly choice for construction and other industries, driving its demand further.
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Africa Steel Market Segmentation
The market can be divided based on product, type, end user, country, and region.
Market Breakup by Product
- Long Steel
- Wire Rod
- Rebars
- Merchant Bars
- Heavy Sections
- Others
- Flat Steel
- Hot Rolled Wide Strip
- Quarto Plate
- Others
Market Breakup by Type
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Tool Steel
Market Breakup by End User
- Construction
- Mechanical Engineering
- Automotive
- Metalware
- Domestic Appliances
- Agricultural
- Others
Market Breakup by Country
- Egypt
- South Africa
- Nigeria
- Kenya
- Tanzania
- Morocco
- Namibia
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Africa steel market. Some of the major players explored in the report by Expert Market Research are as follows:
- ArcelorMittal S.A.
- Hesteel Group
- Egyptian Steel Group
- African Industries Group
- elmarakby steel
- Suez Steel Company
- Devki Steel Mills Limited
- Steel and Tube Industries Ltd
- Ezz Steel
- The Libyan Iron & Steel company
- Others
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