Market Research Future (MRFR) assessed the global Steel Processing Market 2020 across the evaluation period 2020–2027. By 2027, the global steel processing market is likely to rise at 2% CAGR. The global steel processing market value can touch about USD 578.5 Bn by 2027, states MRFR.
The increasing demand for high grade steel can favor the expansion of the steel processing market across the analysis period. The availability of machinery to eliminate impurities, such as; nitrogen, carbon, silicon, and phosphorus from the iron ore that is used for steel manufacturing can further favor the market. The easy of procuring and blending iron with alloy metal, such as nickel, manganese, and chromium can cause the steel processing market to surge.
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Rapid globalization, increase in steel trading, and urbanization are some other factors that are expected to improve the steel processing market impetus. The rise in consumption of steel across the construction industry due to welding ability, high ductility, anti-corrosive, and high strength of steel can favor the market expansion. In addition, the growing utility of steel across cash-rich industries, such as marine, automotive, and aerospace defense can churn-up high revenue for the steel processing market in the review period.
The segment assessment of the global Steel Processing Market is done by product type, material type, end-use industry, and application.
The process-based segments of the global steel processing market are basic oxygen steelmaking (BOS), Bessemer process, argon oxygen decarburization, and electric arc furnaces (EAF) among others.
The method-based segments of the global steel processing market are secondary steelmaking and primary steelmaking among others.
The application-based segments of the global steel processing market are steel plate, beams, billets, steel strip, and wires among others.
The end-use based segments of the global steel processing market are aerospace defense, building construction, consumer goods, and automotive among others.
In Asia Pacific, the steel processing market is likely to rise at decent pace across the analysis period. The increase in demand for steel processing due to expanding automotive industries and rapid industrialization resulting in the high consumption of steel can favor the expansion of the steel processing market in the region. In addition, rise in investments in steel plants can favor the regional market.
In North America, steel processing market can secure a decent share of the global market through the review period. The increase in need for steel across the booming aerospace defense, and automotive sector can impact the expansion of the steel processing market through the review period.
In Europe, the steel processing market can thrive through the review period. The need to comply with strict government regulations by industrial leaders can support the regional market expansion in the analysis period. The rise in need to slash greenhouse gas emission is allowing governments to invest in low carbon steel processing, which, in turn, can promote EU market in the near future.
In MEA, the steel processing market can witness exponential growth, following Latin America through the analysis period.
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ThyssenKrupp AG (Germany), Tata Steel (India), SAIL (India), Severstal PAO (Russia), SHAGANG GROUP Inc. (China), Bridon-Bekaert (UK), HBIS GROUP (China), Maanshan Iron Steel Company Limited (China), United States Steel (US), KOBE STEEL, LTD. (Japan), ArcelorMittal (Luxembourg), Gerdau S/A (Brazil), Baosteel Group (China), JFE Holdings (Japan), Hyundai Steel (South Korea), and NIPPON STEEL CORPORATION (Japan) are some reputed players in the steel processing market that are enlisted by MRFR.
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