Wilmington, Delaware, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Steel Processing Market by Method (Blast Furnace and Electric Arc Furnace), Steel Type (Alloy Steel and Carbon Steel), Product (Flat Steel, Long Steel, and Tubular Steel) End-use Industry (Building & Infrastructure, Automotive, Metal Products, Mechanical Equipment, Transport, Electrical Equipment, and Domestic Appliances), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global steel processing market generated $647.7 billion in 2021 and is anticipated to generate $884.1 billion by 2031, witnessing a CAGR of 3.1% from 2022 to 2031.
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Prime Determinants of Growth
Steel is one of the most widely used materials in the world and is used in numerous applications across various industries, including construction, automotive, aerospace, and manufacturing. The global steel processing market is expected to continue to grow in the coming years due to the increasing demand from developing economies, rising urbanization, and infrastructure development. Additionally, the growing trend towards lightweight and high-strength materials in the automotive and aerospace industries is driving demand for steel processing technologies. The steel processing market presents a significant opportunity for growth and investments due to an increasing demand from various industries and the need for innovative technologies to meet changing customer demands.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $647.7 billion |
| Market Size in 2031 | $884.1 billion |
| CAGR | 3.1% |
| No. of Pages in Report | 310 |
| Segments covered | Method, Steel Type, Product, End-use Industry, and Region. |
| Drivers | Increasing demand for steel from end-use industries, such as construction, automotive, and machinery The rise in growth of urbanization and development infrastructure in developing countries |
| Opportunities | Development of new technologies and processes that reduce energy consumption and emissions Increasing construction activities across the globe |
| Restraints | Strict environmental regulations due to the high level of pollution generated by steel processing |
Covid-19 Scenario
- The pandemic has disrupted global supply chains, causing shortages of raw materials and delayed shipments of finished goods. This has led to fluctuations in steel prices and reduced availability of certain types of steel.
- Besides, decreased demand for steel products as many industries have slowed or halted production have affected the steel processing market growth. The construction industry, which is a major consumer of steel products, has been particularly hard hit.
- Steel processing plants have faced workforce challenges during the pandemic, including employee illness and quarantines. This has led to reduced production capacity and increased costs for plant operators. These factors have severely impacted the growth of the global steel processing market during the pandemic period.
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Electric Arc Furnace Sub-segment to Maintain its Leadership Status Throughout the Forecast Period
Based on method, the electric arc furnace sub-segment held the largest market share in 2021 and is estimated to be the most dominant one throughout the forecast period. This sub-segment is projected to manifest the highest CAGR of 3.3% from 2022 to 2031, mainly because the electric arc furnace (EAF) is a crucial component of the steel processing market, which is responsible for the production of a significant portion of the world’s steel. The growth driver of the EAF sub-segment of the steel processing market is the increasing demand for steel due to the growing infrastructure and construction sectors worldwide.
Carbon Steel Sub-segment to Show Highest Growth Rate by 2031
Based on steel type, the carbon steel sub-segment held the highest market share in 2021 and is estimated to maintain its leadership status market throughout the forecast period. This segment is projected to manifest the highest CAGR of 3.3% from 2022 to 2031. The surging growth of the carbon steel sub-segment in the steel processing market can be attributed to the widespread use of carbon steel in various industries, including construction, automotive, and manufacturing. Carbon steel is a versatile and cost-effective material that offers excellent strength, durability, and machinability, making it a popular choice for a wide range of applications.
Long Steel Sub-segment to Generate Highest Revenue During the Forecast Period
Based on product, the long steel sub-segment accounted for the largest share in 2021 and is projected to maintain its lead position during the forecast period. Long steel products, such as bars, rods, and wires are used in the construction industry for various applications like building frames, bridges, and other infrastructure projects. As the construction industry grows, so does the demand for long steel products, which in turn is impacting the growth of the long steel sub-segment in the steel processing market. Besides, the industrial sector uses long steel products for machinery and equipment manufacturing. However, the flat steel sub-segment is expected to grow at the highest CAGR of 3.5% from 2022 to 2031 due to the growing demand for lightweight and fuel-efficient vehicles, which requires the use of high-strength flat steel to reduce weight while maintaining structural integrity.
Building and Infrastructure Sub-segment to Lead the Market by 2031
Based on end-use industry, the building and Infrastructure sub-segment accounted for the largest market share in 2021 and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 3.6% from 2022 to 2031. The significant growth of the steel processing market’s sub-segment is majorly owing to the increasing demand for steel in the construction industry. Steel is a versatile and durable material that is widely used in building and infrastructure projects, such as bridges, highways, buildings, and other structures.
Asia-Pacific Region to Maintain its Dominance by 2031
Based on region, the Asia-Pacific region of the steel processing market held the highest market share in terms of revenue in 2021 and is likely to dominate the market during the forecast period. However, the Asia-Pacific region is expected to witness the fastest CAGR of 3.5% from 2022 to 2031. Governments in the Asia-Pacific region are taking steps to promote infrastructure development, which is increasing demand for steel processing products. Besides, the rising middle-class population in the Asia-Pacific region has increased the demand for consumer goods, including automobiles and household appliances, which is driving the regional market growth.
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Leading Market Players: -
- China Baowu Group
- ArcelorMittal
- Ansteel Group
- Nippon Steel Corporation
- Shagang Group
- POSCO
- HBIS Group,
- Jianlong Group,
- Shougang Group,
- Tata Steel Group,
The report provides a detailed analysis of these key players in the global steel processing market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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