According to IMARC Group’s latest report, titled “Steel Long Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global steel long products market size reached US$ 547.46 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 774.73 Billion by 2028, exhibiting a growth rate (CAGR) of 5.87% during 2023-2028.
Steel long products refer to the items manufactured using billets and blooms used in various industries. They include bars, wire, tubes, hot rolled bars, rods, rebar, railway rails, and several forms of steel structural sections and girders. Steel long products exhibit toughness, tensile strength, elasticity, durability, and malleability properties and improve overall shelf life. These items can easily absorb an excessive amount of heat energy and provide enhanced stability in extreme weather conditions. In addition to this, compared to iron derivatives, steel long products offer design flexibility and can efficiently be molded in various shapes with multiple dimensions and extreme purity. As a result, these items find widespread applications across several sectors, such as automotive, construction, industrial, and power generation.
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Steel Long Products Market Growth and Development:
The extensive utilization of these items as important components in building activities, owing to the increasing residential and commercial constructions, is primarily driving the steel long products market. Besides this, the escalating demand for these derivatives, on account of their durability, lightweight, and high-strength characteristics that aid in strengthening structural integrity, is further augmenting the market growth. Moreover, the growing popularity of steel long products in springs, spokes, washers, seat hops, clutch, and brake pedal wires in the automotive industry is also catalyzing the global market. Apart from this, the rising usage of rebars as tensile devices for the reinforcement of concrete in road and drainage construction is acting as another significant growth-inducing factor. Additionally, the integration of artificial intelligence (AI) to classify and identify defects in the manufacturing process and offer predictive maintenance and quality control is also stimulating the market growth. Furthermore, the elevating requirement for these items in rail and other structural derivatives, as they offer stronger corrosion resistance and higher tensile strength, is anticipated to propel the steel long products market over the forecasted period.
Steel Long Products Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the steel long products market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- ArcelorMittal S.A
- Baosteel Group
- Evraz plc
- Gerdau S/A
- Hbis Group Co. Ltd.
- Hyundai Steel
- JFE Steel Corporation
- Nippon Steel Corporation
- POSCO Holdings Inc.
- Tata Steel Long Products Limited, etc.
Key Market Segmentation:
The report has segmented the steel long products market on the basis of breakup by type, application and region.
Breakup by Type:
- Wire Rods
Breakup by Application:
- Automotive and Aerospace
- Railway and Highway
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)
This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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