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.
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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