Press release
Global Steel Processing Market: High Rate of Industrialization and Rising Construction Activities Worldwide to Encourage Growth
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The rising population and the high rate of urbanization are the key factors expected to encourage the growth of the global steel processing market in the coming years. In addition, the increasing focus of developing countries on infrastructure development is anticipated to drive the demand for steel throughout the forecast period. On the flip side, fluctuations in raw material prices and economic downturn in several regions are some of the key challenges faced by the players. Nevertheless, the rapid development of automotive and construction industries is likely to generate promising opportunities for market players and encourage its growth throughout the forecast period.
On the basis of application, the global steel processing market can be categorized into shipping, packaging, energy, construction, automotive, transportation, and heavy machinery equipment manufacturing. The rising focus of key players on expansion of application base in diverse industries is expected to fuel the growth of the global steel processing market in the coming years. To provide a strong understanding of the market, the study has provided information related to growth rate, market share, and size.
The global market for steel processing can be classified on the basis of geography into Asia Pacific, North America, Latin America, Eastern Europe, Western Europe, and the Middle East and Africa. Among these, Asia Pacific and North America are estimated to witness substantial growth in the next few years, owing to the rising demand for steel. In addition, the growing number of steel manufacturing units set up in Asia Pacific is estimated to accelerate the growth of the market in the next few years. The increasing application base of steel is another factor augmenting the steel processing market across the globe.
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Some of the prominent players operating in the global steel processing market are Hyundai Steel Co., Severstal PAO, United States Steel, Shanghai Baosteel Group Co., Steel Authority of India Limited, POSCO, Gerdau S.A., Hebei Iron & Steel Co Ltd., Angang Steel Company Limited, ArcelorMittal S.A., JFE Holdings, Inc., ThyssenKrupp AG, Kobe Steel, Ltd., Bridon International Ltd, and Tata Steel Ltd.
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