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The long steel products market is currently valued to be around US$ 500 billion industry and is expected to grow at an approx. CAGR of 4.5% in the forecast period 2021-2027. Long steel products include rebars, steel wires, rods, rails, and many others. Long steel products are widely used in the construction and infrastructure development sector, oil and gas industry, rail construction, and automotive industry among others.
The global long steel products market has huge potential to grow in the upcoming years with a substantial growth rate. The market growth is supported by various factors such as rising urbanization, growing construction, and infrastructure sector, industrialization growth. More construction activities due to rising urbanization strengthen the demand for long steel products. Construction activities in the education sector, energy sector, automobile sector, and many others have increased the demand for long steel products globally.
Growth in the renewable energy sector is expected to intensify the demand for long steel products in the upcoming years substantially. Rain steel is widely used in the construction of railway tracks and steel tubes are widely used in the oil and gas industry. The rebar product segment is the most widely used product in construction and infrastructure development. A rebar is a long round steel bar used to give strength to the structure by reinforcing cement and steel. It is expected to showcase the highest growth rate in the forecast period. Rebar is also most commonly used in residential construction. While the increase in residential and industrial construction will increase the demand for long steel products, increased prices might hinder the growth of the long steel product market in the near future.
The recent outbreak of Covid-19 has severely affected the growth of the long steel products market. The rising price of Iron ore and disrupted supply chain has increased the price of steel production. Increased price has been passed on to the consumers which have put the steel industry growth under strain. However, economic growth will counter the effect of rising prices of steel.
The global long steel products market has been segmented based on process, product type, application, and region. These major segments are further categorized into sub-segments to study the market in detail.
By Product Type
Geographically, the long steel product market has been divided into North America, Asia Pacific, Europe, the Middle East and Africa, and South America. As per the studies, the Asia Pacific region holds the biggest market share for the past few years. High economic growth and rising urbanization results in higher construction and infrastructure activities in the Asia Pacific region and expected to propel the Long steel product market in the upcoming years. The growth is also supported by the presence of major key players such as ArcelorMittal, China Baowu Group, Nippon Steel Corporation, Tata Steel among others. North America is the second-largest region for the long steel product market followed by the Europe region.
The major key players are ArcelorMittal, China Baowu Group, POSCO, HBIS Group, Nippon Steel Corporation, Tata Steel Group, Shougang Group, United States Steel Corporation among others. Companies constantly focus on acquiring a government procurement market that can ensure the regular supply of products and also give them a long-a perspective.