Steel Processing Market Overview, Analysis And Demand By 2034


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What Is the Potential Market Growth Rate of the Steel Processing Market?
The steel processing market size has grown marginally in recent years. It will grow from $714.7 billion in 2024 to $719.65 billion in 2025 at a compound annual growth rate (CAGR) of 0.7%. The growth in the historic period can be attributed to industrialization and urbanization, growth in construction and real estate, automotive industry expansion, demand from the energy sector, rise in global trade, steel recycling and sustainability.

The steel processing market size is expected to see steady growth in the next few years. It will grow to $833.93 billion in 2029 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to smart infrastructure development, innovations in steel alloys, electric vehicles (evs) production, global infrastructure investment, energy efficiency and emission reduction. Major trends in the forecast period include strategic mergers and acquisitions, smart manufacturing and industry 4.0, steel recycling, strategic alliances and collaborations, digital transformation in manufacturing.

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Which Major Growth Drivers Will Influence the Steel Processing Market by 2029?
The increasing construction industry is expected to drive the growth of the steel processing market going forward. Construction refers to the process of building or assembling something, typically structures used for shelter such as buildings, roads, and bridges. Steel processing used to make steel structure and is primarily used in construction to provide strength, durability, and versatility for construction projects offering greater tension and compression qualities that prevent rusting. For instance, in August 2024, according to the Office for National Statistics, a UK-based independent producer of official statistics, total construction new orders rose by 16.5% £1,771 million ($2,224 million) in Quarter 2 of 2024 compared to Quarter 1 of 2024. This quarterly growth was primarily driven by private commercial new work and infrastructure new work, which increased by 15.1% £503 million ($637 million) and 23.4% £389 million ($490 million). Therefore, the increasing construction industry is expected to propel the growth of the steel processing market.

What Segments Are Covered in the Steel Processing Market Report?
The steel processing market covered in this report is segmented –

1) By Type: Carbon Steel, Alloy Steel
2) By Shape: Long, Flat, Tabular
3) By Application: Construction, Shipping, Energy, Packaging, Consumer Appliances, Housing, Automotive

Subsegments:
1) By Carbon Steel: Low Carbon Steel, Medium Carbon Steel, High Carbon Steel
2) By Alloy Steel: Low Alloy Steel, High Alloy Steel

Which Emerging Trends Are Driving the Steel Processing Market?
Technological advancement is a key trend gaining popularity in the steel processing market. Major companies operating in the steel processing market are focused on developing innovative solutions to strengthen their position in the market. For instance, in October 2022, Metso Outotec, a Finland-based engineering services company, launched a direct-reduced iron (DRI) smelting furnace to support the decarbonization of the iron and steel industry. This innovative technology is primary for steel producers that want to reduce their CO2 emissions significantly with the slightest modification to other parts of the steel plant. It will substitute blast furnaces in the production of hot metal. DRI Smelting Furnace technology offers distinctive benefits such as flexibility for any DRI feed, high productivity with a capacity above 1.2 million TPA, the ability to handle enormous slag volumes, and continuous production of hot metal with high availability and long campaign life.

Who Are the Prominent Players in theSteel Processing Market?
Major companies operating in the steel processing market include Tata Steel Limited, Ansteel Group Corporation Limited, HBIS Group, JFE Holdings Inc., Shandong Iron And Steel Group Co. Ltd., Pohang Iron and Steel Company (POSCO), Nippon Steel Corporation, ArcelorMittal S.A., Baowu Steel Group Corp. Ltd., Jiangsu Shagang Group Company Limited, Maanshan Iron And Steel Company Limited, Hyundai Steel Co. Ltd., United States Steel Corporation, Angang Steel Company Limited, Riva Group, Kobe Steel Ltd., Nucor Corporation, Fangda Group, Daido Steel Co. Ltd., JSW Steel Limited, Baosteel Group Corporation, Gerdau SA, Sandvik AB, Kennametal Inc., Hudson Tool Steel Corporation, voestalpine High Performance Metals GmbH, NACHI-FUJIKOSHI CORP., SSAB Svenskt Stål AB, Wuhan Iron and steel corporation, Hebei Iron and Steel Group

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What Are the Key Regional Trends in the Steel Processing Market?
Asia-Pacific was the largest region in the steel processing market in 2024. The regions covered in the steel processing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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