Global Long Steel Market Overview
The Long Steel Market Size was estimated at 899.4 (USD Billion) in 2022. The Long Steel Industry is expected to grow from 925.66 (USD Billion) in 2023 to 1,200.0 (USD Billion) by 2032. The Long Steel Market CAGR (growth rate) is expected to be around 2.92% during the forecast period (2024 - 2032).
Key Long Steel Market Trends Highlighted
The construction of new infrastructure projects and commercial buildings is being driven by rapid industrialization, especially in developing areas, thereby resulting in a high demand for long steel products. As well, there are opportunities for government moves to aid infrastructure development and urbanisation. Sustainable construction practices gaining popularity provide an opportunity for manufacturers of long. This is because they have minimal environmental impact and can last longer than other alternatives. This paper will, therefore, explore recent developments in the long steel market, including the use of advanced technologies such as automation and digitization that enhance production efficiency, leading to a reduction in operational costs. It will also focus on such significant trends as the emergence of new steel grades with improved mechanical properties and corrosion resistance that cater to specific industry demands.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Long Steel Market Drivers
Increasing Infrastructure Investment
Roads, bridges, railways and commercial buildings are the infrastructure projects that governments and private companies all over the world are heavily investing in. Long steel products have experienced an upsurge in demand as a result of this growing investment since they are used for reinforcing concrete structures. The construction sector is the key consumer of long steel products, and with governmental intervention programs and urbanization patterns, the growth within is expected to continue in the future. For instance, there are reports that the Chinese government is planning to make big investments in infrastructural development such as transportation, energy, and water projects; this would consequently mean there will be more need for long steel products by its industries.
Growing Demand from Automotive Industry
Another major consumer of long steel products used in manufacturing vehicle bodies and other components is the automotive industry. Demand for long steel is driven by the increasing production of vehicles, particularly in emerging economies. Electric vehicles and autonomous driving are on the rise, changing the face of the automobile industry. As a result, there is likely to be increased demand for long steel products that are used in making light weight, durable vehicle parts.
Expansion of Renewable Energy Sector
The growing adoption of renewable energy sources, such as wind and solar power, is creating new demand for long steel products. Long steel is used in the construction of wind turbines, solar panels, and other renewable energy infrastructure. The expansion of the renewable energy sector is expected to continue in the coming years, driven by government policies and environmental concerns. For instance, the European Union has set a target of generating 40% of its energy from renewable sources by 2030.This target is expected to boost demand for long steel products in the region.
Long Steel Market Segment Insights
Long Steel Market Product Type Insights
The market for global long steel is divided into bars, rods, wire rods, and others by product type. In 2023, the largest market share was held by the bars segment, which is also projected to remain dominant throughout the forecast period. The rods segment is likely to post the highest CAGR over the forecast period. The growth of the bars segment is supported by a rise in bar demand in construction. Bars are used for various purposes, such as reinforcing concrete, structural supports and beams in construction. The growth of the rod segment can be credited to increasing demand for them in the automotive industry. Rods are used for different purposes in automobiles, such as engine components, suspension systems and drive shafts. Over the forecast period, however, it is expected that Wire Rods will increase at an average annual rate of 2%. At present, wire rods are widely applied in different aspects like wire production, nail manufacturing etc. The rise of the wire rods segment can be attributed to growing requirements for wire products within the construction sector, automotive; & manufacturing. The remaining category comprises various long steel commodities like sheets, plates; & coils. This category has been projected to have a moderate CAGR during this time frame.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Long Steel Market End-Use Industries Insights
The Long Steel Market is segmented into various end-use industries, including Construction, Automotive, Energy, Manufacturing, Transportation, and Others. The Construction segment accounted for the largest share of the market in 2023, valued at around 487.23 USD Billion and is projected to maintain its dominance throughout the forecast period. This is primarily attributed to the increasing demand for long steel in residential, commercial, and industrial construction projects. The Automotive segment is another major end-use industry, with a market value of approximately 128.59 USD Billion in 2023.The growth in this segment is driven by the rising production of passenger cars, light commercial vehicles, and heavy-duty trucks. The Energy sector is also a significant consumer of long steel, with a market size of about 82.49 USD Billion in 2023. This demand is primarily for the construction of pipelines, power plants, and other energy infrastructure. The Manufacturing segment, valued at 73.22 USD Billion in 2023, utilizes long steel in the production of machinery, equipment, and consumer goods. The Transportation segment, with a market size of 69.31 USD Billion in 2023, uses long steel for shipbuilding, railway infrastructure, and aerospace applications.The Others segment, which includes applications in agriculture, mining, and packaging, accounted for a market value of approximately 84.82 USD Billion in 2023.
