The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

As per The Business Research Company’s Steel Processing Global Market Report 2024, the steel processing market is expected to show significant growth in the forecast period.

 

Market Overview

• 2023 Market Size: $701.38 billion
• 2024 Market Size: $725.17 billion
• CAGR: 3.4%

The steel processing market has experienced steady growth, driven by factors such as industrialization, urbanization, and the expansion of the automotive industry. The market is expected to continue its upward trajectory, reaching $819.98 billion by 2028, with a CAGR of 3.1%.

 

Drivers of Market Growth

Industrialization and Urbanization

• Impact: Increased demand for steel in construction and infrastructure projects.
• Example: Urban development and modernization of cities.

Construction and Real Estate

• Impact: Growth in the construction sector boosts steel demand.
• Example: Residential and commercial building projects.

Automotive Industry Expansion

• Impact: Rising vehicle production increases steel usage.
• Example: Manufacturing of car bodies and parts.

Energy Sector Demand

• Impact: Energy projects require substantial steel resources.
• Example: Construction of pipelines and power plants.

Global Trade and Steel Recycling

• Impact: International trade and recycling initiatives drive market growth.
• Example: Export of steel products and sustainable practices.

 

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Future Market Trends

Smart Infrastructure Development

• Impact: Integration of smart technologies in construction.
• Example: Smart buildings and cities.

Innovations in Steel Alloys

• Impact: Development of advanced steel materials.
• Example: High-strength and lightweight alloys.

Electric Vehicles (EVs) Production

• Impact: Increased EV production boosts steel demand.
• Example: Use of steel in EV frames and batteries.

Global Infrastructure Investment

• Impact: Large-scale infrastructure projects drive market growth.
• Example: Road and bridge construction.

Energy Efficiency and Emission Reduction

• Impact: Focus on sustainable and eco-friendly steel production.
• Example: Reduction of CO2 emissions in manufacturing processes.

 

Major Trends in the Forecast Period

Strategic Mergers and Acquisitions

• Example: Worthington Industries Inc. acquiring Tempel Steel Company to expand its global reach.

Smart Manufacturing and Industry 4.0

• Example: Adoption of automated and digital technologies in steel processing.

Steel Recycling

• Example: Increased emphasis on recycling to promote sustainability.

Strategic Alliances and Collaborations

• Example: Partnerships between steel companies for innovation and market expansion.

Digital Transformation in Manufacturing

• Example: Use of AI and IoT in steel production processes.

 

Industry Insights

Construction Industry Boost

• Example: US residential and non-residential construction value increased by over 8% between 2020 and 2021.
• Example: Global construction output expected to reach $15.2 trillion by 2030.

 

Technological Advancements

• Example: Metso Outotec’s DRI Smelting Furnace for decarbonization of the iron and steel industry.
• Benefits: Flexibility, high productivity, and reduced CO2 emissions.

 

Key Market Players

• Companies: Tata Steel Limited, Ansteel Group, HBIS Group, JFE Holdings, POSCO, Nippon Steel, ArcelorMittal, Baowu Steel, and more.

 

Regional Insights

Asia-Pacific Dominance

• 2023 Status: Asia-Pacific was the largest region in the steel processing market.
• Reason: Rapid industrialization and infrastructure development in countries like China and India.

 

Conclusion

The steel processing market is poised for steady growth, fueled by advancements in technology, strategic partnerships, and increasing demand from various sectors. The industry’s focus on sustainability and innovation will drive its expansion in the coming years, making it a crucial component of global economic development.

 

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The Steel Processing Global Market Report 2024  provides an in-depth analysis on the steel processing market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the steel processing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

 

View More Related Reports –

Steel Products Global Market Report 2024

Steel Roofing Global Market Report 2024

Steel Fiber Global Market Report 2024

 

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