The Global Long Steel Market was valued at USD 537.1 Bn in 2020 and is expected to reach USD 712.2 Bn by 2027 and is expanding at a CAGR of 4.1% during the forecast period. In the steel industry terminology of long steel products is used for products like steel wire, steel rod, rail, and bars. Long Steel is an integral part of the building and construction industry, its market is growing on account of increasing demand from the infrastructure and construction industry. It is increasingly being adopted by builders and construction companies for constructing buildings and other infrastructure projects. Growth of the construction industry in the residential and commercial sector, primarily in the Asia Pacific, in order to meet the demand for housing from a rapidly growing population and has also led to favorable market of long steel products. Also, new trends in the construction industry such as Lean Construction, Building Information Modelling (BIM), and Green Buildings have increased the role of prefabrication and modularization in construction further driving growth in the demand for the Long Steel market or long steel products market.
The long steel market has new opportunities for growth on account of new metro rail projects, dedicated freight corridors, and replacement and upgradation of highway and railway bridges.
The automotive industry is increasingly adopting Long Steel products such as SBQ steel in products such as gears, shafts, axles, drive trains, and suspensions. Other industries adopting long steel products include capital goods, aerospace, and railways. Key submarkets in the long steel products market include the head hardened rails market and the SBQ steel market. These are witnessing higher CAGR trends as compared with others.
The research report analyses the ecosystem of Long Steel and categorizes the Long Steel Market or long steel products market to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
In terms of the type of process of the Long Steel market, the basic oxygen furnace segment is estimated to be the largest segment during the forecast period
In terms of the type of process, the global Long Steel market can be segmented into basic oxygen furnace and electric arc furnace types. The basic oxygen furnace segment is estimated of the Long Steel market is projected to be the largest market on account of the large installed base.
The steel rebar segment of the long steel market is expected to be the largest segment
The steel rebar segment of the long steel market dominated the Long Steel market in terms of revenue in 2019. The construction and infrastructure sector are increasingly consuming rebars. The main purpose of rebar is to provide tensile strength and hence they are indispensable in any construction or infrastructure project. The market of rebars is witnessing growth momentum on account of product innovations like headed rebars, rebar couplers, epoxy-coated rebars, and the advent of innovative rebar inspection systems.
The Asia Pacific is expected to be the largest segment in the forecast period
The Asia Pacific was the largest segment of the overall Long Steel market or long steel products market. While Europe is expected to be the second-largest market. The North America region is also projected to witness a higher demand for Long Steel in the coming years on account of the increasing adoption of Long Steel in various end-user industries. The demand in the Asia Pacific region is primarily driven on account of the presence of steel manufacturing facilities coupled with the demand from end-user industries such as automotive and construction. The construction industry in the Asia Pacific region is also growing on account of rising urbanization, rising disposable income, and government initiatives. Key Long Steel markets in Asia- Pacific include China, Japan, India, South Korea, Thailand, and Indonesia. Availability of cheap raw material and labor has worked in favor of the Asia Pacific Long Steel Market.
The report also provides in-depth analysis of recent news developments and investments
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.