Global Metal Service Centers Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Metal Service Centers Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Metal Service Centers market finds that the global Metal Service Centers market reached a value of USD 284744.05 million in 2022. It’s expected that the market will achieve USD 368131.22 million by 2028, exhibiting a CAGR of 4.37% during the forecast period.

Influence of COVID-19 Outbreak on Metal Service Centers Industry Development

The epidemic prevention and control measures will affect the flow of people and activities, which in turn will affect logistics, so that manufacturing, especially labor-intensive industries, will be affected by the supply of raw materials and insufficient labor. Recent policies of many countries around the world have repeatedly stated that all links of the industrial chain should be coordinated to resume production and production. In particular, priority should be given to ensuring the restoration of production and supply of leading companies and key links that have an important influence in the global supply chain to ensure the rapid recovery of the economies of various countries.
Most metal suppliers upstream of Metal Service Centers are located in areas where COVID-19 has a very serious impact. In order to prevent the spread of the epidemic, many countries require metal suppliers to stop production, which directly blocks the upstream supply of the Metal Service Centers industry. The shutdown of the global manufacturing industry has seriously affected the downstream demand of Metal Service Centers and hindered the development of the Metal Service Centers industry.

Limitations

In the decade prior to the Great Recession, global demand grew at an annual rate of 5 percent.1 Looking at the next 20 years, we estimate the growth of only 1.1 percent per year, resulting in 2035 global demand of 1.87 billion tons. That’s an increase of just 300 million tons from today—significantly less than the excess global capacity that is currently in place.
The long-term decline in overall steel intensity is accelerating due to material substitution, shifts in design parameters, and steelmakers’ own success in producing lighter, stronger steels.
The growth of the circular economy, together with changes in consumer preferences, is already leading to reduced demand for end products such as automobiles.
Future economic development in emerging economies will be far less steel-intensive than in the past due to the globalization of manufacturing, among other trends.
Lighter and stronger steels reduce the mass of steel required in a given application, which in turn reduces the relative value of the steel, measured as a percentage of the total value generated by the steel users. Not surprisingly, this has weakened the pricing power of producers. Even with advanced steel products that carry price premiums, the higher prices barely compensate for the lower tonnage that results from lighter gauges. Often, higher prices fail to generate adequate returns on the investments required to produce these steels. This value-consuming spiral will continue as long as the steel is priced by the ton.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Voestalpine is one of the major players operating in the Metal Service Centers market, holding a share of 4.78% in 2020.

Voestalpine produces, processes, and distributes steel products. The Company supplies flat and long steel products to the automotive, household appliance, railroad equipment, and oil and gas industries.

Sumitomo Corporation is a general trading company. The Company imports and exports a wide variety of goods such as metals, machinery, chemicals, fuel, food products, and textiles. Sumitomo also operates real estate, construction, shipping, insurance, finance, and, leasing businesses.

Segmentation Overview:

Among different product types, Carbon segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Building and Infrastructure segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Metal Service Centers market covered in Chapter 3:

Toyota Tsusho America
Worthington Steel Co.
Reliance Steel & Aluminum Co.
Kloeckner Metals Corp.
Rolled Alloys
Kenwal Steel Corp.
Steel Technologies LLC
Samuel, Son & Co. Limited
O'Neal Industries
Ryerson Inc.
Voestalpine
Coilplus Inc.
Sumitomo Corporation
Alro Steel Corp.
Russel Metals Inc.
Triple-S Steel Holdings Inc.
Steel Warehouse Co.LLC
Olympic Steel
Stemcor
Thyssenkrupp Materials NA, Inc.
A.M.Castle Metals

In Chapter 4 and Chapter 14.2, on the basis of types, the Metal Service Centers market from 2018 to 2029 is primarily split into:

Aluminum
Stainless Steel
Carbon
Alloy
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Metal Service Centers market from 2018 to 2029 covers:

Building and Infrastructure
Mechanical and Electrica Equipment
Transport
Metal Products
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)