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 – 2030Industry: Advanced Materials
Global Long Steel Market Insights Forecasts to 2030
- The Global Long Steel Market Size was valued at USD 493.7 Billion in 2021.
- The Market is Growing at a CAGR of 4.4% from 2022 to 2030
- The Worldwide Long Steel Market Size is expected to reach USD 728.9 Billion by 2030
- Asia Pacific is expected to Grow the fastest during the forecast period.
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The Global Long Steel Market Size is expected to reach USD 728.9 Billion by 2030, at a CAGR of 4.4% during the forecast period 2022 to 2030. The major factors driving the Growth of the long steel market are increased construction and infrastructure activities, rising population levels, and industrialization. However, the recent Covid-19 outbreak is expected to have a significant impact on the long steel market.
Long steel products, also referred to as long products in the steel industry, including 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 part of a fabricated structural unit. Long steel products include blooms and billets from which bars, rods, and structural shapes are rolled. One of the major factors supporting the growth of the long steel market is the increasing number of infrastructure activities. The long steel market is highly fragmented, with a large number of well-established players in the market. Because of rising urbanization and increased construction activity, the APAC region's demand for long steel products is expected to increase significantly. Long steel is an important component of the building and construction industries, and its market is growing in response to increased demand from the infrastructure and construction industries. It is increasingly being used by builders and construction companies to construct buildings and other infrastructure projects. Because of new metro rail projects, dedicated freight lanes, and the repair and upgrade of highway and railway bridges, the long steel industry has new growth prospects. People all over the world prefer major key players to provide long steel for heavy construction purposes. Rail project horizons in South Asia and Oceania are expanding, allowing many manufacturers to expand in the region.
This research report categorizes the market for the global long steel market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the long steel market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the long steel market.
Global Long Steel Market Report Coverage
|Market Size in 2021:||USD 493.7 Billion|
|Forecast Period 2021-2030 CAGR:||4.4%|
|2030 Value Projection:||USD 728.9 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||100|
|Segments covered:||By Process Type, By Product Type, By Application, By Region, COVID-19 Impact Analysis|
|Companies Covered:||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.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Long steel products are being introduced by industries such as capital goods, aircraft, and railroads, and market demand for long products is growing. Long steels, such as commercial bars and special profiles, are used in the automotive industry for body construction, while wire rods are used for tyres. As a result, the growth of the heavy construction and automobile industries is expected to have a positive impact on the growth of the long steel market.
Construction applications are expected to drive the long steel market in the long period. The long steel market has benefited from increased demand from construction, and industrial applications. Apart from construction applications, the rapid utilization of long steel in the field of transportation, such as railways, has historically driven the market.
Rails and other structural steel products are used in a variety of industries, and the long steel market share is increasing as lines and routes are developed, as well as the need for rapid maintenance and replacement.
Fluctuating raw material costs in the industry, which are affected by factors such as production costs and supply chain, cause volatile prices, these factors may hamper the growth of the long steel market.
The Global Long Steel Market share is segmented into process type, product type, and application.
- 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. Among these, the basic oxygen furnace is expected to have the largest market share during the forecast period. This expansion can be attributed to its benefits, such as high production volume. Due to commercial advantages such as high production capacity, minimal labour, and low nitrogen content, the basic oxygen furnace is the most commonly preferred process for the production of long steel beams for various applications. Steel-producing countries such as New Zealand, the Netherlands, Austria, Belgium, and the Czech Republic use the oxygen furnace process to produce steel with more than 70% capacity, and the remaining resources are used in the electric furnace.
- 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. Among these, the rebar segment is anticipated to lead the long steel market during the projected period. Rebar steel is the most commonly used steel type in manufacturing, construction, and industrial purposes and is anticipated to grow with significant CAGR throughout the projected years. The new-generation steel manufacturing process produces high-grade long steel beams, which are in high demand in developing countries as well as in developed-country megaprojects, allowing for high growth opportunities in the long steel market.
- 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. Among these, the construction segment is expected to be the dominating segment during the forecast period. Long steel is widely used in residential, infrastructure, and construction applications. Steel products such as beams, angles, sections, and railway rails are being manufactured to meet Asian market demand, with a large portion coming from developing countries such as India, Malaysia, and Indonesia, as well as China, Japan, and South Korea.
Regional Segment Analysis of the Global Long Steel Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific holds the largest market share over the forecast period.
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The Asia Pacific is expected to dominate the market over the forecast period. ArcelorMittal, Nippon Steel & Sumitomo Metal, Tata Steel, and POSCO Steel are among the international steelmakers expanding in the region. The availability of raw materials at low cost in the region is added advantage for these companies. The rapidly growing population and urbanization are also expected to stimulate growth in markets. Because of the scarcity of local labour and raw materials, these companies primarily operate in China and India.
The report offers the appropriate analysis of the key organizations/companies involved within the global long steel 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.
List of Key Companies
- 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.
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In December 2019, ArcelorMittal announced the acquisition of Essar Steel India Limited (ESIL), a Gujarat-based fully integrated flat carbon steel mill. ArcelorMittal Nippon Steel India Ltd, a joint venture between the corporation and Nippon Steel Corporation, will own and operate ESIL. This acquisition enhanced the company's market footprint in India.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global long steel market based on the below-mentioned segments:
Global Long Steel Market, By Process Type
- Basic Oxygen Furnace
- Electric Arc Furnace
Global Long Steel Market, By Product Type
- Wire Rod
- Merchant Bar
Global Long Steel Market, By Application
Global Long Steel Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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