Long Steel Products Market Report
Long Steel Products Market by Product (Rebars, Wire Rods, Sections, and Tubes), End Use (Building & Construction, Automotive & Aerospace, Railways & Highway, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Long Steel Products Overview
Long steel products consist of bars, rods, beams, and sections, and are typically made from metal billets through a series of strategies, such as rolling, forging, and extrusion. Long steel products are recognized for their durability, strength, and versatility, making them ideal for projects that require load-bearing capability and resistance to bending & deformation. These products are greatly used in building frameworks, bridges, infrastructure, and industrial machinery. Long steel products are accessible in various grades and sizes, allowing customization to meet precise venture requirements. Their tremendous adoption is attributed to their cost-effectiveness, recyclability, and ease of fabrication. Furthermore, long steel products can withstand extreme climate prerequisites and offer long-lasting performance, making them a desired want for various applications. Overall, long steel products play an essential role in the construction and manufacturing sectors, owing to the presence of a wide range of projects.
Global Long Steel Products Market Analysis
The global long steel products market size was $5,01,906.2 million in 2022 and is predicted to grow at a CAGR of 4.2%, by generating a revenue of $7,43,171.0 million by 2032.
COVID-19 Impact on Global Long Steel Products Market
The global long steel products market experienced sizable influences due to the COVID-19 pandemic. The outbreak and subsequent containment measures, such as lockdowns, travel restrictions, and supply chain disruptions, led to a sharp decline in the development of products and industrial production worldwide. As a result, the demand for long steel products, which are considerably used in these sectors, suffered a considerable setback. Many development projects were halted or delayed, leading to decreased demand for long steel products. Additionally, the shutting down of manufacturing units and the non-availability of workers affected the manufacturing and production of these products. The pandemic also precipitated a reduction in investments and capital expenditure, similarly, affecting the demand for long steel products in sectors like infrastructure development and industrial machinery. On the supply side, disruptions in the global metal supply chain, consisting of transportation challenges and reduced uncooked cloth availability, precipitated fluctuations in prices and restrained the availability of long steel products.
However, as vaccination efforts are progressing and economies are progressively stabilizing, the long steel products market is predicted to witness significant growth in the coming future. Governments of various countries across the globe are imposing infrastructure stimulus plans and advertising construction activities to revive the economy, which is anticipated to boost the demand for long steel products in the coming years.
Rapid Urbanization and Population Growth across the Globe to Drive the Market Growth
The global long steel products market is growing significantly due to the rapid urbanization and population boom taking vicinity in various countries across the globe. As people are migrating to urban areas in search of better opportunities and expanded dwelling standards, the demand for housing, industrial spaces, and infrastructure tasks is increasing significantly. This surge in urbanization is boosting the demand for long steel products market, as they are imperative for setting up long lasting and robust structures. Urbanization leads to the construction of high-rise buildings, residential complexes, office spaces, and other commercial establishments, all of which require long steel products for structural support. Additionally, the expansion of transportation networks, including roads, bridges, and railways is driving the demand for long steel products
Volatility in Raw Material Prices to Restrain Market Growth
Volatility in raw material prices poses a considerable restraint on the growth of the global long steel products market. The prices of key raw materials, such as iron ore and scrap metal, are concerned to fluctuations influenced by a range of factors together with global demand, geopolitical events, and foreign money fluctuations. These price fluctuations can affect the profitability of steel producers and create uncertainties in the market. Sharp increases in raw material prices can lead to greater manufacturing costs for long steel products, which may additionally limit the potential of manufacturers to provide competitive prices. Additionally, unexpected price hikes can disrupt supply chains and cause delays in challenging times, affecting the global market growth. When the costs of raw substances decline, steel producers may face inventory losses, which can impact their profitability and monetary stability.
Advancements in Technology to Drive Excellent Opportunities
Advancements in technology present significant growth opportunities for the global long steel products market. One tremendous technological development is the adoption of automation and robotics in steel manufacturing plants. Automated systems can streamline production processes, reduce human error, and make usual productivity bigger. Robotic structures can manage duties, such as cloth handling, welding, and satisfactory control, leading to improved precision and faster production cycles. These advancements assist to optimize resource utilization, limit downtime, and improve product consistency, thereby boosting the long steel products market.
Global Long Steel Products Market Share, by Product, 2022
The rebars sub-segment accounted for the highest market share in 2022. The sub-segment is expected to grow significantly owing to the rising investments in infrastructure development tasks and construction activities. The increasing government spending on infrastructure is expected to enhance the sub-segment's growth. For instance, in 2021, the Chinese government allotted USD 573 billion as special-purpose bonds (SPBs) to its neighborhood governments for rebuilding the country’s infrastructure.
Global Long Steel Products Market Share, by End-use, 2022
The building & construction industry accounted for the highest market share in 2022. Long steel products are considerably used in the real estate area for special applications. Steel rebar binds properly with the concrete. It has a similar thermal coefficient to that of concrete. As such, it is normally used for the improvement of building foundations, slabs, and dams. With the overall extend in the GDP of developing nations, such as India, Indonesia, and Mexico, an increased demand for long steel products can be expected from the real estate, railroads, ports, airports, and electricity sector. In emerging economies like Brazil, South Africa, and Egypt, the demand for low-cost homes is growing due to a surge in the disposable income of residents and the easy availability of housing loans. Thus, increasing activities in the construction industry is assisting the market growth.
Global Long Steel Products Market Share, by Region, 2022
The Asia-Pacific long steel products market generated the highest revenue in 2022. The regional growth is predicted to spur owing to the rising population and increasing infrastructural trends. Further, growth in different end-use industries, such as automotive, railways, and highways is similarly boosting the demand for long steel products. Some of the major drivers for increased construction activities in the Asia-Pacific region are improvement of smart cities, industrial corridors, information centers, bloodless storage, and the growing demand for business space. Moreover, the growing demand for steel products in Southeast Asia is encouraging home manufacturers to increase their production and decrease their dependence on imports.
Competitive Scenario in the Global Long Steel Products Market
Strategic initiatives such as mergers and acquisitions, collaborations, and partnerships to increase market presence are the common strategies followed by the leading players operating in the long steel products market.
Some of the leading long steel products market players are Emirates Steel Arkan, Al-Rasheed Steel, Arabian Gulf Steel Industries (AGCI), ArcelorMittal, Emirates Rebar Limited, Emirates Steel Arkan, Hamriyah Steel, Jindal Shadeed Steel, Rajhi Steel Industries, and RAK Steel.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Product
Segmentation by End-use
Key Companies Profiled
Q1. What is the size of the long steel products market?
A. The size of the long steel products market was over $5,01,906.2 million in 2022 and is projected to reach up to $7,43,171.0 million by 2032.
Q2. Which are the major companies in the long steel products market?
A. Jindal Shadeed Steel, Rajhi Steel Industries, and RAK Steel are some of the key players in the global long steel products market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Strategic acquisitions and geographic expansional are the two key strategies opted by the operating companies in this market.