August 04, 2023 09:04 ET | Source: ReportLinker ReportLinker
New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Steel Processing Global Market Report 2023" - https://www.reportlinker.com/p06479819/?utm_source=GNW A., China Baowu Steel Group Corp. Ltd., Jiangsu Shagang Group Company Limited, Maanshan Iron And Steel Company Limited, Hyundai Steel Co. Ltd., United States Steel Corporation, Angang Steel Company Limited, Riva Group, Shougang Group Co. Ltd., and Kobe Steel Ltd. The global steel processing market is expected to grow from $674.39 billion in 2022 to $701.38 billion in 2023 at a compound annual growth rate (CAGR) of 4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The steel processing market is expected to reach $788.48 billion in 2027 at a CAGR of 2.9%. The steel processing market consists of revenues earned by entities by providing steel cutting, steel welding, steel and metal burning, steel blanketing, and steel slitting services.The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. Steel processing is the process of producing steel from iron ore and scrap.The process involves removing impurities such as nitrogen, silicon, phosphorus, sulfur, and excess carbon from the sourced iron, and alloying elements such as manganese, nickel, chromium, and carbon to increase the quality and tensile strength of steel. It allows the processing of steel from iron plates and the production of essential steel goods. Asia-Pacific was the largest region in the steel processing market in 2022. The regions covered in steel processing report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The main types of steels involved in steel processing are carbon steel and alloy steel.Carbon steel refers to a type of steel that is an alloy of iron and carbon. It has a higher carbon content than other types of steel, which gives it greater durability and a lower melting point. It comes in different shapes such as flat, long, and tubular, and is used in several applications such as construction, shipping, energy, packaging, consumer appliances, housing, and automotive. The increasing construction industry is expected to drive the growth of the steel processing market going forward.Construction refers to the process of building or assembling something, typically structures used for shelter such as buildings, roads, and bridges. Steel processing used to make steel structure and is primarily used in construction to provide strength, durability, and versatility for construction projects offering greater tension and compression qualities that prevent rusting.For instance, in April 2023, according to the reports shared by the United States Census Bureau, a US-based government agency, the overall value of residential and non-residential constructions in US increased by over 8 % between 2020 and 2021. Furthermore, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42 %, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, the increasing construction industry is expected to propel the growth of the steel processing market. Technological advancement is a key trend gaining popularity in the steel processing market.Major companies operating in the steel processing market are focused on developing innovative solutions to strengthen their position in the market. For instance, in October 2022, Metso Outotec, a Finland-based engineering services company, launched a direct-reduced iron (DRI) smelting furnace to support the decarbonization of the iron and steel industry.This innovative technology is primary for steel producers that want to reduce their CO2 emissions significantly with the slightest modification to other parts of the steel plant. It will substitute blast furnaces in the production of hot metal. DRI Smelting Furnace technology offers distinctive benefits such as flexibility for any DRI feed, high productivity with a capacity above 1.2 million TPA, the ability to handle enormous slag volumes, and continuous production of hot metal with high availability and long campaign life. In December 2021, Worthington Industries Inc., a US-based metals manufacturing company acquired Tempel Steel Company for $255 million. With this acquisition, Worthington Industries Inc. aims to expand its manufacturing facilities to a global level and manufacture a wide range of steel products. Tempel Steel Company is a US-based steel manufacturing and processing company. The countries covered in the steel processing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The steel processing market research report is one of a series of new reports that provides steel processing market statistics, including steel processing industry global market size, regional shares, competitors with a steel processing market share, detailed steel processing market segments, market trends and opportunities, and any further data you may need to thrive in the steel processing industry. This steel processing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. Read the full report: https://www.reportlinker.com/p06479819/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. 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