The Global Long Steel Market size is expected to reach USD 701.69 Billion at a steady CAGR of 3.6% in 2028, according to latest analysis by Emergen Research. The rapidly expanding construction sector as a result of soaring demand brought on by increased industrialization and urbanisation, particularly in developing nations, is responsible for the rising revenue development of the worldwide long steel market. Long steel is a crucial element of the building and construction sector, and as demand from the infrastructure and building sectors rises, so does the market for it. Buildings and other infrastructure projects are being built utilising it more frequently by contractors and construction companies.
Due to new metro rail projects, designated freight lanes, and the maintenance and modernization of bridges across roads and railroads, the long steel industry has new opportunities for expansion. People all throughout the world favour big-name suppliers of long steel for use in heavy construction. For example, ArcelorMittal gave Kuwait customised rebars and thread bars called Krybar in December 2020 for the country’s new liquefied natural gas port. Similarly, other industries that have adopted long steel products include capital goods, aviation, and railroads, which has increased market demand for long steel products. In the automotive industry, some long steels, such as merchant bars and special sections, are employed in body constructions, whilst wire rode is used in tyres.
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Some Key Highlights from the Report
- Essar Steel India Limited (ESIL), a fully integrated flat carbon steel mill based in Gujarat, India, was acquired by ArcelorMittal in 2019. ArcelorMittal Nippon Steel India Limited, a joint venture between the corporation and Nippon Steel Corporation, will own and run ESIL. The company’s market foothold in India was strengthened thanks to this acquisition.
- In November 2019, Gerdau and the Spanish company Hierros Aón reached an agreement to pay USD 110.8 million for a 96.4% stake in Siderrgica Latino-Americana (Silat). 600,000 tonnes of long rolled steel may be produced annually at Silat, which is situated in Caucaia, a city in the Ceará state in northeastern Brazil. Rebar and wire rod are the company’s principal products. Gerdau’s competition in the rebar market, Silat, was fierce, but with this acquisition, Gerdau has improved its position.
- Wire rods are used primarily to make wires and are also used in engineering, aviation, and the reinforcement of concrete buildings. For instance, steel wire rods are used to make assembly clamps that are square, rectangular, or round, as well as reinforcing cages. Girders, monolithic columns, crosstops, belts, and lintel strip foundations are all reinforced using reinforcing cages.
- In 2020, the Asia Pacific long steel market experienced the fastest revenue share increase, and this trend is anticipated to last throughout the forecast period. This can be ascribed to the rising urbanisation trend in nations like China and India, which is fueling the construction industry’s constant rise. Leading businesses are also contributing to market expansion in the area.
- Major companies in the market include Nucor Corporation, Gerdau SA, Tata Steel Limited, Steel Dynamics Inc., ArcelorMittal SA, POSCO, Ansteel Group Corporation Limited, Nippon Steel Corporation, Mechel PAO, and Acerinox SA.
Emergen Research has segmented the global long steel market on the basis of production process, product type, application, distribution channel, and region:
Production Process Outlook (Revenue, USD Billion; 2018–2028)
- Electric Arc Furnace
- Basic Oxygen Furnace
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Wire Rod
- Merchant Bar
Application Outlook (Revenue, USD Billion; 2018–2028)
Distribution Channel Outlook (Revenue, USD Billion; 2018–2028)
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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