IMARC Group, a leading market research company, has recently releases report titled “Steel Long Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, The study provides a detailed analysis of the industry, including the global steel long products market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Steel Long Products Market?
The global steel long products market size reached US$ 580.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 922.0 Billion by 2032, exhibiting a growth rate (CAGR) of 5.12% during 2024-2032.
Factors Affecting the Growth of the Steel Long Products Industry:
- Increasing Construction Activities:
The surge in construction activities across the globe, driving the demand for steel long products, is one of the major factors boosting the market growth. Moreover, the rising urbanization that creates the need for infrastructure development, including residential buildings, commercial complexes, and public utilities, is fueling the market growth. Besides this, the burgeoning government investment in infrastructure projects to support economic growth, leading to an increased consumption of steel long products such as rebar, wire rods, and structural sections, is fostering the market growth. Furthermore, the ongoing trend towards green and sustainable construction practices, propelling the use of steel, which is recyclable and can be incorporated into eco-friendly building designs, is enhancing the market growth.
- Rising Industrial Growth and Manufacturing:
The rising industrial growth in sectors such as automotive, machinery, and shipbuilding is another critical factor fueling the market growth. In line with this, the heightened reliance of the automotive industry on steel long products for manufacturing parts like axles, beams, and chassis, as it demands materials with high strength and durability is enhancing the market growth. Along with this, the growing product need in the machinery manufacturing sector for constructing equipment and heavy machinery components is acting as a growth-inducing factor. Besides this, the ongoing advancements in manufacturing technologies and processes, driving the demand for high-performance steel long products that can meet stringent industry standards, is strengthening the market growth.
- Rapid Technological Advancements and Innovation:
The introduction of modern steel manufacturing techniques, such as electric arc furnace (EAF) technology and continuous casting that improve the efficiency, quality, and environmental footprint of steel production, is boosting the market growth. These innovations enable the production of high-grade steel long products with superior mechanical properties and enhanced performance characteristics. Furthermore, rapid advancements in alloy compositions and heat treatment processes that result in the development of specialized steel long products tailored for specific applications, such as high-strength, corrosion-resistant, and lightweight steel grades, are fueling the market growth.
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Steel Long Products Market Report Segmentation:
Breakup by Type:
- Rebars
- Wire Rods
- Tubes
- Sections
Rebars accounted for the largest market share due to their extensive use in reinforcing concrete structures in construction projects.
Breakup by Application:
- Construction
- Automotive and Aerospace
- Railway and Highway
- Others
Construction represented the largest segment owing to the continuous growth in infrastructure development and urbanization globally.
Breakup By Regional Insights:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Asia Pacific’s dominance in the steel long products market is attributed to the rapid industrialization, urban expansion, and significant government investments in infrastructure.
Global Steel Long Products Market Trends:
The increasing adoption of green steel production methods that utilize renewable energy sources and incorporate recycled materials to reduce carbon emissions and environmental impact is fueling the market growth. Moreover, the development of advanced high-strength steels (AHSS) and ultra-high-strength steels (UHSS), which offer superior strength-to-weight ratios and are ideal for applications in the automotive and aerospace industries, is catalyzing the market growth. Additionally, the growing adoption of prefabrication and modular construction techniques in the construction sector which rely on steel long products for their structural components, is fostering the market growth.
Leading Companies Operating in the Global Steel Long Products Industry:
- ArcelorMittal S.A
- Baosteel Group
- Evraz plc
- Gerdau S/A
- Hbis Group Co. Ltd.
- Hyundai Steel
- JFE Steel Corporation
- Nippon Steel Corporation
- POSCO Holdings Inc.
- Tata Steel Long Products Limited
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