Steel Processing Market Overview
to 2022
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.
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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.
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.
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Market 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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NOTE: Our team of researchers are
studying Covid19 and its impact on various industry verticals and wherever
required we will be considering covid19 footprints for a better analysis of
markets and industries. Cordially get in touch for more details.
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