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Europe steel construction market: 4.4% CAGR growth forecast between 2012-2017
The Iron and Steel Construction Market in Europe - Key Trends and Opportunities to 2017 - a new market research report on 2014-04-21 18:46:02
The 2009 global financial and European debt crises slowed construction activity and adversely affected demand for iron and steel across Europe, causing the market to record a CAGR of -6.18% during the review period (2008–2012). However, it is estimated that demand for iron and steel will improve over the forecast period, as a result of the growing construction industry and the improved performance of the European economy following the easing of the debt crisis. The iron and steel construction market in Europe is, therefore, estimated to grow at a CAGR of 4.40% over the forecast period.

According to the European Commission, Europe is the world´s second-largest steel producer, accounting for 11% of the world´s total steel output and employing 360,000 people. The continuing economic uncertainty in Europe adversely affected the iron and steel market, and directly impacts the construction and automotive industries.

Russia is the largest iron and steel market in Europe; it accounted for 17% of the European iron and steel market in 2012. The Russian construction industry recorded a CAGR of 3.55% during the review period. Realizing the importance of modernizing infrastructure to achieve long-term growth, the Russian government has announced large-scale investments in infrastructure construction. Consequently, the Russian iron and steel construction market registered positive growth during the review period.

Owing to cost pressures, the Italian steel industry faces a deep crisis, and with low demand for steel in Europe, many plants are struggling to survive. ILVA and Lucchini, the country´s largest steel producers, face potential shutdowns. Business confidence in Italy is dwindling, as businesses remain unconvinced about economic recovery. The downgrading of the Italian government´s credit rating by Moody´s is another key factor that has adversely affected business confidence.

Despite the eurozone crisis, the Turkish construction industry´s performance has been better than its neighboring countries. Growth in the construction industry during the review period was driven by continued government encouragement of foreign direct investment (FDI) and public-private partnerships (PPPs) in the country. According to the Turkish Steel Producers Association, crude steel production in Turkey rose by 5.2%, to 35.9 million tons in 2012. The country´s position in terms of steel production rose from 10th in 2011 to eighth in 2012 in the largest steel-producing countries list.

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