Steel Processing Market Value is Expected USD 888.69 billion by 2029 | NACHI-FUJIKOSHI CORP. , Daido Steel , voestalpine High Performance Metals GmbH

Data Bridge Market Research analyses that the Steel Processing Market is expected to undergo a CAGR of 3.47% during the forecast period. This indicates that the market value, which was USD 676.55 billion in 2021, would rocket up to USD 888.69 billion by 2029. "Carbon Steel" dominates the type of steel segment of the steel processing market owing to the growing demand for carbon steel in steel processing as it is tougher than alloy steel, and it gets harder as the carbon content rises during the manufacturing process. Steel processing is a technique of manufacturing steel materials by removing the impurities from it such as nitrogen, carbon, silicon, and phosphorus from the ore. These impurities are removed as they decrease the standard of the steel. Within the steel process technique, alloying components such as nickel, manganese and nitrogen, improve the standard and strength of the steel. Steel offers high strength, flexibility, and high resistance which are excellent to be used by a good vary of sectors such as automotive, marine, defence, and aerospace

Recent Development

In September 2020, the state-owned steel major, Steel Authority of India (SAIL), announced that it nearly doubled its capacity in five of its plants. The modernization drive undertaken by the government is a key step toward the target of 300 million ton per annum of crude steel productions by 2030.

In July 2020, JSW Steel proclaimed its plans to expand the capacity to produce around 27 million ton of crude steel by 2022 from about 18 million ton in 2020.

In July 2019, Indian private-sector firm Tata Steel announced its plan to expand its crude steel capacity to 30 million ton/year by 2025, from around 20 million ton/year in 2019.

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Some of the major players operating in the Steel Processing market are:

NACHI-FUJIKOSHI CORP. (Japan)
Daido Steel (Japan)
voestalpine High Performance Metals GmbH (Austria)
Sandvik AB (Sweden)
Kennametal Inc. (US)
Hudson Tool Steel Corporation (US)
ERASTEEL (France)
ArcelorMittal (Luxembourg)
Baosteel Group Corporation (China)
POSCO (South Korea)
Nippon Steel & Sumitomo Metal Corporation (Japan)
JFE Holdings, Inc. (Japan)
TATA Steel Ltd.(India)
United States Steel (U.S.)
Angang Steel Company Limited (China)
Gerdau SA (Brazil)
Maanshan Iron and Steel Company Limited (China)

Global Steel Processing Market Scope

The steel processing market is segmented on the basis of type of steel, shape of steel, process, method, application and end-use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type of steel

Carbon Steel
Alloy Steel

On the basis of type of steel, the steel processing market is segmented into carbon steel, and alloy steel.

Shape of steel

Long Steel
Flat Steel
Tube Steel

On the basis of shape of steel, the steel processing market is segmented into long steel, flat steel, and tube steel.

Process

Bessemer Process
Basic Oxygen Steelmaking (BOS)
Electric Arc Furnaces (EAF)
Argon Oxygen Decarburization

On the basis of process, the steel processing market is segmented into bessemer process, basic oxygen steelmaking (BOS), electric arc furnaces (EAF), argon oxygen decarburization, and others.

Method

Primary Steelmaking
Secondary Steelmaking

On the basis of method, the steel processing market is segmented into primary steelmaking, secondary steelmaking and others.

Application

Beams
Steel Plate
Steel Strip
Billets
Wires

On the basis of application, the steel processing market is segmented into beams, steel plate, steel strip, billets, wires, and others.

End-use industry

Building and Construction
Aerospace and Defense
Marine
Automotive
Consumer Goods

On the basis of end-use industry, the steel processing market is segmented into building and construction, aerospace and defence, marine, automotive, consumer goods, and others.

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Steel Processing Market Regional Analysis/Insights

The steel processing market is analysed and market size insights and trends are provided by country, type of steel, shape of steel, process, method, application and end-use industry as referenced above.

The countries covered in the steel processing market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the steel processing market and will continue to flourish its dominance during the forecast period rapid urbanization and rapid growth of the automotive sector in this region. However, North America will continue to project the highest compound annual growth rate for this period due to the presence of technologically advanced automotive industries in the region.

Steel Processing Market Dynamics
Drivers

Growth and expansion influenced the market growth

Growth and expansion of buildings and construction industry promoted the direct and indirect growth of this market. In other words, rising number of remodelling and renovation activities, surging rate of urbanization and rising infrastructural development of rural and backward areas is directly influencing the market growth rate.

Growing awareness to direct the market demand and supply

Increased awareness about the benefits of steel processing technique and its role in removing the impurities is inducing increased demand and application by the small and medium scale enterprises. Also, high adoption of steel in the production of aircrafts due to its high welding capacity is a positive sign. This in turn is bolstering the growth of the market.

Rising research and development operations
Increased funding from federal government pertaining to the research and development proficiencies is also bolstering the growth of the market. Research and developmental operations directed towards sustainable development will ensure optimum and judicious use of resources, thereby improving the market value.

Opportunities

Rise in the technological advancements

Rising technological advancements pertaining to the manufacturing technology is further inducing growth in the market value. Increasing number of technological advancements driven with a view to minimize the production costs and wastage coupled with growth in industrialization has increased the use of hemp materials for numerous application is further ensuring a bright future for the market.

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