Steel Processing Global Market Analysis, Trends, Growth, Research And Forecast 2033

The new report published by The Business Research Company, titled Steel Processing Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the steel processing market size has grown steadily in recent years. It will grow from $701.38 billion in 2023 to $725.17 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The steel processing market size is expected to see steady growth in the next few years. It will grow to $819.98 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%.

Download Free Sample Report @ https://www.thebusinessresearchcompany.com/sample.aspx?id=10357&type=smp

Steel Processing Market Poised For Expansion Fueled By Surging Construction Industry
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 April 2023, according to the reports shared by the United States Census Bureau, a US-based government agency, the overall value of residential and non-residential constructions in US increased by over 8 % between 2020 and 2021. Furthermore, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42 %, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, the increasing construction industry is expected to propel the growth of the steel processing market.

Technological Advancements Reshape The Steel Processing Landscape
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.

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

Buy Now & Get Exclusive Discount on this Report, Checkout link @
https://www.thebusinessresearchcompany.com/Discount?id=10357&type=discount

Major companies operating in the steel processing market report are 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

Contents of the report:
1. Executive Summary
2. Steel Processing Market Report Structure
3. Steel Processing Market Trends And Strategies
4. Steel Processing Market - Macro Economic Scenario
5. Steel Processing Market Size And Growth
…..
27. Steel Processing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

Explore the report store to make a direct purchase of the report @ https://www.thebusinessresearchcompany.com/report/steel-processing-global-market-report

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company

The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.