Steel demand in the ASEAN region is projected to grow by 3.8% year-on-year in 2023. Several factors contribute to this expected growth.
Firstly, the ASEAN region is experiencing rapid urbanization and industrialization, leading to increased infrastructure development. This drives the demand for steel in construction activities such as building residential and commercial structures, transportation systems, and utilities.
Secondly, the automotive industry in the ASEAN region is expanding, driven by rising incomes and increasing consumer demand. The automotive sector is a significant consumer of steel, particularly for vehicle manufacturing.
Thirdly, the manufacturing sector in the ASEAN region is growing, attracting investments in machinery, equipment, and electronics manufacturing. Steel is essential for these industries, further contributing to the demand for steel in the region.
Additionally, efforts towards sustainable development, including renewable energy projects and green infrastructure, may further boost steel demand in the ASEAN region.
Overall, the combination of urbanization, industrialization, expanding automotive industry, and manufacturing growth is expected to drive the robust steel demand growth in the ASEAN region in 2023.
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