Steel Processing Market New Trends, Growth Opportunities, Top Players And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Steel Processing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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 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 $819.98 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. 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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Market Drivers and Trends:

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 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.

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Major Key Players of the Market:

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

Steel Processing Market 2024 Key Insights:

• The steel processing market size will grow to $819.98 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%.
• Steel Processing Market Poised For Expansion Fueled By Surging Construction Industry
• Technological Advancements Reshape The Steel Processing Landscape
• Asia-Pacific was the largest region in the steel processing market in 2023

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