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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Steel processing market is growing due to increasing urban population, increasing infrastructure investment; the effects of these factors are mentioned below:
Product expansions and business acquisitions conducted by different market players:
The market is segmented on the basis of type of steel as carbon steel, alloy steel; shape of steel is categorized into flat steel, long steel, tube steel; end-user is categorized as consumer appliances; industry trends as supply chain analysis, porter’s five forces analysis.
“According to Data Bridge Market Research, global steel processing market is expected to reach USD 716.2 billion by 2025, growing with a steady CAGR during the forecast period of 2018 to 2025”
Some of the major players operating in 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 among others.
The major applications of steel as the volume of consumption suggests is the construction and automotive industries. These industries are currently witnessing a positive growth trend which subsequently bodes well for the steel industry and any other associated processing verticals. Due to the wide-spread uses of steel in a variety of applications including the construction and automotive sectors, the demand for high-quality processed steel is all-time high. This is because no end-user wants to spend significant amounts on low-quality steel which they might need to replace or repair over time.
Global Steel Processing Market – Industry Trends and Forecast to 2027