Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Global Steel Processing Market Overview, 2024-29" report has been added to ResearchAndMarkets.com's offering.
The global steel processing industry, a critical sector underpinning the modern economy, is forecasted to undergo substantial growth. With a Compound Annual Growth Rate (CAGR) of 2.59% from 2024 to 2029, the industry is set to cross the impressive USD 750 billion threshold from its 2023 base of USD 682.90 billion. This expansion is fueled by robust demand attributed to worldwide trends in urbanization, infrastructure development, and industrialization.
Despite the optimistic outlook, the steel processing market navigates the complexities of raw material price volatility and global competition. Suppliers are tasked with managing the intricacies of shifting commodity prices, an element that necessitates strategic sourcing and intelligent supply chain management. Moreover, the saturation of markets due to global overcapacity presents significant challenges to maintaining market share and profitability.
The industry is experiencing a wave of innovation marked by technological advancements that improve efficiency and production. Automation and digitalization are seen as pivotal factors driving the industry’s efficiency forward. Additionally, the increasing focus on sustainability represents a key shift as organizations strive to reduce their environmental impact and meet consumer expectations for green production practices.
Segmentation Analysis and Regional Insights
Based on types, carbon steel is projected as the fastest-growing segment in the global market due to its versatile applications in key industries such as construction and automotive. Long steel shapes are anticipated to be in high demand, especially in the context of infrastructure and urban development. Regionally, the Asia-Pacific market is expected to witness the fastest rate of growth, underscored by the activities of major industrial nations like China, Japan, and India, and bolstered by the area's prodigious industrial and infrastructural development.
Outlook for End-use Industries
A range of end-use industries shapes the demand landscape for steel processing. The construction sector's ongoing expansion, particularly in emerging economies, alongside advancements in energy, particularly in clean and renewable resources, ensures a perennial need for processed steel products. The automotive segment also underscores a sustained thrust for growth, in parallel with innovations and evolving consumer behaviors.
Companies Profiled
- ArcelorMittal SA
- Tata Steel Ltd.
- Gerdau SA
- Sandvik AB
- Nippon Steel Corporation
- JFE Holdings, Inc.
- Nucor Corporation
- Cleveland-Cliffs Inc
- Baoshan Iron & Steel Co. Ltd.
- Voestalpine AG
For more information about this report visit https://www.researchandmarkets.com/r/s6u3lm
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