Market Overview:
Steel processing is done to
produce varied intermediate steel products which serve as inputs to business in
other industries. As per the analysis of market Research Future (MRFR), the
global steel processing market is expected to reach USD 600 Bn at a CAGR of 2%
by the end of the forecast period of 2016-2022.
Steel is the most widely used
structural material in the world and practically finds application in almost
all industries. The global steel processing industry is growing in tandem with
the increase in global industrial production. High industrial output in
advanced economies along with rapid industrialization in the developing
countries has provided impetus to the growth of the global steel processing
industry. Steel forms an indispensable part in a myriad of products. The urban
population requires a massive amount of new steel products which boosts the
growth of the market.
Increasing infrastructural
activities, especially in the developing countries induce high demand within
the steel processing market. Steel is largely used in the making of railway
tracks, roads, bridges, and others.
Constructional activities around
the globe have also picked up pace in recent years. Government support towards
the housing industry has also propelled residential construction which provides
a boost to the global steel processing market. The automotive sector also
generates a substantial share of the global market demand.
Continuous modernization and up
gradation of steel processing plants and advancement in processing technology
has reflected favorably on the market growth. Besides, the steel processing
industry has witnessed an influx of major investments and developments in the
recent past which has fostered the growth of the market.
Competitive Landscape
·
Tata Steel Ltd
·
Hyundai Steel Co.
·
ThyssenKrupp AG
·
Steel Authority of India Limited
·
Bridon International Ltd
·
Hebei Iron & Steel Co Ltd,
·
Kobe Steel, Ltd.
·
Jiangsu Shagang Group Company Limited
·
Severstal PAO
·
Maanshan Iron & Steel Company Limited
Industry Updates
February 2019- Steel Authority of
India Limited (SAIL), inaugurated its new steel processing unit in Champaran,
Bihar. An investment of 1.16 billion has been made on ten same and the
production facility will churn out high-quality steel tubes and pipes.
Industry Segmentation:
The global steel processing
market has been segmented based on steel type and application.
By steel type, the global steel
market has been segmented into Alloy Steel, and Carbon Steel. The carbon steel
segment is expected to lead the global market. Being harder than alloy steel,
carbon steel is extensively used for construction purposes.
By application, the global steel
processing market has been segmented into Construction, Energy, Automotive,
Consumer Goods and others. Application-wise, the construction segment is
expected to dominate the market.
Regional Analysis:
Europe, Asia Pacific (APAC),
North America, and the Rest of the World (RoW) are the key markets for steel
processing.
APAC market for steel processing
is expected to showcase rapid growth over the forecast period due to
large-scale industrialization taking place in the region. The major shift in
manufacturing base in APAC has further accelerated the growth of the steel
processing market in the region. Availability of relatively cheap labor and
land coupled with ease of operations purveyed by favorable government policies
has led to set up multiple steel processing plants in the region.
Infrastructural development in the region generates high demand for processed
steel. Availability of iron ore in abundance in the region is also a factor
that cannot be ignored. China, India, Japan, Brazil are among the countries
with high steel production capacity.
North America too is a
significant market for steel processing driven by continuous demand for steel
from various industries. The US is among the world's top steel producing
economy.
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