In 2015, India Projected to Lead the Way in the Steel Industry’s Resurgence
Oilfield equipment and industrial equipment manufacturers rely on one raw material above all to produce their equipment: steel. Understanding the fluctuations and trends of the steel market is an essential part of any industrial equipment manufacturer‘s job, whether they’re working with oil field products or any other type of equipment.
So as 2015 gets off to a start, what can you expect to see happening with the global steel market this year? Quite a lot, actually. When looking ahead to the state of the steel industry in 2015, a few trends and patterns are already shaping up to influence what the market will look like throughout the year.
Here are our two biggest predictions for the steel industry this year:
India will become a leader in steel production
Despite concerns about its infrastructural capabilities, experts are saying that India is poised to become one of the top producers of steel in the world this year. According to a January 5 Economic Times article, India will become the second-largest producer of steel by the end of the year, with production increasing from 100 million tons to 112.5 million tons. This growth will be bolstered by infrastructural development within the country as well as its emerging auto industry, the Economic Times reports.
The industry for steel as a whole will see a huge turnaround
After a long rough patch for steel producers caused by oversupply and difficult economic conditions, the steel industry is expected to finally bounce back in 2015. In China, efforts are being made to curb production in order to raise the price of steel and make the market more stable for all steel-producing countries. The future for steel workers around the globe is definitely bright this year.
Do you have predictions of your own for the steel industry this year? Or do you just have questions on steel tank walls and steel tanks for sale? Share all your thoughts with us in the comments below.