Sri Lanka Steel Market (2023-2029) | Industry, Share, Size, Trends, Growth, Analysis, Revenue, Segmentation, Forecast, Outlook & COVID-19 IMPACT

Sri Lanka Steel Market Synopsis

Sri Lanka Steel Market is projected to register significant growth over the forecast period due to rising demand from various end-use industries. The growing number of construction and automotive projects in both public and private sectors are expected to drive the demand for steel products. Additionally, government initiatives and infrastructure development programs will also support the Sri Lanka Steel Market growth over the forecast period. The steel industry of Sri Lanka is currently undergoing a consolidation phase with several mergers and acquisitions (M&As). The country's construction sector is one of the major consumers of steel products and is expected to grow over the years. Furthermore, with the government's focus on developing the country's infrastructure, the demand for steel products is expected to expand in the upcoming years.

According to 6Wresearch, the Sri Lanka Steel Market is anticipated to grow at a higher growth rate during the 2023-2029. The country has been witnessing a tremendous economic growth over the past few years, which has resulted in an increased demand for steel products. The government's efforts to improve infrastructure, foreign investments, and increasing consumer spending are the major drivers of the market. The construction industry in Sri Lanka is growing at a rapid pace, driven by the government's focus on infrastructure development and housing projects. Moreover, the growing automotive industry is also supporting the growth of the steel market in Sri Lanka. The rising disposable incomes and changing lifestyles of people are resulting in an increased demand for automobiles, which in turn, proliferates the overall market development. The construction industry is the largest end-user of steel in Sri Lanka and is expected to continue its dominance during the forecast period. Furthermore, the packaging industry is another major consumer of steel in the country. However, the high costs of production, low quality products, and dependence on imported raw materials are some of the challenges impeding the market expansion.

 COVID-19 Influence on the Sri Lanka Steel Market

The COVID-19 outburst had significantly impacted the Sri Lanka steel market size by disrupting supply chain which leads to reduction in demand and decrease in production. The lockdowns imposed by the government to control the spread of COVID-19 led to a decline in construction activities and a reduction in demand for steel products. Furthermore, the closure of factories and mines in other countries affected the supply of raw materials. The steel prices in Sri Lanka have increased due to increasing prices of raw materials such as coal, iron ore, and scrap metal.

Market Analysis by Product Type

Based on Product Type, the long steel products segment includes steel products that are used for construction whereas flat steel products are used for manufacturing.

Market Analysis by Applications

According to Ravi Bhandari, Research Head, 6Wresearch, the building & construction segment is the largest application segment for steel in Sri Lanka mainly due to the growing demand for infrastructure development in the country. On the other hand, the use of steel in the automotive sector is also growing rapidly, due to the increasing demand for automobiles.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Sri Lanka Steel Market Outlook
• Market Size of Sri Lanka Steel Market, 2022
• Forecast of Sri Lanka Steel Market, 2029
• Historical Data and Forecast of Sri Lanka Steel Revenues & Volume for the Period 2019 - 2029
• Sri Lanka Steel Market Trend Evolution
• Sri Lanka Steel Market Drivers and Challenges
• Sri Lanka Steel Price Trends
• Sri Lanka Steel Porter's Five Forces
• Sri Lanka Steel Industry Life Cycle
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Types for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Flat Steel for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Long Steel for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Product Type for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Structural Steel for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Prestressing Steel for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Bright Steel for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Welding Wire/Rod for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Iron Steel Wire for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Ropes for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Braids for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Applications for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Building & Construction for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Electrical Appliances for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Metal Products for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Domestic Appliances for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Mechanical Equipment for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Automotive for the Period 2019 - 2029
• Historical Data and Forecast of Sri Lanka Steel Market Revenues & Volume By Others for the Period 2019 - 2029
• Sri Lanka Steel Import Export Trade Statistics
• Market Opportunity Assessment By Types
• Market Opportunity Assessment By Product Type
• Market Opportunity Assessment By Applications
• Sri Lanka Steel Top Companies Market Share
• Sri Lanka Steel Competitive Benchmarking By Technical and Operational Parameters
• Sri Lanka Steel Company Profiles
• Sri Lanka Steel Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Types

• Flat Steel
• Long Steel

By Product Type

• Structural Steel
• Prestressing Steel
• Bright Steel
• Welding Wire/Rod
• Iron Steel Wire
• Ropes
• Braids

By Applications

• Building & Construction
• Electrical Appliances
• Metal Products
• Domestic Appliances
• Mechanical Equipment
• Automotive
• Others

Sri Lanka Steel Market: FAQs