Steel Processing Market Forecast and Trends
The global Steel Processing
market has reached USD 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. In addition, 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.
Steel Processing Market Overview:
Steel processing is defined
as the method of conversion of Steel from scrap steel to steel alloys, which
can be used to mold new products for reuse. This conversion is done through
melting the Steel in furnaces. There are several applications of steel products
and the requirement of Steel with the rapidly growing urban population worldwide.
Steel processing removes impurities such as carbon, phosphorus, nitrogen, and
silicon from the iron ore since these impurities reduce the quality of the
Steel. However, the alloying elements such as manganese, nickel, and chromium
are added to the iron ore during processing to enhance steel grade and quality.
The Growing Demand in
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
The surge in urban
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.
Fluctuation in the prices of
The variation in the rates
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
Steel Processing Market: Steel Type
Based on Steel Type, the
Steel Processing market bifurcated into Alloy Steel and Carbon Steel. 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
Steel Processing Market: Steel Shape
Based on Steel Shape, the
Steel Processing market segmented into Flat Steel, Long Steel, and Tubular
Steel. The long steel segment dominated the global Steel Processing market in
2018 and is expected to remain dominant in the forecast years owing to its into
broad use in construction, energy, shipping, packaging, housing, consumer
appliances industry, automotive, and others.
Steel Processing Market: End-Users
Based on End-Users, the
Steel Processing market segregated into Construction, Shipping, Energy,
Packaging, Consumer appliances industry, Housing, Automotive, and Others). The
Construction segment is anticipated to have the fastest growth during the
estimated period due to the speedy development of industries. Steel is widely
applied in the automobiles, construction of buildings and rails, and ships due
to its high mechanical properties such as ductility, strength, and weldability.
Steel Processing Market: Regional insights
By geography, the global
Steel Processing 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
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.
objective of the Study:
To analyze and forecast the
global Steel Processing market size in terms of value.
To examine the careful
market segmentation and forecast the market size, in terms value, based on the
region by segmenting the Global Steel Processing market into five regions,
namely, North America, Europe, Asia Pacific, Latin America, and the Middle East
& Africa and their leading countries.
To outline, categorized, and
forecast the global Steel Processing market based on Steel Type, Steel Shape,
To examine competitive
developments like technological advancement, services, and regulative framework
within the global Steel Processing Market.
To highlight the impact
analysis of the factors affecting the market dynamics such as drivers,
restraints, opportunities, and challenges.
To strategically profile the
key players and comprehensively analyze their market shares along with
detailing the competitive landscape for market leaders.
of the Report:
Historical data – 2016-2019
Base Year – 2019
Forecast – 2020 – 2026
Revenue in USD Million/Billion
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico,
Argentina, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
By Steel Type, Steel Shape, and End-User
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
By Steel Type
By Steel Shape
Consumer appliances industry
Middle East & Africa
Questions answered by the report
How will the market drivers,
restraints, and opportunities affect the market dynamics?
What will be the market size
in terms of value and volume and market statistics with a detailed
Which segment dominates the
market or region, and one will be the fastest-growing, and why?
A comprehensive survey of
the competitive landscape and the market participant players
Analysis of strategy adopted
by the key player and their impact on other players.
Scope for the Client
Client satisfaction is our
first and last priority, and that is why BlueWeave Consulting offers
customization according to Company's specific needs. The following
customization options are available for the report:
With five additional company
Additional country analysis
Detailed segment analysis