Steel Processing Global Market Report 2024

The steel processing market has grown steadily in recent years. It will grow from $701.38 billion in 2023 to $725.17 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The expansion observed in the historical period can be linked to the processes of industrialization and urbanization, increased activities in construction and real estate, the automotive industry's growth, heightened demand within the energy sector, the upsurge in global trade, and the emphasis on steel recycling and sustainability.

The steel processing market is expected to see steady growth in the next few years. It will grow to $819.98 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The anticipated growth in the forecast period is linked to the development of smart infrastructure, advancements in steel alloys, the production of electric vehicles (EVs), global investments in infrastructure, and efforts towards energy efficiency and emission reduction. Key trends in the forecast period encompass strategic mergers and acquisitions, the implementation of smart manufacturing and Industry 4.0, steel recycling initiatives, the formation of strategic alliances and collaborations, and the digital transformation in manufacturing.

The anticipated growth in the steel processing market is expected to be driven by the increasing construction industry. Construction involves the assembly of structures, including buildings, roads, and bridges, and steel processing is integral to creating durable and versatile steel structures for construction projects, providing enhanced strength and resistance to rusting. For example, in April 2023, data from the United States Census Bureau revealed an over 8% increase in the overall value of residential and non-residential constructions in the US between 2020 and 2021. Additionally, reports by Oxford Economics in September 2021 projected a 42% increase in global construction output, reaching USD 15.2 trillion between 2020 and 2030. Consequently, the flourishing construction industry is expected to boost the growth of the steel processing market.

The growth of the steel processing market is anticipated to be propelled by the expanding automotive industry. The automotive sector encompasses various activities related to the design, development, manufacturing, marketing, sale, and maintenance of motor vehicles. In the automotive industry, steel processing is crucial for creating vehicles that are durable, safe, and efficient. The malleability and strength of steel make it a preferred material for structural components, enabling the vehicles to withstand impacts and ensure safety. According to a report by the European Automobile Manufacturers' Association (ACEA) in May 2023, the global production of motor vehicles reached 85.4 million in 2022, indicating a 5.7% increase over 2021. Hence, the growing automotive industry plays a significant role in propelling the steel processing market.

Technological advancement stands out as a prominent trend gaining traction in the steel processing market. Key players in the market are actively engaged in developing innovative solutions to fortify their positions. For example, in October 2022, Metso Outotec, a Finland-based engineering services company, introduced a direct-reduced iron (DRI) smelting furnace designed to support the iron and steel industry's decarbonization efforts. This cutting-edge technology caters to steel producers aiming to significantly reduce CO2 emissions with minimal modifications to other parts of the steel plant. It serves as a substitute for blast furnaces in hot metal production, offering distinctive benefits such as flexibility for any DRI feed, high productivity exceeding 1.2 million TPA, the capacity to handle substantial slag volumes, and continuous production of hot metal with high availability and an extended campaign life.

Major companies in the steel processing market are advancing sustainable steel products through Nucor's recycled scrap-based electric arc furnace manufacturing process. Sustainable steel products are those manufactured using processes and practices that minimize environmental impact, promote social responsibility, and ensure economic viability throughout their lifecycle. For instance, in January 2023, Nucor, a US-based steel production company, introduced Elcyon, the first sustainable steel product tailored for offshore wind energy applications. This clean, advanced steel product is produced using Nucor's recycled scrap-based electric arc furnace manufacturing process. Elcyon meets the rigorous quality standards of offshore wind energy designers, manufacturers, and fabricators, featuring larger plate dimensions, improved weldability, and excellent fracture toughness compared to competing products.

In December 2021, Worthington Industries Inc., a US-based metals manufacturing company, acquired Tempel Steel Company for $255 million. This strategic acquisition is aimed at expanding Worthington Industries Inc.'s manufacturing facilities globally and enhancing its capability to manufacture a diverse range of steel products. Tempel Steel Company is a US-based steel manufacturing and processing company.

Major companies operating in the steel processing market report are Tata Steel Limited, Ansteel Group Corporation Limited, HBIS Group, JFE Holdings Inc., Shandong Iron And Steel Group Co. Ltd., Pohang Iron and Steel Company (POSCO), Nippon Steel Corporation, ArcelorMittal S.A., Baowu Steel Group Corp. Ltd., Jiangsu Shagang Group Company Limited, Maanshan Iron And Steel Company Limited, Hyundai Steel Co. Ltd., United States Steel Corporation, Angang Steel Company Limited, Riva Group, Kobe Steel Ltd., Nucor Corporation, Fangda Group, Daido Steel Co. Ltd., JSW Steel Limited, Baosteel Group Corporation, Gerdau SA, Sandvik AB, Kennametal Inc., Hudson Tool Steel Corporation, voestalpine High Performance Metals GmbH, NACHI-FUJIKOSHI CORP., SSAB Svenskt Stål AB, Wuhan Iron and steel corporation, Hebei Iron and Steel Group.

Asia-Pacific was the largest region in the steel processing market in 2023. The regions covered in the steel processing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the steel processing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Two main types of steels are involved in steel processing carbon steel and alloy steel. Carbon steel is a steel type that forms an alloy of iron and carbon, characterized by a higher carbon content compared to other steel types. This higher carbon content contributes to greater durability and a lower melting point. Carbon steel is available in various shapes, including flat, long, and tubular, and finds applications in construction, shipping, energy, packaging, consumer appliances, housing, and automotive industries.

The steel processing market research report provides steel processing market statistics, including steel processing industry global market size, regional shares, competitors with a steel processing market share, detailed steel processing market segments, market trends and opportunities, and any further data you may need to thrive in the steel processing industry. This steel processing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The steel processing market consists of revenues earned by entities by providing steel cutting, steel welding, steel and metal burning, steel blanketing, and steel slitting services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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