Steel Processing Market projecting a CAGR of 2.41% during the forecast period, 2020-2026
Published | 13 March 2020
According to BlueWeave
Consulting, the global Steel Processing market has reached 615.75 Billion in
2019 and estimated to reach USD 721.47 Billion in 2026 and anticipated to grow
by CAGR of 2.41% during the forecast period 2020- 2026. The main driving
factors for the global steel processing market are the rapid industrialization
and urbanization, leading to high steel consumption in the building &
construction sector.
Besides, steel exhibits
properties such as high ductility and welding capacity, high strength, and are
anti-corrosive, making them applicable in a wide range of end-use industries
such as marine automotive and aerospace & defense; this leads to increased
market growth in steel processing during the anticipated period. The carbon
steel is broadly used in the construction industries for constructing roads,
railway tracks, bridges, and others, owing to its toughness, thereby
stimulating the global steel processing market during the forecast horizon.
Furthermore, the continuous innovations in steel manufacturing to produce
sustainable Steel is most likely to fuel the global steel processing market in
the estimated period.
Continuous expansion and
upgrade of steel processing plants and developments in processing technology
have beneficially impacted on market growth. In addition, in the recent past,
the steel manufacturing industry has experienced an explosion of major
investments and innovations that have fostered market growth. However, the
fluctuation in the prices of Steel may hamper the growth of the Steel
Processing Market during the forecast period. Besides, the industry is also
impacted by the existence of a stringent regulatory framework concerning the
production and processing of raw materials.
The
carbon steel segment in Steel Type is expected to grow at a very high CAGR
during the forecast horizon
Based on Steel Type, the
carbon steel segment is most likely to dominate the global steel processing
market during the forecast horizon, as carbon steel is harder than alloy steel.
The carbon steel is broadly used in the construction industries for
constructing roads, railway tracks, bridges, and others, owing to its
toughness.
The
Growing Demand in Numerous Industries
The Steel is broadly used in
the construction industries for constructing roads, railway tracks, bridges,
and others, owing to its toughness, thereby stimulating the global steel
processing market during the forecast horizon. Moreover, Steel is widely used
in end-use industries such as marine automotive and aerospace & defense,
owing to properties such as high ductility and welding capacity, high strength,
and are anti-corrosive, propelling the steel processing market during the
anticipated horizon.
The
surge in urban population
Owing to the rising urban
population continuously, the populations require several steel products for
their needs, which is expected to propel the market of global steel processing.
The rise in the urban population coupled with high per capita income generates
the demand for steel products for various purposes, which is fueling the market
of steel processing during the forecast period.
Asia-Pacific
is expected to grow at a rapid rate of the global Steel Processing market
during the anticipated period.
By geography, the
High-Performance global Alloys Market segregated into North America, Europe,
Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific is
expected to grow at a rapid rate in the global steel processing market over the
forecast period due to large-scale industrialization. The significant shift in
Asia Pacific's manufacturing base has further boosted the growth of the
region's steel processing industry. The availability of relatively cheap labor
and land coupled with the facility of operations supported by favorable
government policies has led to the establishment in the area of multiple steel
processing plants.
Steel
Processing Market: Competitive Landscape
The major market players in
the Global Steel Processing are ArcelorMittal, Baosteel Group Corporation,
POSCO, Nippon Steel & Sumitomo Metal Corporation, JFE Holdings, Inc., TATA
Steel Ltd., United States Steel, Angang Steel Company Limited, Gerdau SA,
Maanshan Iron and Steel Company Limited, SAIL, ThyssenKrupp AG, SHAGANG GROUP
Inc., Severstal PAO, HBIS GROUP, Hyundai Steel, Bridon-Bekaert, KOBE STEEL,
LTD., and other Prominent Players are expanding their presence in the market by
implementing various innovations and technologies.
Browse Detailed Table of
Contents,” Steel Processing Market Size,
By Steel Type (Alloy Steel, and Carbon Steel), By Steel Shape (Flat Steel, Long
Steel, and Tubular Steel), By End-Users (Construction, Shipping, Energy,
Packaging, Consumer appliances industry, Housing, Automotive, and Others)), and
By Region (North America, Europe, Asia Pacific, Middle East & Africa and
Latin America); Trend Analysis, Competitive Market Share & Forecast,
2016-26”
AT
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