New York, USA, June 15, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global steel processing market. According to the report, the global market is projected to surpass $884.1 billion and grow at a CAGR of 3.1% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the steel processing market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Steel Processing Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global steel processing market. During the pandemic, the demand for steel decreased as a result of global government lockdowns and transportation restrictions. Many construction projects were halted or delayed, resulting in a decline in demand for steel. In addition to declining demand, the steel processing sector had to deal with supply chain interruptions caused by the pandemic. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Steel Processing Market Growth
The key factor boosting the growth of the global steel processing market is a significant rise in the need for steel processing owing to the growing industrial and construction sectors. Furthermore, activities by both the private and public sectors to support environmentally and sustainably acceptable construction techniques are estimated to unlock lucrative opportunities for market growth in the forecast period. However, restricted environmental laws owing to the significant amount of pollution it produces and the higher production costs are anticipated to deter the market’s growth.
The report segments the global steel processing market into method, steel type, product, end-use industry, and region.
Electric Arc Furnace Sub-Segment to Grab a Foremost Share of the Market
The electric arc furnace sub-segment of the method segment is foreseen to observe leading growth in the forecast period. This growth is mainly because EAFs are viewed as a more environmentally friendly choice as they employ recycled scrap metal as their major input material, which is an increasing trend in the steel industry.
Carbon Steel Sub-Segment to Grab a Leading Share of the Market
The carbon steel sub-segment of the steel type segment is expected to observe leading growth in the forecast period. This growth is mainly because carbon steel is an affordable material when compared to other alloys, making it an appealing alternative for manufacturers.
Long Steel Sub-Segment to Witness Rapid Growth
The long steel sub-segment of the product segment is predicted to grow enormously in the forecast period. This growth is mainly due to the expansion of urban areas and infrastructure development.
Building & Infrastructure Sub-Segment to Observe Rapid Growth
The building & infrastructure sub-segment of the end-use industry segment is projected to grow enormously in the forecast period. This growth is mainly because steel is a versatile material that is frequently utilized in the building and infrastructure industries due to its strength, long lifespan, and affordability.
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Asia-Pacific Steel Processing Market to Perceive Maximum Growth
The report analyzes the global steel processing market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to the rising demand for steel products, such as appliances and other consumer items, an increasing population, and constantly developing new technology that allows faster and more effective production of steel products in this region.
Key Players of the Global Steel Processing Market
The report states some of the foremost players operating in the market including
- ArcelorMittal
- China Baowu Group
- Ansteel Group
- Shagang Group
- POSCO
- HBIS Group
- Nippon Steel Corporation
- Jianlong Group
- Tata Steel Group
- Shougang Group
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in December 2021, Grand Steel Products, a full line steel servicing center, announced the launch of Grand Steel Processing-TN. It will operate as a toll processing and storage facility with two slitting lines, de-canning, and freight forwarding services for aluminum and steel products.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Steel Processing Market:
Steel Processing Market Size Projected To Generate A Revenue Of $884.1 Billion By 2031
