Market Forecast By Types (Flat Steel, Long Steel), By Product Type (Structural Steel, Prestressing Steel, Bright Steel, Welding Wire/Rod, Iron Steel Wire, Ropes, Braids), By Applications (Building & Construction, Electrical Appliances, Metal Products, Domestic Appliances, Mechanical Equipment, Automotive, Others) And Competitive Landscape
Product Code: ETC007971 | Publication Date: Mar 2023 | Updated Date: Nov 2023 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Sri Lanka Steel Market registered a decline of -15.7% in value shipments in 2022 as compared to 2021 and an increase of 17.74% CAGR in 2022 over a period of 2017. In Steel Market Sri Lanka is becoming less competitive as HHI index in 2022 was 4177 while in 2017 it was 3042. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market.
Sri Lanka has reportedly relied more on domestic production to meet its growing demand in Steel Market. Sri Lanka is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Steel Market in 2022 was 0.16 while in 2017 it was 0.55. Spain, China, India, Other Asia, nes and Malaysia were among the top players of the market in 2022, where Spain acquired the largest market share of 60.32% with a shipment value of 5.46 million USD in 2022 Spain also offered the product above the average market price, but remained at the leadership position indicating the trust it holds in the Steel Market. In 2017 China had the largest market share of 52.79% with the shipment value of 2.13 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As China price is lower than the average price, it provided a significant edge among other competitor in 2017.
Sri Lanka Steel Market is projected to register significant growth over the forecast period due to rising demand from various end-use industries. The growing number of construction and automotive projects in both public and private sectors are expected to drive the demand for steel products. Additionally, government initiatives and infrastructure development programs will also support the Sri Lanka Steel Market growth over the forecast period. The steel industry of Sri Lanka is currently undergoing a consolidation phase with several mergers and acquisitions (M&As). The country's construction sector is one of the major consumers of steel products and is expected to grow over the years. Furthermore, with the government's focus on developing the country's infrastructure, the demand for steel products is expected to expand in the upcoming years.
According to 6Wresearch, the Sri Lanka Steel Market is anticipated to grow at a higher growth rate during the 2023-2029. The country has been witnessing a tremendous economic growth over the past few years, which has resulted in an increased demand for steel products. The government's efforts to improve infrastructure, foreign investments, and increasing consumer spending are the major drivers of the market. The construction industry in Sri Lanka is growing at a rapid pace, driven by the government's focus on infrastructure development and housing projects. Moreover, the growing automotive industry is also supporting the growth of the steel market in Sri Lanka. The rising disposable incomes and changing lifestyles of people are resulting in an increased demand for automobiles, which in turn, proliferates the overall market development. The construction industry is the largest end-user of steel in Sri Lanka and is expected to continue its dominance during the forecast period. Furthermore, the packaging industry is another major consumer of steel in the country. However, the high costs of production, low quality products, and dependence on imported raw materials are some of the challenges impeding the market expansion.
The COVID-19 outburst had significantly impacted the Sri Lanka steel market size by disrupting supply chain which leads to reduction in demand and decrease in production. The lockdowns imposed by the government to control the spread of COVID-19 led to a decline in construction activities and a reduction in demand for steel products. Furthermore, the closure of factories and mines in other countries affected the supply of raw materials. The steel prices in Sri Lanka have increased due to increasing prices of raw materials such as coal, iron ore, and scrap metal.
Based on Product Type, the long steel products segment includes steel products that are used for construction whereas flat steel products are used for manufacturing.
According to Ravi Bhandari, Research Head, 6Wresearch, the building & construction segment is the largest application segment for steel in Sri Lanka mainly due to the growing demand for infrastructure development in the country. On the other hand, the use of steel in the automotive sector is also growing rapidly, due to the increasing demand for automobiles.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Sri Lanka Steel Market Overview |
3.1 Sri Lanka Country Macro Economic Indicators |
3.2 Sri Lanka Steel Market Revenues & Volume, 2022 & 2029F |
3.3 Sri Lanka Steel Market - Industry Life Cycle |
3.4 Sri Lanka Steel Market - Porter's Five Forces |
3.5 Sri Lanka Steel Market Revenues & Volume Share, By Types, 2022 & 2029F |
3.6 Sri Lanka Steel Market Revenues & Volume Share, By Product Type, 2022 & 2029F |
3.7 Sri Lanka Steel Market Revenues & Volume Share, By Applications, 2022 & 2029F |
4 Sri Lanka Steel Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Sri Lanka Steel Market Trends |
6 Sri Lanka Steel Market, By Types |
6.1 Sri Lanka Steel Market, By Types |
6.1.1 Overview and Analysis |
6.1.2 Sri Lanka Steel Market Revenues & Volume, By Types, 2019 - 2029F |
6.1.3 Sri Lanka Steel Market Revenues & Volume, By Flat Steel, 2019 - 2029F |
6.1.4 Sri Lanka Steel Market Revenues & Volume, By Long Steel, 2019 - 2029F |
6.2 Sri Lanka Steel Market, By Product Type |
6.2.1 Overview and Analysis |
6.2.2 Sri Lanka Steel Market Revenues & Volume, By Structural Steel, 2019 - 2029F |
6.2.3 Sri Lanka Steel Market Revenues & Volume, By Prestressing Steel, 2019 - 2029F |
6.2.4 Sri Lanka Steel Market Revenues & Volume, By Bright Steel, 2019 - 2029F |
6.2.5 Sri Lanka Steel Market Revenues & Volume, By Welding Wire/Rod, 2019 - 2029F |
6.2.6 Sri Lanka Steel Market Revenues & Volume, By Iron Steel Wire, 2019 - 2029F |
6.2.7 Sri Lanka Steel Market Revenues & Volume, By Ropes, 2019 - 2029F |
6.3 Sri Lanka Steel Market, By Applications |
6.3.1 Overview and Analysis |
6.3.2 Sri Lanka Steel Market Revenues & Volume, By Building & Construction, 2019 - 2029F |
6.3.3 Sri Lanka Steel Market Revenues & Volume, By Electrical Appliances, 2019 - 2029F |
6.3.4 Sri Lanka Steel Market Revenues & Volume, By Metal Products, 2019 - 2029F |
6.3.5 Sri Lanka Steel Market Revenues & Volume, By Domestic Appliances, 2019 - 2029F |
6.3.6 Sri Lanka Steel Market Revenues & Volume, By Mechanical Equipment, 2019 - 2029F |
6.3.7 Sri Lanka Steel Market Revenues & Volume, By Automotive, 2019 - 2029F |
7 Sri Lanka Steel Market Import-Export Trade Statistics |
7.1 Sri Lanka Steel Market Export to Major Countries |
7.2 Sri Lanka Steel Market Imports from Major Countries |
8 Sri Lanka Steel Market Key Performance Indicators |
9 Sri Lanka Steel Market - Opportunity Assessment |
9.1 Sri Lanka Steel Market Opportunity Assessment, By Types, 2022 & 2029F |
9.2 Sri Lanka Steel Market Opportunity Assessment, By Product Type, 2022 & 2029F |
9.3 Sri Lanka Steel Market Opportunity Assessment, By Applications, 2022 & 2029F |
10 Sri Lanka Steel Market - Competitive Landscape |
10.1 Sri Lanka Steel Market Revenue Share, By Companies, 2022 |
10.2 Sri Lanka Steel Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |