Steel processing is done to produce varied intermediate steel products which serve as inputs to business in other industries. As per the analysis of market Research Future (MRFR), the global steel processing market is expected to reach USD 600 Bn at a CAGR of 2% by the end of the forecast period of 2016-2022.
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Steel is the most widely used structural material in the world and practically finds application in almost all industries. The global steel processing industry is growing in tandem with the increase in global industrial production. High industrial output in advanced economies along with rapid industrialization in the developing countries has provided impetus to the growth of the global steel processing industry. Steel forms an indispensable part in a myriad of products. The urban population requires a massive amount of new steel products which boosts the growth of the market.
Increasing infrastructural activities, especially in the developing countries induce high demand within the steel processing market. Steel is largely used in the making of railway tracks, roads, bridges, and others.
Constructional activities around the globe have also picked up pace in recent years. Government support towards the housing industry has also propelled residential construction which provides a boost to the global steel processing market. The automotive sector also generates a substantial share of the global market demand.
Continuous modernization and up gradation of steel processing plants and advancement in processing technology has reflected favorably on the market growth. Besides, the steel processing industry has witnessed an influx of major investments and developments in the recent past which has fostered the growth of the market.
February 2019- Steel Authority of India Limited (SAIL), inaugurated its new steel processing unit in Champaran, Bihar. An investment of 1.16 billion has been made on ten same and the production facility will churn out high-quality steel tubes and pipes.
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The global steel processing market has been segmented based on steel type and application.
By steel type, the global steel market has been segmented into Alloy Steel, and Carbon Steel. The carbon steel segment is expected to lead the global market. Being harder than alloy steel, carbon steel is extensively used for construction purposes.
By application, the global Steel Processing Market has been segmented into Construction, Energy, Automotive, Consumer Goods and others. Application-wise, the construction segment is expected to dominate the market.
Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW) are the key markets for steel processing.
APAC market for steel processing is expected to showcase rapid growth over the forecast period due to large-scale industrialization taking place in the region. The major shift in manufacturing base in APAC has further accelerated the growth of the steel processing market in the region. Availability of relatively cheap labor and land coupled with ease of operations purveyed by favorable government policies has led to set up multiple steel processing plants in the region. Infrastructural development in the region generates high demand for processed steel. Availability of iron ore in abundance in the region is also a factor that cannot be ignored. China, India, Japan, Brazil are among the countries with high steel production capacity.
North America too is a significant market for steel processing driven by continuous demand for steel from various industries. The US is among the world’s top steel producing economy.
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