Pune, India, June 15, 2022 (GLOBE NEWSWIRE) -- According to MarketStudyReport, worldwide steel processing market which stood at a valuation of USD 656.31 billion in 2021, is slated to register a CAGR of 2.16% over 2022-2028 and reach USD 762.21 billion mark by the forecast period-end.
Speaking of overall market size and scope, the classification is done in terms of product terrain, steel type, end-use application, and regional expanse. Exhaustive analysis of each sub-market in terms of growth rate, share, and size has been included so that the stakeholders can identify the top gainer avenues for business expansion in the upcoming years.
Furthermore, the competitive landscape of this business sphere is analyzed extensively based on various parameters such as the availability of products/services, financial standing, and strategic advances among others.
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Rapid industrialization, booming population, and rising demand for consumer appliances are the key factors that propel industry growth.
For the record, steel processing refers to the steel component manufacturing by eliminating quality degrading impurities from steel, using steel forming processes like steel blanking and steel pickling through hot rolling and cold rolling. Also, manganese, chromium, nickel, and other alloying elements are added to steel to improve its quality and strength.
Notably, steel possesses several qualities such as flexibility, unmatchable strength, and high wielding capacity, which makes it a preferrable option for component manufacturing across marine, aerospace, automotive, and defense sectors.
Besides, increasing investments towards infrastructural development, R&D activities that give rise to noteworthy technological innovations in the field, and the imperative role of steel in environment conservation are touted to enhance revenue flow in the upcoming years.
However, fluctuating raw material prices may impede the growth dynamics of the industry during the analysis timeframe.
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Regional overview: -
North America currently boasts of the largest industry share and will continue progressing at a robust rate over the forecast duration, creditable escalating number of steel processing industries and development of the automotive industry in the region.
Meanwhile, Asia Pacific market is slated to garner strong returns in the ensuing years, mainly on the back of growing industrialization and rapid urbanization in emerging economies such as India and China.
Competitive framework summary: -
Maanshan Iron & Steel Company Ltd., POSCO, ArcelorMittal S.A., Tata Steel Ltd., JFE Holdings Inc., Nippon Steel Corporation, China Beowu Steel Group Corp. Ltd., Gerdau S.A., Angang Steel Company Ltd., and United States Steel Corporation are among the major contenders impacting global steel processing industry trends.
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Global Steel Processing Market by Steel Product (Value, USD Billion, 2019-2028)
- Tubular Steel
- Long Steel
- Flat Steel
Global Steel Processing Market by Steel Type (Value, USD Billion, 2019-2028)
- Carbon Steel
- Alloy Steel
Global Steel Processing Market by End User (Value, USD Billion, 2019-2028)
- Housing
- Shipping
- Automotive
- Energy
- Consumer Appliances
- Construction
- Packaging
- Others
Global Steel Processing Market by Region (Value, USD Billion, 2019-2028)
North America
- Canada
- United States
Europe
- Germany
- Italy
- France
- Spain
- United Kingdom
- RoE
Asia Pacific
- India
- China
- Japan
- South Korea
- Australia
- RoAPAC
Latin America
- Brazil
- Mexico
Rest of the World
Global Steel Processing Market Company Profiles (Value, USD Billion, 2019-2028)
- Maanshan Iron and Steel Company Ltd.
- POSCO
- ArcelorMittal S.A.
- Tata Steel Ltd.
- JFE Holdings Inc.
- Nippon Steel Corporation
- China Beowu Steel Group Corp. Ltd.
- Gerdau S.A.
- Angang Steel Company Ltd.
- United States Steel Corporation
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2028 (USD Billion)
1.2.1. Steel Processing Market, by Region, 2020-2028 (USD Billion)
1.2.2. Steel Processing Market, by Steel Type, 2020-2028 (USD Billion)
1.2.3. Steel Processing Market, by Steel Products, 2020-2028 (USD Billion)
1.2.4. Steel Processing Market, by End-User, 2020-2028 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Steel Processing Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Steel Processing Market Dynamics
3.1. Steel Processing Market Impact Analysis (2020-2028)
3.1.1. Market Drivers
3.1.1.1. Increasing industrialization stimulates the production of more steel
3.1.1.2. Growing infrastructure investment propels the need for steel
3.1.2. Market Challenges
3.1.2.1. Volatility in raw materials prices
3.1.3. Market Opportunities
3.1.3.1. Optimum utilization of steel scrap helps the industry to protect the environment by saving natural resources
Chapter 4. Global Steel Processing Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2019-2028)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
Chapter 5. Risk Assessment: COVID-19 Impact
5.1.1. Assessment of the overall impact of COVID-19 on the industry
5.1.2. Pre COVID-19 and post COVID-19 market scenario
Chapter 6. Global Steel Processing Market, by Steel Type
6.1. Market Snapshot
6.2. Global Steel Processing Market by Steel Type, Performance - Potential Analysis
6.3. Global Steel Processing Market Estimates & Forecasts by Steel Type, 2019-2028 (USD Billion)
6.4. Steel Processing Market, Sub Segment Analysis
6.4.1. Alloy steel
6.4.2. Carbon steel
Chapter 7. Global Steel Processing Market, by Steel Products
7.1. Market Snapshot
7.2. Global Steel Processing Market by Steel Products, Performance - Potential Analysis
7.3. Global Steel Processing Market Estimates & Forecasts by Steel Products, 2019-2028 (USD Billion)
7.4. Steel Processing Market, Sub Segment Analysis
7.4.1. Flat steel
7.4.2. Long steel
7.4.3. Tubular steel
Chapter 8. Global Steel Processing Market, by End-User
8.1. Market Snapshot
8.2. Global Steel Processing Market by End-User, Performance - Potential Analysis
8.3. Global Steel Processing Market Estimates & Forecasts by End-User, 2019-2028 (USD Billion)
8.4. Steel Processing Market, Sub Segment Analysis
8.4.1. Construction
8.4.2. Shipping
8.4.3. Energy
8.4.4. Packaging
8.4.5. Consumer appliances industry
8.4.6. Housing
8.4.7. Automotive
8.4.8. Others
Chapter 9. Global Steel Processing Market, Regional Analysis
Related Report:
Steel Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
The global steel market for automotive and aerospace applications is projected to expand substantially in the forthcoming years, driven by the rapid developments in the automotive and aerospace sectors. The demand for steel angles, shapes, and sections is likely to grow at a 4.5% CAGR through 2027. The drawn wire segment is expected to be worth more than USD 3 billion by 2027. Drawn wires are extensively used in the reinforcement of tires in order to enhance their strength and durability. They also find wide use in the production of automotive controls. The demand for steel wire rods is expected to increase at a CAGR of around 5.5% over the same timeframe. Steel is widely preferred in wire rods on account of its high strength, ductility, malleability, and corrosion resistance which is required in various automotive components. The hot rolled bars and rods segment will be worth more than USD 27.5 billion by 2027. Meanwhile, the adoption of other bars and rods will increase at a 3% CAGR.
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