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 weld ability, steel is widely used in construction of building and rails, automobiles, and ships. Steel is produced through combination of iron, alloy, and carbon melting together under right proportion. The global steel processing 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 shape and size. 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 resistant, and polishing properties. Cold rolled steel have smooth surfaces and can be used for automotive and electronic applications. Cold rolled steel is preferred for vehicle body manufacturing due to 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 amount of carbon is increased during the process. Carbon steel type accounts for the largest market share of 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 steel processing market during 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 recovery of global economy are the key drivers of the Steel Processing Market.
“Construction and automotive” segment is expected to drive the global steel processing market during the forecast period from 2014 to 2025 with maximum market shares. This is due to 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.
The Asia Pacific and North America are expected to be the fastest growing ones from 2014 to 2025 for 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 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 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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