Steel demand in developed economies is expected to grow by 2.8% year-on-year in 2024

Steel demand in developed economies is expected to rebound and grow by 2.8% year-on-year in 2024. Several factors contribute to this anticipated growth.

Firstly, as the global economy recovers from the impacts of the COVID-19 pandemic, developed economies are likely to experience a resurgence in construction and infrastructure projects. This will drive the demand for steel as a primary material in building bridges, roads, and other structures.

Secondly, governments in developed economies are implementing stimulus measures and investment plans to revitalize their economies. These initiatives include increased spending on infrastructure development, which will boost steel demand.

Thirdly, there is a growing focus on sustainable practices and green technologies. This includes investments in renewable energy infrastructure, such as wind farms and solar power plants, that rely on steel components. The transition towards cleaner energy sources will contribute to the increased demand for steel in developed economies.

Overall, improved economic conditions, increased infrastructure investments, and sustainability efforts are expected to drive the growth of steel demand in developed economies in 2024.