Global Steel Processing Market – Industry Trends and Forecast to 2029

Global Steel Processing Market, By Type of Steel (Carbon Steel and Alloy Steel), Shape of Steel (Long Steel, Flat Steel and Tube Steel), Process (Bessemer Process, Basic Oxygen Steelmaking (BOS), Electric Arc Furnaces (EAF), Argon Oxygen Decarburization, and Others), Method (Primary Steelmaking, Secondary Steelmaking and Others), Application (Beams, Steel Plate, Steel Strip, Billets, Wires, and Others), End-Use Industry (Building and Construction, Aerospace and Defense, Marine, Automotive, Consumer Goods, and Others) – Industry Trends and Forecast to 2029.

Global Steel Processing Market Analysis and Size

Steel is an iron-carbon alloy along with the presence of 2% of carbon. Steel processing technique results in improving the strength, flexibility, and resistance of the steel. Steel processing technique is used to manufacture different grades of steel.

• Data Bridge Market Research analyses that the steel processing market is expected to undergo a CAGR of 3.47% during the forecast period. This indicates that the market value, which was USD 676.55 billion in 2021, would rocket up to USD 888.69 billion by 2029. “Carbon Steel” dominates the type of steel segment of the steel processing market owing to the growing demand for carbon steel in steel processing as it is tougher than alloy steel, and it gets harder as the carbon content rises during the manufacturing process.

Global Steel Processing Market Definition

From the name itself, it is clear that steel processing a technique that is used to manufacture the steel. This process results in removing the impurities in the manufacturing process such as nitrogen, carbon, silicon, and phosphorus from the ore. Steel processing improves the standard and quality of the steel.

Report Scope and Market Segmentation

Steel Processing Market Dynamics

Drivers

• Growth and expansion influenced the market growth

Growth and expansion of buildings and construction industry promoted the direct and indirect growth of this market. In other words, rising number of remodelling and renovation activities, surging rate of urbanization and rising infrastructural development of rural and backward areas is directly influencing the market growth rate.  

• Growing awareness to direct the market demand and supply

Increased awareness about the benefits of steel processing technique and its role in removing the impurities is inducing increased demand and application by the small and medium scale enterprises. Also, high adoption of steel in the production of aircrafts due to its high welding capacity is a positive sign. This in turn is bolstering the growth of the market.   

• Rising research and development operations

Increased funding from federal government pertaining to the research and development proficiencies is also bolstering the growth of the market. Research and developmental operations directed towards sustainable development will ensure optimum and judicious use of resources, thereby improving the market value. 

Opportunities

• Rise in the technological advancements

Rising technological advancements pertaining to the manufacturing technology is further inducing growth in the market value. Increasing number of technological advancements driven with a view to minimize the production costs and wastage coupled with growth in industrialization has increased the use of hemp materials for numerous application is further ensuring a bright future for the market.

Furthermore, upsurge in the public-private funding for target research activities, high disposable income, rapid urbanization, changing lifestyles and rising product innovations and development owing to technological advancements all around the world will extend profitable opportunities for the market players in the forecast period of 2022 to 2029. Additionally, high usage of steel in end-use industries such as automotive, marine, and others due to its high ductility, ongoing product development and commercialization, increasing government’s investment and initiatives to increase the production of steel especially in the developing economies and increasing per capita expenditure will further expand the market's growth rate in the future. 

Restraints/Challenges Global Steel Processing Market

• Fluctuating prices 

Fluctuations or volatility in the prices of raw materials and machinery equipment is posing a major threat to the growth of the market. Further, uneven availability of raw materials at one particular location is demeaning the growth of the market.  Increasing competition and supply the increasing demand and low quality product development owing to inadequate manufacturing equipment will further derail the market growth rate.  

• Norms, standards and regulations

Imposition of stringent regulations by the government on a wide range of industrial applications pertaining to the industrial activities will further slowdown the market growth rate. Lack of standardization norms, lack of information in the backward economies, availability of substitutes and change in demand-supply spectrum owing to strengthening of regulations in Asia-Pacific region will further worsen the market situation.

