Steel Processing Market Report 2026

The steel processing market size has grown steadily in recent years. It will grow from $719.65 billion in 2025 to $745.08 billion in 2026 at a compound annual growth rate (CAGR) of 3.5%. The growth in the historic period can be attributed to expansion of construction and infrastructure projects, growth in automotive manufacturing, rising demand from packaging and consumer appliances, increasing shipbuilding activities, adoption of conventional carbon and alloy steel processing methods.

The steel processing market size is expected to see steady growth in the next few years. It will grow to $870.75 billion in 2030 at a compound annual growth rate (CAGR) of 4%. The growth in the forecast period can be attributed to growth in renewable energy and power sector infrastructure, rising demand for high-strength and specialty steels, increasing adoption of digital and automated steel processing, expansion of construction and housing projects, growth in automotive and transportation segments. Major trends in the forecast period include adoption of advanced steel processing technologies, integration of automation and robotics, implementation of smart manufacturing systems, rising focus on sustainable and green steel production, increasing demand for high-strength alloy steel.

The growth of the steel processing market is anticipated to be fueled by the expanding construction industry. Construction involves the process of building or assembling structures for shelter, such as buildings, roads, and bridges. Steel processing is utilized to create steel structures, providing strength, durability, and versatility for construction projects, with enhanced tension and compression properties that resist rusting. For example, in August 2024, the Office for National Statistics, an independent producer of official statistics in the UK, reported that total new construction orders increased by 16.5%, reaching £1.77 billion ($2,224 million) in Quarter 2 of 2024 compared to Quarter 1. This growth was primarily driven by a 15.1% rise (£503 million or $637 million) in private commercial new work and a 23.4% increase (£389 million or $490 million) in infrastructure new work. Thus, the expanding construction sector is expected to significantly boost the steel processing market.

Major companies in the steel processing market are advancing sustainable steel products through Nucor's recycled scrap-based electric arc furnace manufacturing process. Sustainable steel products are those manufactured using processes and practices that minimize environmental impact, promote social responsibility, and ensure economic viability throughout their lifecycle. For instance, in January 2023, Nucor, a US-based steel production company, introduced Elcyon, the first sustainable steel product tailored for offshore wind energy applications. This clean, advanced steel product is produced using Nucor's recycled scrap-based electric arc furnace manufacturing process. Elcyon meets the rigorous quality standards of offshore wind energy designers, manufacturers, and fabricators, featuring larger plate dimensions, improved weldability, and excellent fracture toughness compared to competing products.

In April 2024, Reliance, Inc., a US-based metal solutions provider, acquired American Alloy Steel, Inc. for an undisclosed sum. This acquisition bolsters Reliance's value-added processing capabilities and broadens its range of specialty carbon steel products. By integrating American Alloy Steel, Reliance intends to enhance its processing functions, including burning, cutting, rolling, and beveling. American Alloy Steel, Inc. specializes in the distribution of specialty carbon and alloy steel products, focusing on pressure vessel quality (PVQ) materials.

Major companies operating in the steel processing market report are Tata Steel Limited, Ansteel Group Corporation Limited, HBIS Group, JFE Holdings Inc., Shandong Iron And Steel Group Co. Ltd., Pohang Iron and Steel Company (POSCO), Nippon Steel Corporation, ArcelorMittal S.A., 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, Kobe Steel Ltd., Nucor Corporation, Fangda Group, Daido Steel Co. Ltd., JSW Steel Limited, Baosteel Group Corporation, Gerdau SA, voestalpine High Performance Metals GmbH, SSAB Svenskt Stål AB, Wuhan Iron and Steel Corporation, Hebei Iron and Steel Group.

Asia-Pacific was the largest region in the steel processing market in 2025. The regions covered in the steel processing market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the steel processing market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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.

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.

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