Over the upcoming years, there will be a significant growth expected in the global steel processing market. Steel and steel related products are being used more commonly in our daily lives. Steel is normally used to cars, build buildings, trains, and ships because of its great mechanical qualities such as weldability, strength and ductility. Steel is perfect for various industries, including the defense, automotive and aerospace sectors, among others. Steel processing technique is used for the production of different grades of steel.
According to Data Bridge Market Research the Steel Processing accounted for USD 676.55 billion in 2021, and expected to reach USD 888.69 billion by 2029. The market is expected to grow with a CAGR of 3.47% in the forecast period of 2022 to 2029.
“Increasing demand of steel processing in automobile and construction industry is expected to drive the market growth”
The major industries using steel processing are the construction and automotive sectors. As a result of its tremendous strength and ductility, steel is normally used in the construction industry to build bridges, highways and other structures. As a result of its welding capacity, steel is also used in the production of automobile defense. The variety of uses will further increase the demand for steel processing. Steel products are necessary to combat the increasing urban pollution and the usage of steel products in both in automobile and the construction industry.
What restraints the growth of steel processing market?
“Multiple issues associated with steel processing”
Fluctuations in the prices of raw materials and machinery equipment which are used in the steel processing market is posing a major threat to the steel processing market growth. Furthermore, irregular availability of raw materials which are used in steel processing at one particular location is hampering the growth of the market. Increasing competition and growing supply of low quality product owing to inadequate manufacturing equipment will further hamper the growth of the market.
Segmentation: Steel Processing Market
The steel processing market is segmented on the basis of type of steel, shape of steel, process, method, application and end-use industry.
- On the basis of type of steel, the steel processing market is segmented carbon steel and alloy steel.
- Based on shape of steel, the steel processing market is segmented into long steel, flat steel and tube steel.
- On the basis of process, the steel processing market is segmented bessemer process, basic oxygen steelmaking (BOS), electric arc furnaces (EAF), argon oxygen decarburization, and others.
- On the basis of method, the steel processing market is segmented into primary steelmaking, secondary steelmaking and others.
- On the basis of application, the steel processing market is segmented into beams, steel plate, steel strip, billets, wires, and others.
- On the basis of end-use industry, the steel processing market is segmented into building and construction, aerospace and defense, marine, automotive, consumer goods, and others.
Regional Insights: Asia-Pacific is expected to dominate the steel processing market
Asia-Pacific dominates the market and is expected to grow significantly owing to the growing automotive sector and rapid urbanization which are leading to high consumption of steel in the region. Furthermore, China dominated the Asia Pacific steel processing market due to the growing steel production across the region mainly in China.
In addition, the North America region is likely to register the highest growth rate during the forecast period of 2022 to 2029 owing to the presence of technologically advanced automotive industries. Moreover, growing application base of steel is another major factor that will further increase the market's growth in this region.
Recent Developments: Steel Processing Market
- In 2020, Steel Authority of India (SAIL) has announced that it approximately doubled its capacity in five of its plants. The modernization which has undertaken by the government is a major step toward the target for the production of 300 million ton per annum of crude steel by 2030.
- In 2021, Pyro Green-Gas, has received a payment of $2.5 million under the existing $9.3 million bond with Tata Steel. Under this contract, Pyro Green-Gas has instructed for hydrogen production and coke oven gas purification a processes that will purify coke oven gas and extract hydrogen of high purity and value.
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The Prominent Key Players Operating in the Steel Processing Market Include:
- NACHI-FUJIKOSHI CORP. (Japan)
- Daido Steel (Japan)
- voestalpine High Performance Metals GmbH (Austria)
- Sandvik AB (Sweden)
- Kennametal Inc. (US)
- Hudson Tool Steel Corporation (US)
- ERASTEEL (France)
- ArcelorMittal (Luxembourg)
- Baosteel Group Corporation (China)
- POSCO (South Korea)
- Nippon Steel & Sumitomo Metal Corporation (Japan)
- JFE Holdings, Inc. (Japan)
- TATA Steel Ltd.(India)
- United States Steel (U.S.)
- Angang Steel Company Limited (China)
- Gerdau SA (Brazil)
- Maanshan Iron and Steel Company Limited (China)
Above are the key players covered in the report, to know about more and exhaustive list steel processing market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Steel Processing Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
