The Steel Processing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Steel Processing Global Market Report 2024, The steel processing market size has grown steadily in recent years. It will grow from $701.38 billion in 2023 to $725.17 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to industrialization and urbanization, growth in construction and real estate, automotive industry expansion, demand from the energy sector, rise in global trade, steel recycling and sustainability.
The steel processing market size is expected to see steady growth in the next few years. It will grow to $819.98 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to smart infrastructure development, innovations in steel alloys, electric vehicles (evs) production, global infrastructure investment, energy efficiency and emission reduction. Major trends in the forecast period include strategic mergers and acquisitions, smart manufacturing and industry 4.0, steel recycling, strategic alliances and collaborations, digital transformation in manufacturing.
The increasing construction industry is expected to drive the growth of the steel processing market going forward. Construction refers to the process of building or assembling something, typically structures used for shelter such as buildings, roads, and bridges. Steel processing used to make steel structure and is primarily used in construction to provide strength, durability, and versatility for construction projects offering greater tension and compression qualities that prevent rusting. For instance, in April 2023, according to the reports shared by the United States Census Bureau, a US-based government agency, the overall value of residential and non-residential constructions in US increased by over 8 % between 2020 and 2021. Furthermore, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42 %, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, the increasing construction industry is expected to propel the growth of the steel processing market.
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The steel processing market covered in this report is segmented –
1) By Type: Carbon Steel, Alloy Steel
2) By Shape: Long, Flat, Tabular
3) By Application: Construction, Shipping, Energy, Packaging, Consumer Appliances, Housing, Automotive
Technological advancement is a key trend gaining popularity in the steel processing market. Major companies operating in the steel processing market are focused on developing innovative solutions to strengthen their position in the market. For instance, in October 2022, Metso Outotec, a Finland-based engineering services company, launched a direct-reduced iron (DRI) smelting furnace to support the decarbonization of the iron and steel industry. This innovative technology is primary for steel producers that want to reduce their CO2 emissions significantly with the slightest modification to other parts of the steel plant. It will substitute blast furnaces in the production of hot metal. DRI Smelting Furnace technology offers distinctive benefits such as flexibility for any DRI feed, high productivity with a capacity above 1.2 million TPA, the ability to handle enormous slag volumes, and continuous production of hot metal with high availability and long campaign life.
The steel processing market report table of contents includes:
1. Executive Summary
2.Steel Processing Market Characteristics
3.Steel Processing Market Trends And Strategies
4.Steel Processing market analysis
5.Steel Processing Market Size And Growth
6.Steel Processing Segmentation
7.Steel Processing Regional And Country Analysis
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27.Steel Processing Competitive Landscape And Company Profiles
28.Steel Processing Key Mergers And Acquisitions
29.Steel Processing Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Tata Steel Limited
- Ansteel Group Corporation Limited
- HBIS Group, JFE Holdings Inc.,
- Shandong Iron And Steel Group Co. Ltd.
- Pohang Iron and Steel Company (POSCO)
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