This steel processing market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the steel processing market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Steel Processing Market

COVID-19 impacted various manufacturing industries in the year 2020-2021 as it led to the closure of workplaces, disruption of supply chains, and restrictions on transportation. Several countries such as China, India, Brazil and many more imposed lockdown in this face which led to the shutdown of production and manufacturing facilities. Since January 2020, the buildings and construction industry witnessed a slump in the revenue which in turn had an adverse impact on the market. Supply chain of numerous manufacturing units was adversely affected in this period leading to a major drop in the revenues and profits. Postponement of buildings and construction activities further derailed the market growth rate.   

Recent Development

• In September 2020, the state-owned steel major, Steel Authority of India (SAIL), announced that it nearly doubled its capacity in five of its plants. The modernization drive undertaken by the government is a key step toward the target of 300 million ton per annum of crude steel productions by 2030.
• In July 2020, JSW Steel proclaimed its plans to expand the capacity to produce around 27 million ton of crude steel by 2022 from about 18 million ton in 2020.
• In July 2019, Indian private-sector firm Tata Steel announced its plan to expand its crude steel capacity to 30 million ton/year by 2025, from around 20 million ton/year in 2019.

Global Steel Processing Market Scope

The steel processing market is segmented on the basis of type of steel, shape of steel, process, method, application and end-use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type of steel

• Carbon Steel
• Alloy Steel

On the basis of type of steel, the steel processing market is segmented into carbon steel, and alloy steel. 

Shape of steel

• Long Steel
• Flat Steel
• Tube Steel

On the basis of shape of steel, the steel processing market is segmented into long steel, flat steel, and tube steel.

Process

• Bessemer Process
• Basic Oxygen Steelmaking (BOS)
• Electric Arc Furnaces (EAF)
• Argon Oxygen Decarburization
• Others

On the basis of process, the steel processing market is segmented into bessemer process, basic oxygen steelmaking (BOS), electric arc furnaces (EAF), argon oxygen decarburization, and others. 

Method

• Primary Steelmaking
• Secondary Steelmaking
• Others

On the basis of method, the steel processing market is segmented into primary steelmaking, secondary steelmaking and others. 

Application

• Beams
• Steel Plate
• Steel Strip
• Billets
• Wires
• Others

On the basis of application, the steel processing market is segmented into beams, steel plate, steel strip, billets, wires, and others.

End-use industry

• Building and Construction
• Aerospace and Defense
• Marine
• Automotive
• Consumer Goods
• Others

On the basis of end-use industry, the steel processing market is segmented into building and construction, aerospace and defence, marine, automotive, consumer goods, and others.

Steel Processing Market Regional Analysis/Insights

The steel processing market is analysed and market size insights and trends are provided by country, type of steel, shape of steel, process, method, application and end-use industry as referenced above.

The countries covered in the steel processing market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the steel processing market and will continue to flourish its dominance during the forecast period rapid urbanization and rapid growth of the automotive sector in this region. However, North America will continue to project the highest compound annual growth rate for this period due to the presence of technologically advanced automotive industries in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Steel Processing Market Share Analysis

The steel processing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to steel processing market.

Some of the major players operating in the steel processing market are:

• NACHI-FUJIKOSHI CORP. (Japan)
• Daido Steel (Japan)
• voestalpine High Performance Metals GmbH (Austria)
• Sandvik AB (Sweden)
• Kennametal Inc. (US)
• Hudson Tool Steel Corporation (US)
• ERASTEEL (France)
• ArcelorMittal (Luxembourg)
• Baosteel Group Corporation (China)
• POSCO (South Korea)
• Nippon Steel & Sumitomo Metal Corporation (Japan)
• JFE Holdings, Inc. (Japan)
• TATA Steel Ltd.(India)
• United States Steel (U.S.)
• Angang Steel Company Limited (China)
• Gerdau SA (Brazil)
• Maanshan Iron and Steel Company Limited (China)      

Research Methodology : Global Steel Processing Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis.

To know more about the research methodology, drop in an inquiry to speak to our industry experts 

https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-steel-processing-market