Rising application in the automotive sector is projected to fuel the growth of the Turkey & GCC Long Steel Products Market at a CAGR of 8.6% during the forecast period 2024 to 2035

Market Research Future (MRFR) has published a cooked research report on the “Turkey & GCC Long Steel Products Market” that contains information from 2018 to 2035. The Turkey & GCC Long Steel Products Market is estimated to register a CAGR of 8.6% during the forecast period of 2024 to 2035.

As per Market Research Future (MRFR) analysis the following companies as the key players in the Turkey & GCC Long Steel Products Market— EMSTEEL, SULB, Jindal Shadeed Iron and Steel LLC, Qatar Steel, Erdemir Group, Riyadh Steel Company, Al-Ittefaq Steel Products Company. Colakoglu Metalurji A.S., Tosyali Holding, Hadeed, Al Rajhi Steel.

Market Highlights

The Turkey & GCC Long Steel Products Market is projected to grow at a CAGR of 8.6% in the forecast period, and the market is expected to reach USD 66,509.9 million by 2035.

Long steel products are crucial in the construction and assembly of automotive components, making them highly sought after in this industry. The significant dependence of the automotive sector on long steel products is fueling the need for steel, with the industry constantly evolving, pioneering, and venturing into innovative technologies. A significant use of long steel products in the automotive industry is for crafting vehicle frames and chassis. The chassis is crucial as it forms the base of a vehicle, supporting key components like the engine, suspension, transmission, and bodywork. It needs to be robust enough to handle significant mechanical pressure while ensuring structural stability. Steel bars and beams, specifically long steel products, play a crucial role in crafting these components. The high tensile strength and durability of steel guarantee that vehicle frames can support the vehicle's weight and provide resistance to deformation in the event of impacts. In addition, long steel products play a crucial role in the production of suspension systems, which are essential for ensuring the stability, comfort, and performance of vehicles. Steel rods and bars are commonly utilized in crafting coil springs, leaf springs, and stabilizer bars, which serve to dampen shocks and ensure optimal tire traction on the road. Long steel products find application in the automotive industry, particularly in the manufacturing of essential components like camshafts, crankshafts, and connecting rods used in engines. These components are exposed to significant mechanical strains during the internal combustion process, necessitating materials capable of enduring high temperatures and dynamic loads without warping or fracturing. Consequently, the utilization of steel in crafting these parts is on the rise. Additionally, the increasing number of electric vehicles being adopted is significantly boosting the demand for long steel products. Electric vehicles depend on steel components for their chassis, suspension, and electric motor assemblies. Furthermore, incorporating high-strength steel in electric vehicles aids manufacturers in diminishing the extra burden of batteries by offering a sturdy yet lightweight structure. Long steel products are utilized in the manufacturing of battery housings that require durability and resilience against corrosion and impacts. As the popularity of electric vehicles rises, the requirement for long steel products in this industry will keep growing due to technological progress and the increasing emphasis on environmentally-friendly transportation options.There have been growing advances in the GCC region to broaden the automobile market in the area. As an example, in October 2023, the Public Investment Fund (PIF) of Saudi Arabia and Hyundai Motor Company (Hyundai) of South Korea agreed to form a joint venture for building a state-of-the-art automated vehicle production facility in Saudi Arabia, with a substantial investment of USD 500 million. In March 2024, Ceer revealed the allocation of a SAR 5 billion (USD 1. 3 billion) contract for building the Ceer Electric Vehicle Manufacturing Complex in King Abdullah Economic City. Ceer, as the pioneering Saudi automotive brand, is set to introduce electric vehicles made in Saudi Arabia. They will specialize in designing, manufacturing, and offering a variety of vehicles tailored for consumers in Saudi Arabia and the MENA region, encompassing sedans and sports utility vehicles. Moreover, in October 2024, Smart, the high-end intelligent electric car brand, collaborated with AW Rostamani Group to introduce luxury electric vehicles in the UAE. The strategic investments and developments are crucial in enhancing the automotive sector in the GCC region, thus positively influencing the market for long steel products.

Access full report @ https://www.marketresearchfuture.com/reports/turkey-gcc-long-steel-products-market-41350

Segment Analysis

By product type, the long steel products market has been bifurcated into Bars, Rods (TMT), Wire Rods, Sections. Rods (TMT) segment dominated the market with a share of 33.38% in 2023. Steel bar is a solid rod that can be a range of shapes. While their shapes have a lot of crossovers with steel tubing, steel bars aren’t hollow and have additional variations that can be used for even more niche applications. TMT bars, or Thermo-Mechanically Treated bars, are high-strength reinforcement bars used in construction. They undergo a unique manufacturing process that involves rapid quenching and self-tempering, which gives them a tough outer surface and a soft inner core. Wire Rods, these are hot-rolled steel products with a smaller diameter than bars and rods, usually coiled into wire form. Sections may include angles, channels, beams, joists, and other structural steel products used in construction and industrial applications.

