A Deep Dive into the Competitive Landscape of the Global Long Steel Industry
According to a Research Report Published by Spherical Insights & Consulting, the Global Long Steel Market Size is Expected to Grow from USD 539.7 Billion in 2023 to USD 841.8 Billion by 2033, at a CAGR of 4.55% during the forecast period 2023-2033.
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Long steel products, including wire, rod, rail, bars, and structural sections, are crucial in the steel industry. Bridges and other manufactured structural components also use them. The market for long steel is expanding due in large part to the rise in infrastructure projects. The APAC region’s demand for long steel products is anticipated to increase as a result of increased construction activity and urbanization, despite the market being fragmented with established players. The building and construction sectors depend heavily on long steel, and these factors are driving the market’s expansion. New metro rail projects, dedicated freight lanes, and repairs to highway and railroad bridges are all contributing to the expansion of the long steel industry. Long steel is preferred by major global players for heavy construction, and South Asia and Oceania are broadening their rail project horizons, which enables manufacturers to grow in the region. The use of long steel products in heavy construction, the automotive industry, railroads, capital goods, and airplanes all of which are fueled by the need for quick transportation is increasing their market share. For instance, the Production Linked Incentive (PLI) Scheme was implemented by the government to encourage the manufacture of specialty steel. To improve the steel industry’s environmental sustainability, safety, and productivity, the Ministry of Steel has also started several initiatives. However, the long steel market’s growth may be hindered by fluctuating raw material costs, production costs, and supply chains, which can lead to volatile prices.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the 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 2023 – 2033
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The basic oxygen furnace segment is predicted to hold the greatest market share through the forecast period.
Based on the process type, the long steel market is classified into a basic oxygen furnace and an electric arc furnace. Among these, the basic oxygen furnace segment is predicted to hold the greatest market share through the forecast period. The most popular method for creating long steel beams is the basic oxygen furnace because of its low nitrogen content, high production volume, and low labor requirements. New Zealand, the Netherlands, Austria, Belgium, and the Czech Republic are among the nations that use this process to produce steel at a capacity of more than 70%. The electric furnace uses the remaining resources.
The rebar segment is anticipated to hold the greatest market share during the projected timeframe.
Based on the product type, the long steel market is divided into rebar, wire rod, merchant bar, and others. Among these, the rebar segment is anticipated to hold the largest market share during the projected timeframe. Rebar steel’s superior long steel beams make it a popular and expanding steel type in industry, construction, and manufacturing. In the long-term steel market, the new-generation manufacturing process offers substantial growth prospects, especially in developing nations and megaprojects in developed nations.
The construction segment is anticipated to hold the greatest market share during the projected timeframe.
Based on the application, the long steel market is divided into construction, industrial, and others. Among these, the construction segment is anticipated to hold the greatest market share during the projected timeframe. Long steel is extensively utilized in residential, infrastructure, and construction sectors, with a significant portion coming from developing countries like India, Malaysia, Indonesia, China, Japan, and South Korea, as well as other countries.
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Asia Pacific is estimated to hold the largest share of the long steel market over the forecast period.
Asia Pacific is estimated to hold the largest share of the long steel market over the forecast period. Low-cost raw materials, as well as the region’s increasing population and urbanization, are driving the expansion of international steelmakers such as ArcelorMittal, Nippon Steel & Sumitomo Metal, Tata Steel, and POSCO Steel. These businesses mostly operate in China and India due to a lack of labor and raw materials.
Middle East and Africa are predicted to have the fastest CAGR growth in the long steel market over the forecast period. Rapid urbanization and population growth in countries within the Middle East and Africa region are leading to more construction activities, further boosting the demand for long steel products. Governments in the region are implementing policies and initiatives to support infrastructure development and industrial growth, which in turn increases the demand for long steel products.
Competitive Analysis:
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. Major key players in the 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 Others.
Recent Development
- In October 2024, the Indian long steel market is expanding as well, in the fiscal year 2024–2025, secondary steel producers are predicted to see a 7% increase in revenue. Strong domestic demand driven by government spending on infrastructure and housing is responsible for this growth.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the 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
- Rebar
- Wire Rod
- Merchant Bar
- Others
Global Long Steel Market, By Application
- Construction
- Industrial
- Others
Global Long Steel Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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