Blast Furnaces Market to Show Inferior Growth Due to the Increase in COVID-19 Spread | Technavio
LONDON--(BUSINESS WIRE)--#GlobalBlastFurnacesMarket--Technavio has been monitoring the blast furnaces market and it is poised to grow by USD 869.14 million during 2020-2024, decelerate at a CAGR of almost 3% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the blast furnaces market. The market growth in 2020 is likely to increase compared to the market growth in 2019.
Frequently Asked Questions:
Based on segmentation by application, which is the leading segment in the market?
Capacity additions are the leading segment in the market.
What are the major trends in the market?
The increasing adoption of telerehabilitation is the major trend in the market.
At what rate is the market projected to grow?
The market is projected to decelerate at a CAGR of almost 3%.
Who are the top players in the market?
Danieli & C. Officine Meccaniche Spa, Gillanders Arbuthnot and Co. Ltd., IHI Corp., Larsen and Toubro Ltd., MECON Ltd., Metallurgical Corp. of China Ltd., Nippon Steel Corp., Noble Industrial Furnace Co. Inc., Primetals Technologies Ltd., and SMS Group GmbH. are the top players in the market.
What are the key market drivers and challenges?
The market is driven by the large installed base of blast furnaces. However, the increasing popularity of steel mini-mills will challenge growth.
How big is the APAC market?
Over 73% of the market’s growth will originate from APAC during the forecast period.
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The market is fragmented, and the degree of fragmentation will decelerate during the forecast period. Danieli & C. Officine Meccaniche Spa, Gillanders Arbuthnot and Co. Ltd., IHI Corp., Larsen and Toubro Ltd., MECON Ltd., Metallurgical Corp. of China Ltd., Nippon Steel Corp., Noble Industrial Furnace Co. Inc., Primetals Technologies Ltd., and SMS Group GmbH are some of the major market participants. Although the large installed base of blast furnaces will offer immense growth opportunities, the increasing popularity of steel mini-mills is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this blast furnaces market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Blast Furnaces Market 2020-2024: Segmentation
The blast furnaces market is segmented as below:
- Capacity Additions
- Revamping Projects
- North America
- South America
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Blast Furnaces Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The blast furnaces market report covers the following areas:
- Blast Furnaces Market Size
- Blast Furnaces Market Trends
- Blast Furnaces Market Industry Analysis
This study identifies the increasing adoption of telerehabilitation as one of the prime reasons driving the blast furnaces market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Blast Furnaces Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist blast furnaces market growth during the next five years
- Estimation of the blast furnaces market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the blast furnaces market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of blast furnaces market vendors
Table of Contents:
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019-2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Capacity additions - Market size and forecast 2019-2024
- Revamping projects - Market size and forecast 2019-2024
- Market opportunity by Application
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Volume driver - Demand led growth
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Danieli & C. Officine Meccaniche Spa
- Gillanders Arbuthnot and Co. Ltd.
- IHI Corp.
- Larsen and Toubro Ltd.
- MECON Ltd.
- Metallurgical Corp. of China Ltd.
- Nippon Steel Corp.
- Noble Industrial Furnace Co. Inc.
- Primetals Technologies Ltd.
- SMS Group GmbH
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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