The global steel processing market is expected to witness significant growth over the forecast period. The application of steel and related products is currently increasing in our daily life. Due to its high mechanical properties such as strength, ductility, and weldability, steel is widely used in the construction of buildings and rails, automobiles, and ships. Steel is produced through a combination of iron, alloy, and carbon melting together in the right proportion. The global market is segmented on the basis of steel type, steel products, end-user, and geography.
On the basis of method, the global market is classified into cold-rolled method and hot-rolled method. Hot rolled steel is produced through heating steel above the recrystallization temperature of the metal. These help the manufacturer to produce steel of high flexible properties which can be used to form steel of different shapes and sizes. Cold rolled steel is produced at normal room temperature followed by annealing process.
These help cold rolled steel to have high tensile strength, turning, corrosion resistance and polishing properties. Cold rolled steel has smooth surfaces and can be used for automotive and electronic applications. Cold rolled steel is preferred for vehicle body manufacturing due to the smooth surface.
On the basis of steel type, the global market is classified into Alloy steel and carbon steel. Alloy steel has more ductility, toughness, and anti-corrosion properties. Carbon steel is harder than alloy steel and becomes harder as the amount of carbon is increased during the process. The carbon steel type accounts for the largest market share of the steel processing market and remains the same during the forecast period from 2014 to 2025. On the other hand, long shaped steel will dominate the market during the forecast period from 2014 to 2025.
On the basis of steel products, the global market is classified into flat steel, long steel, and tubular steel. This segment is expected to grow gradually during the forecast period around the globe. On the basis of end-user, the global market is classified into construction, shipping, energy, packaging, consumer appliances industry, housing, automotive, and others. Growth in the construction and automotive industry and the recovery of the global economy are the key drivers of the Steel Processing Market.
“Construction and automotive” segment is expected to drive the global market during the forecast period from 2014 to 2025 with maximum market shares. This is due to the rapid development of industries. Geographically, the global market is segmented into North America: U.S. and Canada, Latin America: Mexico, Brazil, Peru, Chile, and others, Western Europe: Germany, England, France, Spain, Italy, Nordic countries, Belgium, The Netherlands, and Luxembourg, Eastern Europe: Poland and Russia, Asia Pacific: China, India, Japan, ASEAN, Australia, and New Zealand, Middle East and Africa: GCC, Southern Africa, and North Africa.
Asia Pacific and North America are expected to be the fastest-growing ones from 2014 to 2025 for the steel processing market with maximum market shares. The leading steel processing products and service providers are focusing on developing countries that are estimated to show the possibility for industrial development in the near future. 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 enhancing the steel processing market across the globe.
The key players of the global market include Angang Steel Company Limited, ArcelorMittal, Baosteel Group Corporation, Gerdau S.A., JFE Holdings, Inc., Nippon Steel & Sumitomo Metal Corporation, Maanshan Iron & Steel Company Limited, POSCO, Tata Steel Limited Ltd., United States Steel.
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The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Major players such as BHP and Vale reported experiencing no major influence on their operations due to the COVID-19 virus. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. The report will account for Covid19 as a key market contributor.