The global automobile industry’s high demand has led to an increase in steel utilisation, which is encouraging market trends for steel processing. The steel processing market is anticipated to develop at the fastest rate and have the most market share in the Asia Pacific region. The pivotal shift in the region’s manufacturing base in Asia Pacific has also aided the growth of the steel processing sector.
Newark, March 02, 2023 (GLOBE NEWSWIRE) — The steel processing market was estimated at around 692.9 billion in 2021, growing at a CAGR of nearly 2% during 2022-2030. The market is projected to reach approximately USD 802.9 billion by 2030.
The process of converting iron ore into steel is referred to as “steel processing.” Steel is an iron-carbon alloy that contains up to 2% carbon. Impurities like nitrogen, silicon, phosphorus, sulphur, and excess carbon are removed from raw iron before alloying components like manganese, nickel, chromium, carbon, and vanadium are added to create different grades of steel. Steel is frequently utilised in building, producing tools, creating automobiles, and other purposes. Steel is widely used due to its inexpensive cost of production, shaping, and processing, as well as the availability of abundant raw materials such iron ore and scrap metal and its unmatched array of mechanical properties.
Download Free Sample Report (Get Detailed Analysis in PDF – 230 Pages): https://www.thebrainyinsights.com/report/steel-processing-market-13157
The strong demand for steel in the construction industry, which is fueled by rising industrialization and urbanization, is expanding the global market for steel processing. Due to its high ductility, steel is utilised in a variety of end-use industries, including the automotive, marine, and aerospace & defence sectors, which is fueling the expansion of the global steel processing market.
The expansion of the global steel processing industry is being fueled by the government’s increased investment in and measures to expand steel output. For instance, in June 2021, the Indian Institute of Metals hosted a webinar on “Making Eastern India a Manufacturing Hub with Reference to Metallurgical Industries” with remarks by Mr. Dharmendra Pradhan, Minister of Steel, Petroleum, and Natural Gas. Additionally, a plentiful supply of raw materials like iron ore and inexpensive labour are anticipated to propel India’s steel processing market expansion throughout the course of the projection year.
The market for steel processing is divided into two types: carbon steel and alloy steel. By accounting for 60% of the market in 2021, the Carbon segment had the highest share. As the carbon content increases throughout production, carbon steel becomes harder and is more durable than alloy steel. The global steel processing market is expanding in this area due to the rising demand for carbon steel in the industry. During the projection period, the Alloy Steel segment is anticipated to develop significantly at a CAGR of 1.75%. When producing steel, alloy steel is preferred because it has higher ductility, toughness, and corrosion resistance than normal steel.
From 2022 to 2030, the steel processing market with the largest market shares is anticipated to develop at the fastest rates in Asia Pacific and North America. The top suppliers of steel processing goods and services are concentrating on developing nations that are anticipated to exhibit signs of industrial development soon. Additionally, it is predicted that the market would grow more quickly over the next several years due to the increasing number of steel manufacturing facilities opening up in Asia Pacific. Another factor boosting the global market for steel processing is the expanding scope of applications for steel.
If you have any questions, please feel free to contact our analyst at: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/13157
|Report Coverage||Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, and Latin America|
|Market Size(unit)||USD Billion|
|Steel Processing Market CAGR||2%|
|Segments Covered||By Product
List of the prominent players in the Global Steel Processing market:
• NACHI-FUJIKOSHI CORP.
• Daido Steel
• Sandvik AB
• Kennametal Inc.
• Hudson Tool Steel Corporation
• Baosteel Group Corporation
• Nippon Steel & Sumitomo Metal Corporation
• JFE Holdings, Inc.
• TATA Steel Ltd.
• United States Steel
• Angang Steel Company Limited
• Gerdau SA
The global Steel Processing market is segmented as follows:
• Alloy Steel
• Carbon Steel
• Consumer Appliances Industry
• North America
o The U.S.
o The UK
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Rest of Latin America
Any query or customization before buying: https://www.thebrainyinsights.com/enquiry/request-customization/13157
About the report:
The market is analyzed based on value (USD million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
Head of Business Development
Email: [email protected]
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaChron.com takes no editorial responsibility for the same.