Based on grade, the long steel products market has been segmented into Carbon Steel Grades, Alloy Steel Grades, Rebar Grades, Structural Steel Grades, Others. The Rebar Grades segment dominated the market with an 33.38% share in 2023. Carbon steel is one of the most commonly used materials in the long steel products market due to its versatility and cost-effectiveness. It is primarily composed of iron and carbon, with trace amounts of other elements like manganese or silicon Low-carbon steel, also referred to as mild steel, is characterized by its low carbon content, typically ranging between 0.05% and 0.29% by weight. Alloy steel grades are steels that include other alloying elements, such as chromium, nickel, molybdenum, and vanadium, in varying amounts to enhance specific properties like strength, hardness, corrosion resistance, or wear resistance. Rebar (reinforcing bar) grades or TMT rod grade are essential in the construction industry for reinforcing concrete structures. Rebar is used to provide tensile strength to concrete, which is naturally strong in compression but weak in tension. These grades are classified based on their yield strength and tensile strength, with common grades being Fe 415, Fe 500, Fe 500D, Fe 550, ASTM A615 Grade 60, ASTM A706 Grade 60, and higher-strength grades such as Grade 75. Structural steel grades are used in the construction of buildings, bridges, industrial facilities, and other large infrastructure projects. The "Others" segment encompasses various specialized steel grades that are not categorized under carbon steel, alloy steel, rebar, or structural steel.

Based on size (thickness), the long steel products market has been segmented into Less than 10 mm, Between 10 mm to 50 mm, above 50 mm. The Between 10 mm to 50 mm segment dominated the market with an 65.96% share in 2023, Steel products in this size range are commonly used for medium-duty applications, including rebar, bars, and rods for general construction, infrastructure, and manufacturing projects. The versatility of this size range makes it suitable for reinforcing concrete, creating structural frameworks, and producing various components in machinery and equipment. These products balance strength and workability, making them widely used across multiple industries.

Based on size (length), the long steel products market has been segmented into Below 6 meters, 6 to 12 meters, above 12 meters. The 6 to 12 meters segment dominated the market with an 62.49% share in 2023, Steel products within this length range are widely used in standard construction projects, including commercial and industrial buildings, infrastructure developments, and large-scale manufacturing. The 6 to 12-meter length segment is versatile, offering a balance between ease of handling and providing sufficient length for structural integrity in concrete reinforcement, framing, and heavy-duty applications.

Based on production process, the long steel products market has been segmented into Basic Oxygen Furnace, Electric Arc Furnace, Induction Furnace, Others. The Electric Arc Furnace segment dominated the market with a 65.31% share in 2023. The Basic Oxygen Furnace (BOF) is a primary steelmaking method that uses high-purity oxygen blown into molten iron to reduce carbon content and impurities. Electric Arc Furnace (EAF) production involves using electricity to melt scrap steel or direct reduced iron (DRI) through electric arcs. The Induction Furnace uses electromagnetic induction to heat and melt scrap metal, alloys, or other metallic inputs. It is typically employed in smaller steelmaking operations, offering high energy efficiency and flexibility.

Based on end-use, the long steel products market has been segmented into Construction, Automotive, Energy, Manufacturing, Others. The Construction segment dominated the market with a 51.89% share in 2023. The construction industry is the largest consumer of long steel products, including rebar, beams, angles, and girders. In the automotive sector, long steel products like bars, rods, and wire rods are used in the manufacturing of vehicle components such as axles, suspension systems, and engine parts. The energy sector relies on long steel products for various applications in oil & gas, power generation, and renewable energy infrastructure. Long steel products such as wire rods, bars, and structural steel are widely used in general manufacturing industries for machinery, equipment, and tools. This category includes other industries that utilize long steel products, such as shipbuilding, aerospace, railways, and household appliances

Country Analysis

Based on Country, the Turkey & GCC Long Steel Products Market is segmented Based on Region, the Turkey & GCC Steel Long Products Market is Segmented into: Turkey and GCC. In 2023 Turkey dominated the market with 52.23% Market Share.

Key Findings of the Study

• The Turkey & GCC Long Steel Products Market is expected to reach 66,509.9 million by 2035, at a CAGR of 8.6%% during the forecast period.


• The Turkey accounted for the largest market revenue share of 52.23% in 2023.


• Based on Product Type, the Rods (TMT) segment dominated the market with the largest revenue share of 33.38% in 2023.
  
  
  
  • Based on Grade, The Rebar Grades dominated the Turkey & GCC Long Steel Products market with the largest revenue share of 33.38% in 2023.
  
  
  • Based on the Size (thickness), The 10mm to 50mm segment dominated the Turkey & GCC Long Steel Products Market with the largest market revenue share of 65.96% in 2023.
  
  
  
  


• Based on the Size (Length), The 6 to 12 meters segment dominated the Turkey & GCC Long Steel Products Market with the largest market revenue share of 62.49% in 2023.
  
  
  
  • Based on End Use, The Construction segment dominated the Turkey & GCC Long Steel Products Market with the largest market revenue share of 51.89% in 2023.
  
  
  • Based on Production Process, The Electric Arc Furnace segment dominated the Turkey & GCC Long Steel Products Market with the largest market revenue share of 65.31% in 2023.
  
  
  
  


• The Turkey & GCC Long Steel Products Market key players include EMSTEEL, SULB, Jindal Shadeed Iron and Steel LLC, Qatar Steel, Erdemir Group, Riyadh Steel Company, Al-Ittefaq Steel Products Company. Colakoglu Metalurji A.S., Tosyali Holding, Hadeed, Al Rajhi Steel.