Rising Motor Vehicle Production to Support US Demand for Ste
CLEVELAND, Aug. 21, 2020 /PRNewswire/ -- US demand for steel mill products is forecast to rise less than 1.0% yearly in volume terms through 2024, according to Steel Mill Products: United States, a report recently released by Freedonia Focus Reports. The sizable motor vehicle market is expected to see above average growth as US motor vehicle production expands. The favorable characteristics of high-strength steel will continue to support demand in the motor vehicle market; faster growth will be limited by lightweighting initiatives among motor vehicle producers, substituting steel for alternative materials such as aluminum and plastic. In addition, building construction expenditures in real terms are projected to register minimal growth through 2024, preventing more rapid gains in steel demand. However, expected healthy gains in nonbuilding construction will support demand. In value terms, demand is projected to fall slightly through 2024. Ongoing global overcapacity in steel production is expected to continue to restrain demand in value terms.
These and other key insights are featured in Steel Mill Products: United States. This report forecasts for 2020 and 2024 US steel mill products demand and shipments in metric tons and nominal US dollars at the manufacturer level. Total demand in metric tons is segmented by product in terms of:
- hot-rolled sheet
- hot-dip galvanized sheet and strip
- cold-rolled sheet
- pipe and tubing
- heavy structural shapes
- other products such as rails, tin mill products, and wire rods
Total demand in metric tons is also segmented by market as follows:
- metal service centers and distributors
- motor vehicles
- other markets such as appliances, packaging, and energy
To illustrate historical trends, total demand, total shipments, trade in metric tons and nominal dollars, and the various demand segments in metric tons are provided in annual series from 2009 to 2019.
This report encompasses demand and shipments of steel mill products, as opposed to crude steel. To avoid double counting among the various segments, reported volumes of hot-rolled sheet exclude those quantities further processed via cold-rolling and/or hot-dip galvanizing. Likewise, volumes of cold-rolled sheet do not include galvanized types or tin mill products (as they are included in other segments). Finally, reported volumes of sheet and plate exclude those quantities used to fabricate pipe and tubing. Re-exports of steel mill products are excluded from demand and trade figures.
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Industrials reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
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SOURCE The Freedonia Group