Will demand steel increase twice by 2020?

by Dinesh

Posted on March 16, 2018 at 2:19 PM


Steel is one of the most popular metals which can be used for different applications. Due to the increasing use, the Industry will continue to serve development as well as economy boaster to industrial development of any country. Obviously, the industry will serve as the backbone of industrialization. Most importantly, having a functional steel industry also translate to a functional country which means the steel industry will contribute to different facets of the economy. However, steel plays important role in economic development as well as the growth of the country. Steel can be utilized by different industries, especially sustenance of agriculture, healthcare and many another sector of the economy. Most importantly, the role of steel in defence also identified. These growing needs also make the development of Steel Industry. Without metals, there would be no aeroplanes, railways, ships, turbines, electric motors automobiles, and no electrical power. Even there will be no modern bridges or any massive oil rigs so steel is widely recognized that central to all metallic inventions, motive power, innovations etc.

Importance of steel in different industries:

Steel is also considered as the particular class of metal. Primary steel sector industries are also different from any other establishments and the strategic industries also have the ability to serve long-term industrial needs of a nation. The increasing need for steel also brings a lot of changes in any countries economy. Every year the production of steel can be increased. Even the demand of the steel will be increased twice by 2020. Due to this now large business interests, as well as government agencies, also sustain the steel company. In general, the World’s output of crude steel between 1871 -1980 totalled 18.71 Billion tonnes it is roughly considered as 70 %. Now the production of steel also increased with the development of rapid technological progress through this steel also become an index of National Power. This metal cleats first Industrial Revolution. Now manufactures also consider advanced technology to systematically boost steel capacity to expel the entire output of any application.

Applications Of Steel:

Steel is the most widely used material because it has unique properties. It is the most recycled metal material on earth. There is a wide range of allows also derived from stainless and high-temperature steel. Steel is also available in various forms as well a1s these alloys offer different properties that also meet a wide range of applications. For this, it can be utilized for different applications. Apart from that steel has high strength and a relatively low production cost so it can be used in countless products. Most importantly steel mainly used in following industry such as Construction, Packaging, Energy, Transport and Appliances Industry. About 75% of household appliances also come from steel, it can be found in different appliances including washing machines, sinks, cutlery, fridges, ovens, microwaves. Steel also used to design farm vehicles and machinery, tools, structures, storage tanks, walkways, and protective equipment so the demand of the still will be increased twice by 2020.

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