Steel Processing Market Revenue Share, Growth Factors, Trends, Analysis & Forecast, 2017–2027
The global Steel Processing market is forecast to reach USD 765.81 Billion by 2027, according to a new report by Reports and Data. The market is seeing an expanded interest from the construction industries, owing to the properties such as high flexibility, high strength, anti-corrosive nature, and high welding capacity. Moreover, the alloying components, for example, manganese, nickel, and chromium, are added to the iron metal during processing to improve the quality that profoundly determines the growth of the market, stimulating the need for the production of more product. However, variation in the rates of raw materials, arising necessity for exploring and adopting other materials as a substitute to reduce the overall cost of the operation and hence, will hamper the demand of the steel processing market.
Rapid urbanization has changed the way of life of individuals and, thus, has expanded the pervasiveness of the construction and automotive sectors over a broad aspect; therefore, augmenting the demand for the market product. Furthermore, the existence of a stringent regulatory framework concerning the production and processing of raw materials, causing a financial downturn in certain regions may affect the overall handling, anticipated to hinder the growth of the market.
The market is supported by the Ministry of Heavy Industries & Public Enterprises, Department of Commerce (Commerce), and the International Trade Commission (ITC) of the Indian Government, as the processing market in India, is the key contributor to the overall manufacturing sector, thus creating a demand for the product in the market. Indian Government has formed a Steel Scrap Recycling Policy to accommodate a system to encourage and advance the foundation of metal scrapping centres in India for scientific processing and reusing. Moreover, other nations, such as China, Japan, and the United States, are also supported by their respective Government, which help them to withhold their position in the market and raise the potential to increase expenditure in the Processing sector. Resuming operations after the Covid-19 pandemic, China announced an increase in the export rebates for cold-rolled among other products from present 10% to 13% for a variety of products. This may prompt Indian makers to seek higher border tariffs on imports. The Asia Pacific region forecasted to grow with the highest growth rate owing to the increase in the use of Steel Processing.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic, which has cut the need for processing in the market. Over a couple of months, there will be a series of both positive and negative shocks, as manufacturers and their suppliers respond to providers changing needs. With an unfortunate global situation, the export-dependent economies of many regions look vulnerable. Global Processing markets are reshaped by the effects of this pandemic, as some suppliers are either shutting down or reducing their output, due to a lack of demand from the downstream market. While some are having their production suspended by the governments of their respective nations as a precautionary measure to combat the spread of the virus. In certain regions, markets are focusing on becoming more localized, by looking at the severity of the outbreak, and the consequent actions by the individual national authorities. Under these circumstances, market conditions in Asia Pacific regions have been very fluid, declining weekly, making it challenging to stabilize itself.
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Key participants include Ansteel Group Corporation Limited, Maanshan Iron & Steel Company Limited, Riva Group, Shandong Iron & Steel Group Co. Ltd., HBIS Group, among others.
Further key findings from the report suggest
- Carbon Steel generated a revenue of USD 367.12 billion in 2019 and expected to grow with a CAGR of 2.1% in the forecast period, owing to its superior fundamental characteristics, thereby utilized in the development of building streets, railroads, tracks, scaffolds, and many other applications.
- The hot-rolled method is expected to grow with a CAGR of 2.1% in the forecasted period, owing to its highly elastic properties, which can be used to form the product of different shapes and sizes, apt for a variety of applications.
- The construction sector is the major contributor to the market. The construction sector of the Asia Pacific region is the major shareholder of the market and held around 24.0% of the market in the year 2029.
- The Asia Pacific dominated the market in 2019. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region held approximately 58.0% of the market, followed by Europe, which contains around 19.0% market in the year 2019.
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For the purpose of this report, Reports and Data have segmented into the global Steel Processing market on the basis of steel type, method, application, and region:
Steel Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Alloy Steel
- Carbon Steel
Method Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Cold Rolled Method
- Hot Rolled Method
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Consumer Appliances Industry
The report offers clear insights into the regional bifurcation of the market with regards to the regions where the market has already established its prominence. Furthermore, it analyses the key regions for production and consumption ratio, import/export analysis, supply and demand dynamics, regional trends and demands, and the presence of prominent players in each region. The regional analysis segments also offer a country-wise analysis to offer a panoramic view of the market.
The regional analysis covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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The report offers a comprehensive overview of the competitive landscape of the market to provide an advantage to the reader. This segment focuses on the initiatives and innovations adopted by the key players to gain a strong foothold in the market. The report also sheds light on mergers and acquisitions, joint ventures, collaborations, partnerships, and agreements, among others, to offer a better understanding of the market. The report also offers insights into revenue, gross profit margin, financial standing, market position, product portfolio, and other vital aspects of each player. The report also includes a thorough SWOT analysis and Porter’s Five Forces analysis.
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