Steel Processing Market Trend, Covid-19 Outbreak, Industry Overview, Regional Analysis, Material Types and Forecast to 2025

Market Overview:

The key driving factors for the global steel processing market are the rapid industrialization and urbanization leading to the high consumption of steel in the building & construction industry. Moreover, steel exhibits properties such as high ductility and welding ability, high strength, and are anti-corrosive which makes them have a wide scope of application in several end-use industries such as automotive, marine, and aerospace & defense; this leads to an increasing the growth of the steel processing market during the review period. For instance, in 2018, total consumption of steel was 1,712 MT. Additionally, the continuous innovation in steel production for delivering sustainable steel is expected to drive the growth of the global steel processing market during the assessment period. In December 2018, ArcelorMittal launched ResponsibleSteel, an organization which will check the standards for producing steel from mining to the production method. The standards will be checking greenhouse gas emissions, water responsibility, and diversity. Thus, owing to these factors, the steel processing market is expected to propel during the forecast period.

The fluctuating prices of steel in the Chinese market may hamper the growth of the global steel processing market during the forecast period, as China is the largest consumer, producer, and exporter of steel. In 2018, China produced 928.3 MT of crude steel.
 

Regional Analysis
Asia-Pacific, North America, Latin America, Europe, and Middle East & Africa are the regions analyzed under the scope of the global steel processing market.
The Asia-Pacific market held the largest share for steel processing in 2018 and is expected to dominate the market growth of steel processing during the forecast period. The key factors contributing to the increasing demand for steel processing in the region are rapid industrialization and booming automotive industries, leading to high consumption of steel, which is expected to surge the growth of the steel processing market in the region. For instance, in 2018, according to the Indian Brand Equity Foundation (IBEF) the production of steel in India was sized at 106.5 Mt; furthermore, there has been increasing investments in the field; for instance, Vedanta Group invested USD 3.13 billion for its Jharkhand plant which will be having a capacity of 1 million ton, is further expected to boost the steel processing market in the region.

Market Segmentation:

Global Steel Processing Market Trend has been segmented into material type, product type, application, end-use industry, and region.
Based on process, the global steel processing has been segmented into Bessemer process, basic oxygen steelmaking (BOS), electric arc furnaces (EAF), argon oxygen decarburization, and others.
Based on method, the global steel processing market has been categorized as primary steelmaking, secondary steelmaking, and others.
Based on application, the global steel processing market has been classified as beams, steel plate, steel strip, billets, wires, and others.
By end-use industry, the global steel processing market has been segregated into building & construction, aerospace & defense, marine, automotive, consumer goods, and others.

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Key Players:
Some of the key players in the global steel processing market are SAIL (India), ThyssenKrupp AG (Germany), SHAGANG GROUP Inc. (China), Severstal PAO (Russia), HBIS GROUP (China), Hyundai Steel (South Korea), Bridon-Bekaert (UK), KOBE STEEL, LTD. (Japan), Maanshan Iron & Steel Company Limited (China), Tata Steel (India), United States Steel (US), ArcelorMittal (Luxembourg), Baosteel Group (China), Gerdau S/A (Brazil), JFE Holdings (Japan), and NIPPON STEEL CORPORATION (Japan).

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.