New York, United States , March 24, 2023 (GLOBE NEWSWIRE) -- The Global Long Steel Market Size to grow from USD 493.7 Billion in 2021 to USD 728.9 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period. Increased construction and infrastructure activities, industrialization, and rising population levels are the major factors driving the growth of the long steel market. The Covid-19 outbreak, on the other hand, is expected to have a significant impact on the long steel market.
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In the steel industry, long steel products include steel products such as wire, rod, rail, and bars, as well as various types of steel structural sections and girders. Long steel products are bridges that are fabricated as part of a structural unit. Blooms and billets are long steel products from which bars, rods, and structural shapes are rolled. The APAC region's demand for long steel products is expected to rise significantly as a result of rising urbanization and increased construction activity. Long steel is a critical component of the building and construction industries, and its market is expanding in response to increased demand from the infrastructure and construction sectors. Major key players are preferred by people all over the world for providing long steel for heavy construction purposes. Rail project horizons are expanding in South Asia and Oceania, allowing many manufacturers to expand in the region. Industries such as capital goods, aircraft, and railroads are introducing long steel products, and market demand for long products is increasing. Long steels, such as commercial bars and special profiles, are used for body construction in the automotive industry, while wire rods are used for tyres. As a result, the expansion of the heavy construction and automobile industries is expected to boost the growth of the long steel market. However, fluctuating raw material costs in the industry, which are influenced by factors such as production costs and supply chain, result in volatile prices; these factors may stifle the growth of the long steel market.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Long Steel Market Size, Share, and COVID-19 Impact Analysis, By Process Type (Basic Oxygen Furnace and Electric Arc Furnace), By Product Type (Rebar, Wire Rod, Merchant Bar, and Others), By Application (Construction, Industrial, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030". Get Detailed Report Description Here:
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During the forecast period, the basic oxygen furnace segment is expected to dominate the long steel market.
Based on the process type, the global long steel market is segmented into basic oxygen furnace and electric arc furnace. The basic oxygen furnace is expected to have the highest market share during the projected period. This growth can be attributed to its advantages, such as high production volume. The basic oxygen furnace is the most commonly used process for producing long steel beams for a variety of applications due to commercial advantages such as high production capacity, low labour requirements, and low nitrogen content.
The rebar segment is expected to lead the long steel market during the predicted period.
Based on the product type, the global long steel market is segmented into rebar, wire rod, merchant bar, and others. The rebar segment is expected to lead the long steel market during the forecast period. Rebar steel is the most commonly used steel type in manufacturing, construction, and industrial applications, and it is expected to grow at a significant CAGR over the next few years.
The construction segment is expected to be the dominating segment during the projected period.
On the basis of application, the global long steel market is differentiated into construction, industrial, and others. The construction segment is expected to be the most dominant during the forecast period because long steel is widely used in residential, infrastructure, and construction applications.
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Asia Pacific holds the largest market share over the forecast period.
Over the forecast period, Asia Pacific is expected to dominate the market. International steelmakers expanding in the region include ArcelorMittal, Nippon Steel & Sumitomo Metal, Tata Steel, and POSCO Steel. The availability of low-cost raw materials in the region is an added benefit for these businesses. Market growth is also expected to be stimulated by the rapidly growing population and urbanization.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Long Steel Market include Arcelor Mittal, Baowu Steel Group Corporation Limited, Gerdau S.A., HeSteel Group Company Limited, Hyundai Steel Co., Ltd, Nippon Steel Corporation, JSW Steel, Nucor Corporation, POSCO Corporation, Ternium S.A., Votorantim S.A. and among others.
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