Is There Meaningful Growth in Steel Processing Market Size in Recent Years and What Does the Future Hold?
The steel processing market has enjoyed steady growth, expanding from $714.7 billion in 2024 to $733.2 billion in 2025 at a compound annual growth rate (CAGR) of 2.6%. This growth can be attributed to factors such as industrialization and urbanization, expansion in construction and real estate, automotive industry growth, demand from the energy sector, and an increase in global trade and steel recycling.
Looking to future trends, the market is predicted to grow at an even faster pace, reaching $862.67 billion by 2029 at a CAGR of 4.1%. Key drivers of this growth include smart infrastructure development, innovations in steel alloys, electric vehicles production, global infrastructure investment, and efforts towards energy efficiency and emission reduction. Critical trends will include strategic mergers and acquisitions, smart manufacturing (Industry 4.0), steel recycling, strategic alliances and collaborations, and digital transformations within manufacturing.
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What is the Key Driver for Growth in the Steel Processing Market?
The expansion of the construction industry is a major contributor to the growth of the steel processing market. The construction industry encompasses the creation or assembly of structures, particularly buildings, roads, and bridges. Steel processing helps in creating steel structures which are extensively used in construction projects due to their strength, durability, and versatility.
In August 2024, UK’s Office for National Statistics reported a 16.5% increase in construction new orders, amounting to £1,771 million ($2,224 million) in the second quarter of 2024 compared to the first quarter of the same year. This growth was primarily driven by private commercial new work and infrastructure new work, indicating a growing demand for steel processing in construction.
Which Segments Are Covered in This Steel Processing Market Report?
1) By Type: Carbon Steel, Alloy Steel
2) By Shape: Long, Flat, Tabular
3) By Application: Construction, Shipping, Energy, Packaging, Consumer Appliances, Housing, Automotive
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Which Key Players Dominate the Steel Processing Market?
Prominent companies operating within the steel processing market include 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), Nippon Steel Corporation, ArcelorMittal S.A., Baowu Steel Group Corp. Ltd., Jiangsu Shagang Group Company Limited, Maanshan Iron And Steel Company Limited, Hyundai Steel Co. Ltd., United States Steel Corporation, Angang Steel Company Limited, and Riva Group, among others.
Which Trends are Reshaping the Steel Processing Market?
Technological advancements are emerging at the forefront of the steel processing market, as innovative solutions set the tempo for a drive towards sustainability. An example of this is Metso Outotec, a Finland-based engineering services company, which launched a direct-reduced iron (DRI) smelting furnace in October 2022, aiming to support the decarbonization of the iron and steel industry.
Which Region is Leading the Steel Processing Market?
In 2024, Asia-Pacific emerged as the largest region in the steel processing market. The report also covers other regions including Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Steel Processing Market Report 2025 Offer?
Steel processing involves the creation of steel from iron ore and scrap. It requires the elimination of impurities such as nitrogen, silicon, phosphorus, sulfur, and excess carbon from the sourced iron. Steel processing allows for the creation of quality, tensile strength steel and the production of essential steel goods. The Steel Processing Market research report from The Business Research Company encapsulates the global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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