The Malaysian Iron and Steel Industry Federation announced that World Steel Association’s latest projection on Malaysia’s apparent steel consumption indicates that the nation is on track to achieve 12.4 million tonne by 2025. The projection was established based on a collaborative effort between MISIF and WorldSteel in data modelling using locally sourced data and inputs. The finding is significant as Malaysia’s steel demand is projected to grow at a compounded annual growth rate of 3.5% from 2018 to 2025 a signal that the potential of Malaysia’s steel industry may not have reached its inflection point just yet. The key drivers behind Malaysia’s future steel industry growth will be primarily underpinned by steel consuming sectors in motor vehicles, industrial machinery, electrical equipment, and metal products manufacturing, which are expected to grow faster than steel consumption in construction by 2025. Apparent Steel Consumption - 12.4 million tonnesApparent Steel Consumption per Capita – 361 kgConstruction Growth Rate - 1.0%Motor Vehicles Growth Rate - 0.5%Industrial Machinery Growth Rate - 4.0%Electrical Equipment Growth Rate - 3.0%Metal Products Growth Rate - 4.0% The projections were also made based on Malaysia’s economic performance and demographic movements in the recent past and the assumption that future performance does not deviate unexpectedly from the going trend.
The Malaysian Iron and Steel Industry Federation announced that World Steel Association’s latest projection on Malaysia’s apparent steel consumption indicates that the nation is on track to achieve 12.4 million tonne by 2025. The projection was established based on a collaborative effort between MISIF and WorldSteel in data modelling using locally sourced data and inputs. The finding is significant as Malaysia’s steel demand is projected to grow at a compounded annual growth rate of 3.5% from 2018 to 2025 a signal that the potential of Malaysia’s steel industry may not have reached its inflection point just yet. The key drivers behind Malaysia’s future steel industry growth will be primarily underpinned by steel consuming sectors in motor vehicles, industrial machinery, electrical equipment, and metal products manufacturing, which are expected to grow faster than steel consumption in construction by 2025. Apparent Steel Consumption - 12.4 million tonnesApparent Steel Consumption per Capita – 361 kgConstruction Growth Rate - 1.0%Motor Vehicles Growth Rate - 0.5%Industrial Machinery Growth Rate - 4.0%Electrical Equipment Growth Rate - 3.0%Metal Products Growth Rate - 4.0% The projections were also made based on Malaysia’s economic performance and demographic movements in the recent past and the assumption that future performance does not deviate unexpectedly from the going trend.
