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Global Steel Processing Market Analysis 2025-2030: Growth Drivers, Challenges, And Opportunities
Steel Processing Market Size
How Big Is the Steel Processing Market Size Expected to Be by 2034?
The Steel Processing Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
How Big Is the Steel Processing Market Size Expected to Be by 2034?
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What Are the Emerging Segments Within the Steel Processing Market?
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
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What Long-Term Drivers Are Shaping Steel Processing Market Trends?
The growth of the steel processing market is anticipated to be fuelled by the upsurge in the construction industry. The industry of construction involves creating or assembling structures, mainly for purposes of shelter - buildings, roads, bridges, and so forth. Steel processing plays a crucial role here, as it's utilized in the making steel structures which are integral to the sturdiness, longevity, and adaptability of construction projects, offering superior compression and tension attributes that inhibit rusting. For instance, data from the Office for National Statistics, a UK-based independent provider of official statistics, revealed that in August 2024, total new orders in construction soared by 16.5% to reach £1,771 million (or $2,224 million) in the 2nd quarter of 2024 compared to the 1st quarter. The data showed that the increased new private commercial and infrastructure projects drove this increase, escalating by a 15.1% equivalent to £503 million ($637 million) and 23.4% equivalent to £389 million ($490 million), respectively. As such, the expansion of the construction industry should catalyze the growth of the steel processing market.
Who Are the Top Competitors in Key Steel Processing Market Segments?
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
What Steel Processing Market Trends Are Gaining Traction Across Different Segments?
The steel processing market is experiencing a significant trend in technological growth as the leading companies concentrate on designing innovative solutions to consolidate their market stance. An example of this is Metso Outotec, a Finnish engineering services firm, that announced the introduction of a direct-reduced iron (DRI) smelting furnace in October 2022. This revolutionary technology is specifically targeted towards steel manufacturers seeking to drastically cut down their CO2 emissions with minimal alterations to other sections of the steel plants as part of their wider decarbonization efforts. In the production of hot metal, this new addition will replace traditional blast furnaces. The DRI Smelting Furnace technology offers a slew of unique advantages including versatility for any DRI feed, high productivity exceeding 1.2 million TPA, capability to manage high slag volumes, and uninterrupted hot metal production with high availability and extended campaign duration.
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Which Regions Are Becoming Hubs for Steel Processing Market Innovation?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Steel Processing Market?
2. What is the CAGR expected in the Steel Processing Market?
3. What Are the Key Innovations Transforming the Steel Processing Industry?
4. Which Region Is Leading the Steel Processing Market?
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