Global Steel Products is expected to reach 1.29 billion metrics by 2025
The steel products are expected to grow at a CAGR of 2.14% from 1.14 million metrics in 2017 to reach 1.29 billion metrics by 2025 in global market. 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.
China also is the largest production place, with a production market share nearly 45.14% in 2017. Following Europe, Europe is the second largest production place with the consumption market share of 14.36%.
Demand estimates by shape indicate estimated world steel consumption analysed by flat products [including plate, hot rolled coil and sheet, cold rolled and coated sheet], long products [including rail, heavy sections, bar and wire rod] and tube [welded pipe and seamless tube].
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.
Leading players in the industrial market include ArcelorMittal (Luxembourg), Baowu Steel Group (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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