IOT technology is adopted and implemented by steel product manufacturing companies to shorten production times and improve quality of the products. IOT connects people, machines, and services enabling the flow of information and real-time decisions. IOT technology offers benefits such as increased asset uptime, efficient predictive maintenance and faster processing and delivery time. For example, JFE Steel announced a move to standardize its core platform across all factories, using Internet of Things (IOT) technology to connect facilities and improve efficiency.
THE BUSINESS RESEARCH COMPANY VALUED THE STEEL PRODUCT MANUFACTURING GLOBAL MARKET AT $151 BILLION IN 2017
Asia Pacific was the largest geographic region in the market, accounting for more than one-third of the global market. China was the largest country accounting for nearly one-fifth of the global steel product manufacturing market.
According to The Business Research Company’s Consultant, Nitin Gianchandani, automation has drastically changed the outlook of steel product manufacturing industries. It has helped the metal shops to simplify the act of cutting and bending sheet metal, thereby shortening the overall operations and improve the order-to-ship cycles. Additionally, automation has allowed manufacturers to cut metals without human supervision for days at a stretch and consequently save metal fabricators a large part of human resources cost. This will increase the production and quality, so companies are adopting Artificial Intelligence to increase their revenues.
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Arcelor Mittal was the biggest player in the steel product manufacturing global market, with revenues exceeding $56 billion in 2016. Arcelor Mittal’s growth strategy aims at manufacturing lighter steel to keep pace with the increasing demand for lighter vehicles from automobile manufacturers.
Steel product manufacturing includes establishments engaged in producing tubes and pipes from iron and steel, shapes drawn through rolling or drawing of purchased iron or steel and drawing steel.
Steel Product Manufacturing Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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