Philippines Steel Industry Research Report 2023-2032

Philippines Steel Industry Research Report 2023-2032

Steel has always been an essential raw material in the construction of bridges, buildings, roads and other infrastructure that guided industrialization. The Philippines ranks 20th among major steel importers, according to the World Steel Association. In 2021, the Philippines imported 7.2 million tons of steel from major steel producing countries such as China, India, Japan, and South Korea. Steel is an essential component in ensuring that infrastructure is built and designed to withstand time, weather and stress, so it is important for the Philippines to revive its steel industry to meet the growing demands of urbanization and development.

Among the steel yards mentioned earlier for epidemic prevention, we have to mention Steel Asia. It is the flagship steel company for epidemic prevention and supplies 2 million tons of rebar to the country every year. In 2023, Steel Asia Manufacturing Corp said it had agreed with China's Bao steel Group, the world's largest steelmaker, to build a P108 billion integrated steel plant in the defense sector to further expand its infrastructure and production capacity for heavy construction materials.

In the year 2022, as for the Philippines Import Data report, the nation imported iron and steel worth 5.23 billion USD from various nations. The trend of imports of iron and steel is more or less consistent in the past few years with a small decline observed in the year 2020 due to Covid-19 restrictions. In the year 2021, as for the report, the Philippines was the 28th biggest importer of iron and steel in the world. This was accompanied by iron and steel being the 6th most favorite import product of the Philippines.

The Philippines imported iron and steel from almost all the nations across the globe. If we need to pick the top countries from all, then as for the Philippines trade data records, the top 5 nations from whom the Philippines imported iron and steel in 2022 are as followed: China ranks first with a total of 2.18 billion USD, Japan ranks second with 747.28 million USD, Indonesia and Russia rank third and fourth respectively, and Vietnam ranks fifth with 328.43 million USD. In the previous year 2021, nations like China, Vietnam and Indonesia were the fastest growing countries that exported iron and steel to the Philippines.

As the Philippines is one of the most emerging and rapidly growing nations in the world, it is estimated that the demand for iron and steel would grow in the nation in the coming time. We can forecast this as being a developing nation, development and construction activities in the Philippines will keep on happening on a frequent basis for which iron and steel are needed. The domestic production, as well as international imports of these products, would rise which will create an impact on the Philippines imports data values.

Topics covered:

Philippines Steel Industry Overview

The economic and policy environment of Philippines's steel industry

What is the impact of COVID-19 on the Philippines’s steel industry?

Philippines Steel Industry Market Size, 2023-2032

Analysis of the main Philippines’s steel production enterprises

Key drivers and market opportunities for Philippines's steel industry

What are the key drivers, challenges and opportunities for Philippines's steel industry during the forecast period 2023-2032?

Which companies are the key players in the Philippines steel industry market and what are their competitive advantages?

What is the expected revenue of Philippines steel industry market during the forecast period 2023-2032?

What are the strategies adopted by the key players in the market to increase their market share in the industry?

Which segment of the Philippines steel industry market is expected to dominate the market by 2032?

What are the main negative factors facing the steel industry in Philippines?