Wai Tan , Shanghai . Image : Li Yang , Unsplash .
ASIA IN FOCUS
The Asia-Pacific region remained a key driver of global growth in 2023 despite facing headwinds from changing global demand from goods to services and tighter monetary policies .
According to International Monetary Fund ( IMF ) analysis in October 2023 , “ The IMF expects the Asia-Pacific region remained a key growth in the Asiadriver of global growth in 2023 despite facing
Pacific region to slow to 4.2 per cent in headwinds from changing global demand
2024 and 3.9 per cent from goods to services and tighter monetary in the medium term .” policies . It expected the region to grow by 4.6 per cent in 2023 , up from 3.9 per cent in
2022 .
“ However , growth is projected to slow to 4.2 per cent in 2024 and 3.9 per cent in the medium term , as China ' s structural slowdown and lower productivity growth in many other economies dampen the region ' s potential . Inflation is expected to decline in 2024 and stay within central bank target ranges in most countries , a faster pace of disinflation than in other regions ,” explained the IMF .
“ Central banks should carry through with policies to ensure that inflation is durably at appropriate targets . Tight monetary policy should be complemented with careful financial supervision and modernised resolution frameworks to safeguard financial stability . Credible mediumterm fiscal frameworks and consolidation can preserve fiscal space and debt sustainability . Structural measures should tackle risks posed by derisking strategies across all of Asia while ensuring productivity growth , the green transition and inclusive and sustained growth ,” it added .
Metalforming and sustainable steel
According to a ReportLinker global metalforming market report in the third quarter of 2023 , the global metalforming market was expected to grow from US $ 183.58 billion in 2022 to US $ 192.54 billion in 2023 at a compound annual growth rate ( CAGR ) of 4.88 %. It was also expected to reach US $ 223.55 billion in 2027 at a CAGR of 3.8 %.
“ Asia Pacific was the largest region in the metalforming market in 2022 . It is expected to be the fastest-growing region over the forecast period ,” explained the analyst .
The major materials used are steel ; aluminium ; magnesium and others using various techniques such as roll forming ; stretch forming ; stamping ; deep drawing ; hydroforming and others that are applied in the body in white ( BIW ), chassis , closures and others . These are used in various end-user sectors such as automotive ; transportation ; industrial machinery ; construction ; precision engineering and others .
According to ResearchandMarkets ’ ‘ Asia-Pacific Sustainable Steel Market Analysis and Forecast Report 2022 and 2023-2031 ’ in December 2023 , the Asia-Pacific sustainable steel market ( excluding China ) is projected to reach US $ 153.4 billion by 2031 from US $ 68.4 billion in 2022 . It is expected to grow at a CAGR of 9.39 % during the forecast period ( 2022-2031 ).
“ Leading the way in the sustainable steel market is the Asia-Pacific
42 | ismr . net | ISMR February 2024