TechSci Research report titled “Turkey Steel Market By Region, Competition Forecast & Opportunities, 2027” predicts a steady growth for the Turkey steel market in the forecast period between 2023 and 2027. Steel is a crucial material in engineering and has a broad range of applications in various industries like machine manufacturing, metal fabrication, construction, shipbuilding, automobile, and oil & gas infrastructure. Steel is a sustainable building material as the majority of structural steel can be recycled and retain its physical properties. Building contractors generate minimal waste during fabrication and construction, and all scrap is recyclable, increasing the significance of steel. The growth of the market is driven by the need for steel to build infrastructure due to rapid urbanization and industrialization. The investments in purchasing new machines and technologies in steel processing and manufacturing new products are expected to create lucrative growth opportunities for the Turkey steel market in the next five years.
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Turkey steel market is segmented into type, product, application, regional distribution, and competitive landscape.
The market is classified based on type into flat and long, with long steel expected to hold a significant market share, while flat steel is expected to dominate the market in the next five years. Long steel comprises 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 the product, the market is segmented into structural steel and prestressing steel. Currently, structural steel dominates 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. It is used to construct prefabricated steel buildings that significantly reduce production costs and time. Structural steel is safe, 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.
The market is divided based on application into building & construction, automotive, electrical appliances, and others. The building & construction segment is expected to capture the highest market share in the forecast period. The construction industry is the largest end-user of the steel industry. Steel is required in vast amounts for new construction, refurbishments, and renovations to ensure the enhanced strength of the buildings. Steel is corrosion-resistant and protects the structure from fire, making it highly popular among construction contractors. Additionally, steel can be transformed into high-strength steel plants, which exhibit low-temperature toughness, 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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