Long Steel Products Industry Overview
The global Long Steel Products Market reached a valuation of $705.53 billion in 2023 and is projected to expand at an annual rate of 5.1% from 2024 to 2030. This market growth is likely to be propelled by the increasing demand for long steel products from the construction and infrastructure sectors worldwide.
The significant demand originating from the building and construction industry is attributed to the growing need for residential properties due to population increase. Furthermore, the rise in infrastructure projects globally, such as metro systems, railway bridges, highways, and large-scale urban developments, has contributed to the demand for long steel products in construction.
Detailed Segmentation:
- Product Insights
Rebars held the largest revenue share of over 34.0% in 2023 and are expected to continue their dominance over the forecast period due to growing construction activities. For instance, in India, various social programs are being carried out by the government, including Pradhan Mantri Awas Yojana, for developing new housing units for the masses. Under Pradhan Mantri Awas Yojana, construction of approximately 12.3 million houses has been sanctioned till Feb 2023.
The wire rods segment is substantially gaining traction with an estimated CAGR of 5.9% worldwide over the forecast period. Apart from construction and automotive, wire rods have a wide range of applications in various other industries such as aerospace, railways, and energy. They are commonly used as raw materials for the production of various types of wires such as low-carbon, high-carbon, and alloy wires.
- End-use Insights
Based on end-use, building and construction was the largest segment in 2023, accounting for a volume share of around 79.0%. Long steel products are extensively used in real estate sector for different applications. Steel rebar binds well with concrete. It has a similar thermal coefficient as that of concrete. As such, it is mostly used for development of building foundations, slabs, and dams.
- Regional Insights
In terms of revenue, Asia Pacific is projected to expand at a CAGR of 5.7% from 2024 to 2030. Some of the major growth drivers for construction industry in Asia Pacific are development of smart cities, industrial corridors, data centers, cold storage, and increasing demand for commercial space. The construction industry growth is closely linked to market growth owing to extensive use of rebars, sections, and wire rods.
Gather more insights about the market drivers, restraints, and growth of the Long Steel Products Market
Key Companies & Market Share Insights
The market growth has pushed key players to opt for strategic partnerships. For instance, in June 2022, Nucor Corporation entered into a strategic agreement to acquire Sovereign Steel Manufacturing LLC and Summit Utility Structures LLC, manufacturers of steel structures and metal poles for highway signage and utility infrastructure.
To remain in competition, key companies enter into long-term supply contracts with end users. For instance, in July 2022, Arcelor Mittal announced acquisition of the HBI plant of Voestalpine for USD 1 billion. The HBI plant is located in Texas in U.S. Through this acquisition, Arcelor Mittal aims at adding 2 million tons of HBI capacity to its manufacturing portfolio. This is anticipated to help former in lowering carbon emissions during its operations.
Key Long Steel Products Companies:
- 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
- RAK Steel
- Star International Steel
- Union Iron and Steel
- United Gulf Steel
- Watania Steel Factory
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