The steel processing market is predicted to register a revenue of about 642 billion by 2020. It is expected to observe a CAGR climb of around 2.2 percent during 2015-2020. The market has consumer sectors in automotives, construction, mechanical engineering, packaging, energy, housing, transport, etc. Accelerated demand for processed steel in all the aforementioned sectors is projected to increase the sales of the steel processing market.
Expansion in the industries of automotives and construction and retrieval of cost-cutting procedures across the globe are the other prime factors, driving the steel processing market further. Also, there is gigantic demand for processed steel in developing regions owing to infrastructural expansion and escalating urbanization. This factor is yet again predicted to steer further growth of the steel processing market. The main obstacle in the smooth progress of this market is infiltration of processed steel in emergent nations.
This is on account of the cyclic trait of steel industry. The other principle difficulties faced by the steel processing market are eradication of surplus production and growing environmental apprehensions. Alloy steel is the most quickly developing sector inside this market and is apt for various applications. The worldwide market has been split on the strength of four categories. These are shapes of steel products, consumer sectors, steel kinds and geographical regions.
The shapes of steel products market is sliced into long steel, flat steel and tubular steel. The consumer sectors market has been explained above. The steel processing market, on account of steel kinds, is bifurcated into carbon steel and alloy steel. The geographical regions market is sliced into Asia Pacific, rest of the world, Europe and North America. Augmented demand for processed steel in the sector of client devices and durables is also predicted to steer the market ahead.
The steel processing market is likely to be maneuvered forward even by rising demand for processed steel across various geographies of the world.