How Has The Steel Processing Market Size Evolved In Recent Years?
The steel processing market has seen considerable growth due to a variety of factors.
•The size of the steel processing industry has seen a consistent expansion in recent times. The market is projected to rise from a worth of $714.7 billion in 2024 to $733.2 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 2.6%.
Factors driving this growth in the previous period include industrial and urban growth, developments in construction and real estate, enlargement of the automobile industry, demand surge in the energy sector, a boost in global trade, steel recycling, and considerations for sustainability.
What Is The Projected Growth Of The Steel Processing Market?
The steel processing market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the steel processing market is anticipated to experience consistent growth, projected to reach "$862.67 billion by 2029 with a compound annual growth rate (CAGR) of 4.1%.
The predicted growth during this period can be linked to the advancement of smart infrastructure, steel alloy innovations, the production of electric vehicles (evs), an increase in global infrastructure investment, as well as efforts towards energy efficiency and emission reduction. Key trends expected during this period encompass strategic mergers and acquisitions, the rise of smart manufacturing and Industry 4.0, steel recycling initiatives, strategic alliances, collaborations, and the advent of digital transformation within manufacturing.
What Are The Key Drivers Fueling Growth In The Steel Processing Market?
The steel processing market's expansion is anticipated to be fueled by the escalating construction industry. The act of creating or constructing infrastructures like buildings, bridges, and roads is what constitutes construction. The main use of steel processing is in creating steel structures that are predominantly utilized in construction projects owing to their strength, durability, and flexibility, as well as their ability to fight rust effectively. The Office for National Statistics, an independent UK-based official statistics producer, indicated that construction new orders experienced a rise of 16.5% equaling £1,771 million ($2,224 million) in the second quarter of 2024, relative to the first quarter of the same year. Private commercial new work and infrastructure new work majorly drove this surge, with an increase of 15.1% amounting to £503 million ($637 million) and 23.4% amounting to £389 million ($490 million), respectively. Hence, the expansion of the construction industry is predicted to hasten the growth of the steel processing market.
What Are The Principal Market Segments In The Global Steel Processing Industry?
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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Which Emerging Market Trends Are Altering The Steel Processing Sector?
Emerging technology trends are increasingly impacting the steel processing industry. A key focus for major firms in this sector is the pursuit of innovative developments to enhance their market position. For instance, in October 2022, Metso Outotec, an engineering services firm based in Finland, introduced a revolutionary direct-reduced iron (DRI) smelting furnace designed to aid the iron and steel industry's decarbonization efforts. Designed specifically for steel manufacturers aiming to substantially reduce their CO2 footprint, this new technology will change the status quo with a minimal disruption to the rest of the steel plant operations. This development is anticipated to replace blast furnaces in the hot metal production process. The DRI Smelting Furnace technology brings a number of unique advantages, including adaptability to any DRI feed, increased productivity with a capacity over 1.2 million TPA, the capacity to manage large slag volumes, and continuous hot metal production with high availability and an extended campaign life.
Who Are the Key Players 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
What are the Regional Insights into the Steel Processing Market?
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
