Steel Processing Market Poised For Expansion Fueled By Surging Construction Industry: Strategic Insights Driving Steel Processing Market Momentum in 2025

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How Large Will the Steel Processing Market Size By 2025?
The market size of steel processing has seen slight growth in the past few years. It is projected to increase from $714.7 billion in 2024 to $719.65 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 0.7%. Factors such as industrialization and urbanization, the growth of the construction and real estate sectors, the expansion of the automotive industry, demand from the energy sector, an increase in global trade, as well as steel recycling and sustainability have all contributed to the growth experienced in the historic period.

How Big Is the Steel Processing Market Size Expected to Grow by 2029?
We expect the steel processing market to see constant expansion over the next few years, reaching $833.93 billion in 2029 with a compound annual growth rate (CAGR) of 3.8%. This growth within the forecast period can be linked to the advancement of smart infrastructure, innovative steel alloys, production of electric vehicles, global infrastructure investment, energy conservation and reduction of emissions. Key trends for the forecasted period consist of strategic mergers and acquisitions, smart manufacturing progressing into industry 4.0, steel recycling, strategic partnerships and collaborations, alongside digital transformation within manufacturing.

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Which Key Market Drivers Powering Steel Processing Market Expansion and Growth?
The growth of the steel processing market is predicted to be fuelled by the expansion in the construction industry. Construction involves the creation or assembly of structures such as buildings, roads, and bridges which serve as shelter. The processed steel is primarily utilized in construction for its formidable strength, robustness, and adaptability. These qualities make it ideal for construction projects as it offers superior tension, compression factors and immense resistance to rusting. For instance, the Office for National Statistics, an independent authority on official statistics in the UK, reported in August 2024 a 16.5% increase to £1,771 million ($2,224 million) in total new construction orders for the second quarter of 2024 compared to the first quarter. This surge was predominantly fuelled by new private commercial work and new infrastructure development, witnessing an uptick of 15.1% amounting to £503 million ($637 million) and a 23.4% boost of £389 million ($490 million) respectively. Consequently, the steel processing market is poised for growth, driven by the burgeoning construction industry.

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What Are the Key Trends Driving Steel Processing Market Growth?
The rise in technological advancement is becoming a noticeable trend in the steel processing industry. To reinforce their market positions, primary firms in operation in this field are concentrating on producing innovative solutions. To exemplify, Metso Outotec, a Finnish engineering services corporation, launched a DRI smelting furnace in October 2022 to assist the decarbonization efforts in the iron and steel sector. This cutting-edge technology is vital for steel manufacturers aiming to considerably lower their CO2 emissions with minimal adjustments to other sections of the steel plant. It's set to replace blast furnaces in hot metal production. The DRI Smelting Furnace technology presents unique benefits, including the adaptability for any DRI feed, high yield exceeding 1.2 million TPA, capability to handle massive slag volumes, plus continuous hot metal production with high availability and prolonged campaign duration.

What Are the Emerging Segments in 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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Who Are the Global Leaders in the Steel Processing Market?
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

Which are the Top Profitable Regional Markets for the Steel Processing Industry?
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

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