Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Steel Long Products market.
Trusted Business Insights presents an updated and Latest Study on Steel Long Products Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Steel Long Products market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Global Steel Long Products Market
The global steel long products market size was valued at USD 358.7 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 4.4% from 2021 to 2027. Replacement of structurally deficient infrastructure is projected to generate the demand for steel long products. Reconstruction of bridges is projected to remain a key focus area for most of the developed countries.
For instance, around 9% of bridges in the U.S. were structurally deficient in 2016 and the average age of a bridge in the country is 43-years-old. This represents a massive opportunity for vendors as steel long products are essential components in bridge making. In 2019, steel long product demand in North America witnessed a slowdown. According to World Steel, the demand was affected by the diminishing effect of monetary policy normalization and fiscal stimulus in the U.S.
This resulted in weakened construction and manufacturing sectors in the U.S., with no signs of recovery expected until 2020. The outlook from 2021 is expected to be moderate with respect to the construction sector in the country, eventually gaining momentum. Growing population coupled with increasing per capita disposable income levels is expected to propel the residential construction sector.
As per the Organization for Economic Co-operation and Development, the GDP of the U.S. was projected to grow at 2.4% by 2020. However, the outspread of COVID-19 is projected to have a negative impact on the countrys economy. As per recent data, more than 3, 00, 000 COVID-19 cases have been reported in the U.S. This has caused disruptions in various businesses in all sectors. Moreover, being a developed economy, it is likely to witness more impact compared to emerging countries, such as China.
Rebars were the largest segment and accounted for volume share of more than 53% in 2019. Rebars, also known as reinforced bars, are used for structural applications in building & construction sector. They are mainly used to provide resistance to construction loads and hold the concrete in tension. It also provides resistance to temperature-induced stresses and limits the cracking in structures.
Wire rods are widely used in applications, such as prestressed concrete, reinforcement for wire conductor, spring electrodes, fasteners, hardware, and automobile parts among others. The demand for wire rods is anticipated to grow on account of growth of construction and automotive sectors. Various governments across the globe are focusing on the development of quality infrastructure to boost their countrys economy.
Steel tubes find wide applications in the oil & gas industry, wherein they are used in bearing casings, concrete pilings, and conveyor belt rollers. Tolerances including roundness, straightness, wall thickness, and diameter are critical while selecting tubes in the oil & gas industry. With the growing hydrocarbon demand, such as petroleum and natural gas, steel demand is projected to increase over the coming years.
Application Insights: Global Steel Long Products Market
Construction was the largest application segment and accounted for a revenue share of more than 79% in 2019. Steel long products are widely used in residential, non-residential, and infrastructure applications. Structural steel products including beams, angles, sections, etc. are widely utilized in housing, residential, and commercial buildings owing to their lightweight and high-strength characteristics, which minimizes the load on the foundation and also reduces sub-structure costs.
The steel displays ample scope in student residence and hostel building design solutions since these structures are required to offer energy-efficiency, high quality, and must be constructed in lesser time. These products are also widely used in industrial buildings, such as factories and power plants, as it leads to lesser construction time offered as compared to concrete. As a result, many industry players prefer structural steel as a primary material for building their factories.
Continuous production of vehicles around the world is projected to fuel the demand further. Owing to sustainable nature and properties, such as hardness, corrosion resistance, and strength, steel is widely used in automotive manufacturing. These products are used in applications, such as fasteners, components of common rail systems, valve spring and clutches, shafts and hydraulic systems, front axle beams, knuckle parts, and steering levers.
Regional Insights: Global Steel Long Products Market
Asia Pacific was the largest application segment and accounted for a revenue share of more than 64% in 2019. The region is characterized by the presence of a growing population and housing needs. Countries, such as India and China, are witnessing an increasing number of residential construction projects, which is likely to create significant demand for steel long products.
Product demand in the Middle East & Africa region is primarily driven by oil & gas and infrastructure sectors. In the oil & gas industry, steel tubes are used in transportation of fluids and also commonly used in casings, bearing casings, conveyor belt rollers, pressure housings, control lines, hydraulic tubing, and downhole gauge cables.
Europe is likely to witness sluggish growth as major economies in the region including Spain, Italy, Germany, and France have reported a significant number of COVID-19 cases. This has resulted in the shutdown of various businesses excluding essential sectors. However, some of the construction sites in the region are not halted. This can assist in the short-term push for the market.
Key Companies & Market Share Insights: Global Steel Long Products Market
The market is slightly leaning towards consolidation on global level, wherein large companies are forming joint ventures to take over the regional companies. For instance, in December 2019, Nippon Steel Corp. and ArcelorMittal jointly completed the acquisition of Essar Steel India Ltd. This strategic partnership is projected to benefit both companies to strengthen their footprint in India, which is one of the most lucrative markets across the globe. Some of the prominent players in the steel long product market include:
Key companies Profiled: Global Steel Long Products Market Report
- Gerdau S.A.
- JFE Steel Corp.
- Wuhan Iron & Steel Corp.
- Hyundai Steel
- JSW Steel
- Tata Steel
- Evraz Plc
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global steel long products market report based on type, application, and region:
Type Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Wire Rods
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Automotive & Aerospace
- Railway & Highway
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