Steel Processing Market: Global Industry Analysis and Forecast (2023-2029)

Steel Processing Market reached a value of US $ 690.82 Bn. in 2022. Global Steel Processing Market size is estimated to grow at a CAGR of 2.8%.
Steel Processing Market Overview:
Steel Processing is referring to the process of turning iron ore into steel. Steel is an iron-carbon alloy with a carbon percentage ranges up to 2%. To make different grades of steel, impurities like nitrogen, silicon, phosphorus, sulphur, and excess carbon are removed from supplied iron and alloying elements like manganese, nickel, chromium, carbon, and vanadium are added. Steel is widely used in construction, manufacturing tools, vehicles, and other applications. Steel's prevalence derives from its low cost of production, forming, and processing, as well as the abundance of its basic resources such as iron ore and scrap and its unparalleled range of mechanical qualities.

According to World Steel Association (worldsteel), in September 2022, global crude steel production for the 64 nations (accounted for 98% of total world crude steel production) reporting to 144.4 million tonnes (Mt), decreased 8.9% from September 2020.To know about the Research Methodology :- Request Free Sample Report
Steel Processing Market Dynamics:
The growing industrialization and urbanization fueling the high consumption of steel in the construction sector driving the steel processing market growth across the globe. Steel has high ductility property, as a result stee is used in several end-use industries such as automotive, marine, and aerospace & defence, which are boosting steel processing market growth.

Growing Crude steel production across the globe are primarily driving the steel processing market growth. For instance, India was the world's second-largest producer with a crude steel production of 9.9 MT in August 2022. In 2022, crude steel and finished steel production were 102.49 MT and 94.66 MT, respectively. An increased consumer demand, led to India's crude steel production is expected to increase by 18% in 2022, and reaching 120 million tonnes. In addition, abundant availability of raw materials such as iron ore and low-cost labour are expected to fueled India's steel processing market growth during the forecast period.

The increasing government’s investment and initiatives to increase the production of stee is boosting the steel processing market growth across the globe. For instance, Mr. Dharmendra Pradhan, Minister of Steel, Petroleum, and Natural Gas, spoke at the Indian Institute of Metals' webinar on "Making Eastern India a Manufacturing Hub with Reference to Metallurgical Industries" in June 2022. 'Mission Purvodaya' was launched in 2020 with the goal of fostering the growth of India's eastern states by establishing an integrated steel hub in Kolkata, West Bengal. Eastern India has the ability to add more than 75% of India's additional steel capacity. More than 200 MT of the 300 MT capacity is expected to come from this region alone by 2030-31.

The steel processing market's expansion may be hampered by the Chinese market's shifting steel prices. While the availability of substitute’s presents a severe challenge for steel processing companies.
Global Steel Processing Market Segment Analysis:
Based on the Type, the Steel Processing Market is segmented into Carbon steel and Alloy Steel. The Carbon segment held the largest market share, accounting for 58% in 2020. Carbon steel is tougher than alloy steel, and it gets harder as the carbon content rises during the manufacturing process. The growing demand for carbon steel in steel processing is boosting the steel processing market growth across the globe for this segment.

The Alloy Steel segment is expected to witness a significant growth at a CAGR of 2.75% during the forecast period. The Alloy steel offers better ductility, toughness, and corrosion resistance than regular steel, which makes them most preferable in production of steel.

Based on the End-User, the Steel Processing Market is segmented into Construction, Shipping, Energy, Packaging, Consumer Appliances, Housing, and Automotive. The Construction segment held the largest market share, accounting for 27% in 2020. The segment growth is attributed to rapid increase in construction sector across the globe. The steel is widely used in construction projects for constructing roadways, railroad lines, expansions, and other structures, which is boosting the product demand during the forecast period. It is also commonly used in end-use industries such as maritime and aviation due to qualities such as high flexibility and welding capability, high strength, and anti-corrosive capabilities.
Global Steel Processing Market Regional Insights:
Asia Pacific region held the largest market share accounted for 63% in 2022. The growing automotive sector and rapid urbanisation are leading to high steel consumption, which in turn boosting the market growth in the region. China dominated the Asia Pacific market and led the steel export market in 2022, dwarfing all other countries by more than 30 million metric tonnes. The growing steel production across the region and mainly in China is driving the market growth in the region.

The objective of the report is to present a comprehensive analysis of the Steel Processing Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Steel Processing Market dynamic, structure by analyzing the market segments and projecting the Steel Processing Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Steel Processing Market make the report investor’s guide.
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Global Steel Processing Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 690.82 Bn.


Forecast Period 2023 to 2029 CAGR:
2.8%
Market Size in 2029:
US $ 838.1 Bn.


 Segments Covered:
by Type
Carbon steel
Alloy Steel


by Shape of Steel
Long
Flat
Tabular


by End-User
Construction
Shipping
Energy
Packaging
Consumer Appliances
Housing
Automotive



Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. Ansteel Group Corporation Limited
2. ArcelorMittal S.A.
3. EVRAZ plc
4. Gerdau S.A.
5. HBIS Group
6. HYUNDAI Steel Company
7. JFE Steel Corporation
8. Jiangsu Shagang Group
9. Nippon Steel & Sumitomo Metal Corporation
10.Nucor
11.POSCO
12.Riva Group
13.Shandong Iron & Steel Group Co. Ltd.
14.Shougang Corporation
15.Tata Steel Group
16.Thyssenkrupp Steel Europe AG
17.Baosteel Group
18.JFE Holdings
19.Maanshan Iron & Steel Company Limited
20.KOBE STEEL
21.Bridon-Bekaert
Frequently Asked Questions:
1] What segments are covered in the Market report?
Ans. The segments covered in the Market report are based on Type, Shape of Steel, and End-User.

2] Which region is expected to hold the highest share in the Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Steel Processing Market.

3] What is the market size of the Market by 2029?
Ans. The market size of the Steel Processing Market by 2029 is US $ 838.1 Bn.

4] What is the forecast period for the Market?
Ans. The Forecast period for the Steel Processing Market is 2023-2029.

5] What was the market size of the Market in 2022?
Ans. The market size of the Steel Processing Market in 2022 was US $ 690.82 Bn.