Global Blast Furnaces Market to 2023 - Market will Register a CAGR of Over 4%

Dublin, Nov. 13, 2018 (GLOBE NEWSWIRE) -- The "Global Blast Furnaces Market 2019-2023" report has been added to ResearchAndMarkets.com's offering.

The blast furnaces market will register a CAGR of over 4% by 2023

The operational efficiency of an integrated steel plant is largely determined by the performance of blast furnaces. This have resulted in steel producers entering into performance-based contracts with blast furnace manufacturers. These contracts require the equipment vendors to provide hardware and services and bear most of the equipment and services fixed cost. Vendors are paid according to the financial performance of the steel plant. These performance-based contracts help the steel producers achieve improved operational efficiency and profitability. Thus, by providing equipment as a service, blast furnace vendors will be able to increase their market share and thereby boost market growth.

Market Overview

Large installed base of blast furnaces driving the replacement market

Approximately 70% of the world's crude steel is produced by following the BF-BOF route in integrated steel plants. Owing to the high capital investment, integrated steel plants have to carry out production on a large scale to achieve economies of scale. This makes the exit barriers very high for integrated steel plant operators which leads to the creation of a large installed base thereby driving blast furnace replacement market growth.

Increasing popularity of steel mini mills

The production of pig iron which is a raw material in BOF is a costly process. Moreover, blast furnaces require frequent shutdown for relining and the process of starting up the furnace is also costly and time consuming. The low fixed costs and investment requirement of steel mini mills is making it a preferable option for steel production. Thus, the increasing popularity of steel mini mills is hampering the growth of blast furnaces market.

Competitive Landscape

The market appears to be fairly concentrated and with the presence of companies such as DANIELI, and LARSEN & TOUBRO the competitive environment is intense. Factors such as the large installed base of blast furnaces, will provide considerable growth opportunities to blast furnace manufacturers. .

Blast furnace vendors are expanding their software and service offerings to help the integrated steel plant operators in cost reduction, waste minimization, and quality improvement. By entering into performance-based contracts with equipment vendors, steel producers are enhancing their operational efficiency and profitability. Thus, the provision of equipment as a service by blast furnace vendors will be a key trend driving market growth.

According to the report, one of the major drivers for this market is the large installed base of blast furnaces which is driving the blast furnace replacement market. Existing integrated plant operators are the major customers of new blast furnaces as they need to replace their furnaces at the end of their lifecycle.

Further, the report states that one of the major factors hindering the growth of this market is the growing popularity of steel mini mills. These plants require low investment and have low fixed costs which makes them the preferable option for steel plant operators.

Key Topics Covered:

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

PART 03: MARKET LANDSCAPE

• Market ecosystem
• Market characteristics
• Market segmentation analysis

PART 04: MARKET SIZING

• Market definition
• Market sizing 2018
• Market size and forecast 2018-2023

PART 05: FIVE FORCES ANALYSIS

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

PART 06: MARKET SEGMENTATION BY APPLICATION

• Market segmentation by application
• Comparison by application
• Capacity additions - Market size and forecast 2018-2023
• Revamping projects - Market size and forecast 2018-2023
• Market opportunity

PART 07: CUSTOMER LANDSCAPE

PART 08: GEOGRAPHIC LANDSCAPE

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2018-2023
• EMEA - Market size and forecast 2018-2023
• Americas - Market size and forecast 2018-2023
• Key leading countries
• Market opportunity

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

• Market drivers
• Market challenges

PART 11: MARKET TRENDS

PART 12: VENDOR LANDSCAPE

• Overview
• Landscape disruption
• Competitive scenario

PART 13: VENDOR ANALYSIS

• Vendors covered
• Vendor classification
• Market positioning of vendors
  

• DANIELI
• LARSEN & TOUBRO
• MCC Group
• NIPPON STEEL AND SUMIKIN ENGINEERING (NSSMC Group)
• Primetals Technologies
• SMS group

For more information about this report visit https://www.researchandmarkets.com/research/rgk32x/global_blast?w=12

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                    Related Topics: Industrial Ovens