Global Long Steel Market Size, Trends, and Analysis - Forecasts To 2026 By Process (Basic Oxygen Furnace, Electric Arc Furnace), By Product Type (Merchant Bar, Rebar, Rail, Wire Rod, Others), By End-Use (Construction, Infrastructure, Others), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Long Steel Market: Insights
Long steel is widely used in construction to provide structural support for a buildings body. Long steels are favored in construction over flat steel because of their high ductility and toughness. The growth of value-added and manufacturing sectors is dependent on both domestic and international demand. Government incentives, regional regulations, and trade mechanisms, such as trade duties, all play a significant role in the manufacturing sector's growth.Bridge reconstruction is expected to remain a top priority for most developing countries.
The demand for long steels has increased due to their high tensile strength, ductility, and a variety of other construction-friendly properties. Other than construction, the demand has been dominated in the past by the rapid use of long steel in transportation applications such as railways. The growth of the long steel market is primarily due to increased construction and infrastructure activities, industrial development, and population growth rates. As per World Steel, the diminishing effect of monetary policy normalization and government spending in the United States influenced demand.Over the last quarter, demand for building materials has increased significantly in regions such as East Asia and North America.
Renewable energy sources are becoming increasingly common. Owing to the depletion of non-renewable sources of energy and the energy demand in the domestic and industrial sectors, the installation of renewable energy sources is growing. Solar plants and wind turbines necessitate structural stability, which is expected to increase demand for the steel long market over the projected timeframe.
The latest outbreak of Covid-19, on the other hand, is expected to have a significant effect on the long steel industry.COVID-19, also known as the Novel Corona Virus, has disrupted not only people's movements but also the production and exchange of the market's most important products. Construction activities jammed the brakes on the long steel sector, throwing the construction sector and the long steel market into turmoil.Not only has long steel demand been slowed, but output has also been curtailed to normalize market prices, which would help to stabilize overall production costs once the market has recovered.
Long Steel Market: By Process
In 2019, the basic oxygen furnace segment accounted for the largest share of the revenue. The expansion can be due to its benefits, which include a large production volume.A vertical cylindrical vessel with a closed bottom as well as an open upper cone from which a water-cooled oxygen lance can be raised and lowered is a typical top-blown simple oxygen furnace.
The electric arc furnace is anticipated to grow over at a substantial CAGR during the projected timeframe.An electric arc furnace is a furnace that heats charged material using an electric arc. Arc furnaces, unlike induction furnaces, directly expose the charged material to an electric arc, and the current in the furnace terminals passes through it.An electric arc furnace for steelmaking is made up of a refractory-lined vessel that is typically water-cooled in larger sizes, has a retractable roof, and one or more graphite electrodes that join the furnace through it.
Long Steel Market: By Type of Product
During the forecast era, the wire rod segment is anticipated to boost at a high CAGR, owing to its broad range of applications in a variety of end-use industries.The automotive and construction industries are intended to create, boosting demand for wire rods.Various governments around the world are concentrating on the construction of high-quality infrastructure to improve their economies.Small diameter rods in the shape of coils are known as wire rods. They are hot rolled and cold drawn in some cases. Steel wires are used in a variety of applications, including gates, fasteners, hardware equipment, and tire reinforcement.
From 2021 to 2026, the rebar product segment is anticipated to lead the long steel industry.Steel is commonly reinforced with rebar to improve its tensile strength.Debar, ribbed steel, and concrete reinforced steel are all terms for rebar. Thermo-mechanically treated bars, or TMT is rebar that has been hot-rolled with deformation patterns and often mechanically treated for extra strength. Concrete is reinforced with rebar in the building and engineering industries.
Long Steel Market: By End-Use
Over the forecast timeframe, the infrastructure segment accounted for the largest sales revenue as well as anticipated to expand at a high CAGR rate.Increasing infrastructure activities, combined with increasing investments are expected to propel the market growth over the forecast era.Furthermore, the construction segment has the second-highest CAGR over the forecast period, owing to rapid urban development, which is one of the major drivers of the segment's development.
Long Steel Market: By Region
In the expected timeframe in terms of sales, the Asia-Pacific region is the leading market shareholderand also indicates a significant CAGR rate over the forthcoming years.One of the key factors driving the market growth is the trend in the building & construction and transportations industries.The presence of leading producers in countries such as China and Japan promote the growth of the market for long steelamidrising automotive and industrial production. Moreover, South Asia and Oceania's growing rail project horizons have provided opportunities for several manufacturers to grow in the region.The emergence of an increasing population and housing needs identifies the area. Residential construction projects are on the rise in countries like India and China, which would likely result in a major increase in demand for steel long products.
Long Steel Market: Share & Competitor Analysis
ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Nucor Corporation, Commercial Metals Company, Steel Dynamics, Inc., Outokumpu OYJ, Tata Steel, Shagang Group, JFE Steel Corporation, Hbis Group, Steel Authority Of India Limited, Severstal JSC, JSW Steel, Gerdau Saposco China Baowu Steel Group Corporation Limited, MechelPao, Novolipetsk Steel (Nlmk)Acerinox S.A., Daido Steel, Ansteel Group Corporation Limited, Evraz PLC, Hyundai Steel, Metinvest Holding LLC, Wuhan Iron And Steel Corporation, among others are the prime competitors that compete in the market.
Please note: This is not an exhaustive list of companies profiled in the report.
In December 2020, Essar Steel India Limited (ESIL), a fully integrated flat carbon steel manufacturing company in Gujarat, India, successfully acquired by ArcelorMittal
In November 2019, INNOVILT, a premium product of steel product for the construction sector, was launched by POSCO. These products were created to lift the bar for steel construction products.
Check the Press Release on Global Long Steel Market
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The Global Long Steel Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Long Steel Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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