Steel Processing Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Carbon Steel and Alloy Steel), By Process Type (Bessemer Process, Basic Oxygen Steelmaking (BOS), Electric Arc Furnaces (EAF), Argon Oxygen Decarburization, and Others), By Application (Beams, Steel Plate, Steel Strip, Billets, Wires, and Others), By End Users (Building and Construction, Aerospace and Defense, Marine, Automotive, Consumer Goods, and Others), and Region Forecast 2019-2030  

Steel Processing Market size was valued at US$ 672.0 billion in 2023, and is poised to grow at a CAGR of 3.2% from 2024-2030. Steel processing is a method that is used for the production of steel. This process outcomes in eliminating the impurities in the industrial process such as carbon, nitrogen, phosphorus, and silicon from its ore. Steel processing recovers the quality and standard of the steel. The development and growth of the buildings and construction business can lead to the market growth. Moreover, increasing development in the infrastructure of rural and backward areas, the increasing number of renovation activities, and the increasing rate of urbanization are some primary factors that can boost the global market size.

Apart from these, the high acceptance of steel in aircraft production owing to its high welding ability and growing awareness about the advantages of the steel processing method can also accelerate the market in the future. The increasing public and private funding can also drive the global market further. However, some factors such as the fluctuations in the cost of machinery equipment and raw materials and the burden of stringent regulations by the government on a wide variety of industrial applications relating to industrial events can restrain the growth of the market. The absence of calibration norms and accessibility to alternatives can hinder market growth. An increase in public-private funding for research and expansion activities, increasing disposable income, fast urbanization, varying lifestyles, and increasing product innovations and growth due to technological advancements can create an opportunity for the global market growth.  

Key Developments

• In December 2021, Grand Steel Products launched Grand Steel processing-TN In November 2020, Tata Steel launched a new generation of steel, Galvanova.