The global long steel market size was valued at $476,213 million in 2020, and is projected to reach $731,934 million by 2030, registering a CAGR of 4.1% from 2021 to 2030. Long steel products, also known as long products in the steel industry, refer to steel products such as wire, rod, rail, and bars, as well as different forms of steel structural sections and girders. Bridge which comes under fabricated structural unit are also known as long steel products. Blooms and billets, from which bars, rods, and structural shapes are rolled are termed as products of long steel.
Long steel is an important component of the building and construction industry, and its market is expanding as demand from the infrastructure and construction industries grows. Builders and construction organizations are increasingly using it to construct buildings and other infrastructure projects. The long steel industry offers fresh prospects for growth due to new metro rail projects, dedicated freight lanes, and the repair and upgrading of highway and railway bridges. Around the globe, people are preferring major key players to provide long steel for heavy construction purpose. For instance, in December 2020, ArcelorMittal has provided special rebars and thread bars Krybar to Kuwait for its new liquified natural gas terminal. Similarly, capital goods, aircraft, and railroads are among the other industries that have adopted long steel products, fueling the demand for the long steel products in the market. Some long steels, such as merchant bars and special sections, are utilized in body constructions in the automobile sector, whereas wire rode is used in tires. Hence, rise in heavy construction and automotive sectors is projected to have a positive impact on the long steel market growth.
The novel coronavirus has rapidly spread across various countries and regions, causing enormous impact on lives of people and overall community. Originating as a crisis to human health, it now poses significant threat to worldwide trade, economy, and finance. The continuous lockdown in key global countries due to the COVID-19 pandemic has halted production of many items in the long steel business. Market players can afford a complete lockdown only for a limited period, after which they would have to alter their investment plans. Furthermore, number of COVID-19 cases are expected to reduce in the near term as vaccine for COVID-19 has been introduced in the market. This is further expected to lead to re-initiation of long steel companies at their full-scale capacities, which would aid the market to recover by the start of 2022.
After COVID-19 infection instances start to decline, equipment and machinery producers must focus on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working.
Rails and other structural steel products are used in a variety of sectors, and the long steel market share is growing due to the development of lines and routes, as well as the necessity for rapid maintenance and replacement. Structural steel railings offer a higher tensile strength than other materials, as well as stronger corrosion resistance and weather resistance, making them ideal for heavy construction applications.
Furthermore, various key players are building their product portfolio by launching long steel structural materials to provide high strength in the construction sector. For instance, in January 2021, Baowu Steel Group has launched high strength bridge steel HiBriTM 690qE, which possesses higher strength, low-temperature toughness, weldability, and seismic resistance to bridge structure. Hence, growth in infrastructure and urbanization is anticipated to provide opportunity for the growth of the long steel market.
By Product Type
Wire rod segment is projected to grow at a significant CAGR
Furthermore, due to growth of the construction sector and urbanization sectors, companies are getting opportunities to manufacture long steel and are expanding its business to increase the production and manufacturing of long steel. For instance, in February 2021, Nucor Corporation has built a TrueCore manufacturing facility in Brigham City, Utah, which will manufacture insulated wall and roof panels and is expected to be operational in year 2022.
The long steel market is segmented on the basis of process, product type, application, and region. By process, the market is divided into basic oxygen furnace and electric arc furnace. By product type, it is segmented into rebar, wire rod, merchant bar, and others. By application, it is divided into construction, industrial, and others.
By Application
Construction segment holds dominant position in 2020
Region wise, the long steel market analysis is conducted across the North America (U.S., Canada, and Mexico), Europe (Germany, Russia, Italy, France, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Competition Analysis
Key companies profiled in the long steel market report include Arcelor Mittal, Baowu Steel Group Corporation Limited, Gerdau S.A., HeSteel Group Company Limited, Hyundai Steel Co., Ltd, Nippon Steel Corporation, Nucor Corporation, POSCO Corporation, Ternium S.A., and Votorantim S.A.
By Region
Asia-Pacific holds a dominant position in 2020 and is expected to grow at a significant rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging long steel market trends and dynamics.
- In-depth emerging long steel market analysis is conducted by constructing market estimations for key market segments between 2020 and 2030.
- Extensive analysis of the emerging is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global emerging long steel market forecast analysis from 2021 to 2030 is included in the report.
- The key players within emerging long steel industry are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the emerging long steel industry.
Key Segments
By Process
- Basic Oxygen Furnace
- Electric Arc Furnace
By Product Type
- Rebar
- Wire Rod
- Merchant Bar
- Others
By Application
- Construction
- Industrial
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Russia
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Long Steel Market Report Highlights
| Aspects | Details |
 By Process |
|
 By Product Type |
|
 By Application |
|
 By Region |
|
 Key Market Players | China Baowu Steel Group Corporation Limited, POSCO Corporation, Nucor Corporation, .Nippon Steel Corporation, ArcelorMittal, Gerdau S.A., Hesteel Group Company Limited, Hyundai Steel Co., Ltd,, Votorantim S.A., Ternium S.A. |
Analyst Review
The long steel market has observed significant growth in the past few years, due to rise in construction, infrastructure, and urbanization sectors. Long steel products are employed in the construction sector for a variety of purposes, including building installations, foundations, and supports, as well as columns, panels, and walls.
Wire rods are used to make wires and are also used in engineering, aviation, and reinforcing concrete constructions. Steel wire rods are used to make reinforcement cages and assembly clamps that are circular, rectangular, or square. Companies are manufacturing and launching corrosion resistant wire rods for overseas market. For instance, in April 2021, Nippon Steel Corporation launched ZAM-EX high corrosion coated wire rod, which gives resistant performance against hot-dio galvanizing.
Moreover, companies are acquiring other companies to improve their product portfolio and to boost their production unit due to rapid rise in infrastructure and construction sector. For instance, in June 2021, Nucor Corporation acquired Cornerstone Building Brands, which manufactures long steel for walls and roofs and are available in variety of widths, thickness, and exterior finishes.
The long steel market size was valued at $4,76,213.0 million in 2020.
Based on product type, the rebar steel type holds the maximum market share of the long steel market in 2020.
The long steel market is projected to reach $7,31,934.0 million by 2030.
Growing infrastructure activities and urbanization and rise in modifications in automotive industries and mining sector are the key trends in the long steel market.
The product launch is key growth strategy of long steel industry players.
The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
Fluctuation in price of raw materials is the effecting factors for long steel market.
The end users of long steel include in construction, industrial and others.
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