According to Data Bridge Market Research new Market report, global steel processing market will account to an estimated USD 601.8 billion in 2017 growing at a CAGR of 2.2% during the forecast period of 2018 to 2025.
Global Steel Processing Market
Steel processing can be defined as the conversion of steel from scrap steel to steel alloys that can be used to mold new products for reuse. This conversion is done through melting the steel in furnaces. There are a number of applications of steel products and requirement of steel with the rapidly growing urban population worldwide.
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Global steel processing market is segmented on the basis of type of steel, shape of steel, end user, type of industry trends and geography.
By Type of Steel (Carbon steel and Alloy steel), Type Shape of Steel (Flat Steel, Long Steel Tube Steel) Type of End User (Growth in the Consumer Appliances) Type of Industry Trends (Supply Chain Analysis, or Porter’s Five Forces Analysis) Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa).
FACTORS DRIVING GROWTH IN STEEL PROCESSING MARKET
Growing urban population
According to United Nations, around 55% of the population worldwide resides in urban areas which deem them to be categorized as urban population. This number is projected to rise up to 68% by the year 2050. This section of population requires a number of steel products for their needs which is expected to be the driving force behind the growth of steel processing market.
According to The World Bank Group, in 2015 there was 53.91% share of 2015, and that number rose up to 54.37% by 2016, and around 54.82% by 2017. This number is also evidence of the growing number of urban population worldwide which is expected to drive the market growth of steel processing market.
Few of the major competitors currently working in the steel processing market are Ansteel Group Corporation Limited, ArcelorMittal S.A., China Baowu Steel Group Corporation Limited, EVRAZ plc, Gerdau S.A., HBIS Group, HYUNDAI Steel Company, JFE Steel Corporation, Jiangsu Shagang Group, Nippon Steel & Sumitomo Metal Corporation, Nucor, POSCO, Riva Group, Shandong Iron and Steel Group Co. Ltd., Shougang Corporation, Tata Steel Group, thyssenkrupp Steel Europe AG, Baosteel Group, JFE Holdings Inc, Maanshan Iron & Steel Company Limited, Bridon-Bekaert, KOBE STEEL LTD and SAIL.
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