Growing Preference for Customized Steel Products1
Growing Preference for Customized Steel Products to Drive Steel Processing Market Growth| MarketsandMarkets™
Steel processing is the process of working with steel to create products of all shapes, sizes and purposes. It involves a variety of techniques and tools, such as cutting, welding, forming, and machining. Steel processing is used in various industries, including automotive, construction, shipbuilding, aerospace, and defense. It is also used in the production of tools, knives, and other items. Steel processing is an important part of the manufacturing process, as it helps to create products that are strong, durable, and resistant to corrosion.
The global "Steel Processing Market by Type (Carbon Steel, Alloy Steel), Shape of Steel (Long, Flat and Tubular), End User Industry (Construction, Shipping, Energy, Packaging, Consumer Appliances, Housing, Automotive), & by Region - Trends & Forecast to 2020", defines, segments, analyses, and forecasts the steel processing market. It also identifies the driving and restraining factors for this market with the analysis of current and future trends and opportunities. The global steel processing market is projected to be around $642.43 Billion by 2020 growing at a CAGR of 2.16% from 2015 to 2020.
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The end-user industries of processed steel are construction, automotive, mechanical engineering, energy, packaging, consumer durables, shipping, housing, and others. Growth in the construction and automotive industry and recovery of global economy are the key drivers of the steel processing market.
The steel processing market is projected to grow at a CAGR of 2.16% from 2015 to 2020. The huge demand for processed steel from emerging economies due to infrastructural development and increasing industrialization is expected to accelerate the growth of the steel processing market. The major restraining factor for the steel processing market is the market saturation in developed countries due to the cyclical nature of steel industry. The primary challenges faced by this market are environmental concerns and elimination of excess production.
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Leading players in the industrial market include ArcelorMittal (Luxembourg), Baosteel Group Corporation (China), POSCO (South Korea), Nippon Steel & Sumitomo Metal Corporation (Japan), and JFE Holdings, Inc. (Japan). The steel processing market is a highly fragmented one owing to its application in almost all industrial verticals. Major companies rely on regional and local distributors to increase their share as well as geographical presence in the market. One of the major developments observed in the steel processing market is mergers & acquisitions. The requirements of the end users for processed steel is continuously changing making it essential for the manufacturers to continually invest in R&D and come up with innovative solutions. Companies are adopting inorganic growth strategies such as acquisitions to cope with the increasing demand for finished steel in key emerging markets. These strategies have aided companies create a large customer and partner base in key markets.
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