Long Steel Market Grade Insights
The long steel market across the globe is divided into carbon steel, stainless steel, alloy steel and others which are listed as grades. High strength, versatility of application, and low-cost construction materials have contributed to the dominance of Carbon Steel in this sector. Additionally, Alloy Steel has a good potential to be the fastest growing over the forecasted period because it has better resistance to corrosion and wear as well as improved mechanical properties.
Stainless Steel also has positive prospects resulting from its use in the food processing industry or other corrosive environments such as chemical processing sectors. The Other’s cluster encompasses specialty steels like tool steel, and spring steel bearing that service specialized niche applications. This segmentation can help players identify new growth avenues, optimize their product portfolio and target strategies to maximize profitability and expand presence in the Long Steel Market.
Long Steel Market Manufacturing Process Insights
The Long Steel Market is split into Basic Oxygen Furnace (BOF), Electric Arc Furnace (EAF), Induction Furnace (IF) and others based on manufacturing processes. Over the forecast period, it is expected that the Electric Arc Furnace (EAF) segment will grow at higher rates due to its energy efficiency, and its communities in developing countries embrace it further. The largest share of the Long Steel Market belongs to the Basic Oxygen Furnace (BOF) segment which makes high-quality steel cheaply. In the future, there are expectations that the Induction Furnace (IF) segment will enjoy popularity since it can produce specialty steels. Other processes like open hearth furnaces and direct reduced iron belong to the Others category and are anticipated to account for a small portion of the Long Steel Market through 2022.
Long Steel Market Application Insights
The 'Application' segment is a crucial aspect of the Long Steel Market analysis. It provides insights into the specific areas where long steel is utilized, thereby influencing market dynamics. The segmentation includes five key applications: 'Rebar', 'Wire Products', 'Structural Shapes', 'Railway Tracks', and 'Others'. In 2023, the Long Steel Market revenue in the 'Rebar' segment was estimated at USD 450 billion, accounting for around 49% of the market share. The 'Wire Products' segment followed closely with a revenue of approximately USD 220 billion, representing 24% of the market.'Structural Shapes' captured a market share of 18% with a revenue of USD 160 billion. The 'Railway Tracks' segment contributed USD 60 billion, holding a 7% market share. The remaining applications, categorized as 'Others', generated revenue of USD 35 billion, accounting for 4% of the Long Steel Market in 2023.
Long Steel Market Regional Insights
The Long Steel Market is segmented by region into North America, Europe, APAC, South America, and MEA. In 2023, North America held the largest market share of 35%, followed by Europe with 28%, APAC with 22%, South America with 10%, and MEA with 5%. The market growth in North America is attributed to the increasing demand for long steel in the construction and automotive industries. Europe is also witnessing steady growth in the long steel market due to the rising demand from the construction and infrastructure sectors. APAC is expected to be the fastest-growing regional market for long steel, driven by the increasing demand from the construction, automotive, and shipbuilding industries.South America is also expected to witness significant growth in the long steel market due to the increasing demand from the construction and infrastructure sectors. MEA is expected to have moderate growth in the long steel market due to the increasing demand from the construction and infrastructure sectors.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Long Steel Market Key Players And Competitive Insights
Major players in the Long Steel Market industry are investing heavily in research and development to improve their product offerings and gain a competitive edge. Leading Long Steel Market players are focusing on developing innovative products that meet the evolving needs of customers and address industry challenges. The Long Steel Market industry is characterized by intense competition, with leading players vying for market share and dominance. Key players are adopting various strategies such as mergers and acquisitions, partnerships, and collaborations to strengthen their market position. The Long Steel Market development is influenced by technological advancements, changing regulatory policies, and shifting economic conditions.ArcelorMittal is a global steel and mining company headquartered in Luxembourg. The company is the world's largest steel producer and has a long history of innovation in the steel industry. ArcelorMittal has a strong presence in the Long Steel Market and offers a wide range of products, including rebar, wire rod, and merchant bar. The company has a global network of production facilities and is well-positioned to meet the needs of customers around the world. ArcelorMittal is committed to sustainability and has invested heavily in environmental initiatives. The company is also actively involved in research and development to improve its products and processes.Nucor is an American steel producer headquartered in Charlotte, North Carolina. The company is the largest steel producer in the United States and has a long history of innovation in the steel industry. Nucor has a strong presence in the Long Steel Market and offers a wide range of products, including rebar, wire rod, and merchant bar. The company has a global network of production facilities and is well-positioned to meet the needs of customers around the world. Nucor is committed to sustainability and has invested heavily in environmental initiatives. The company is also actively involved in research and development to improve its products and processes.
Key Companies in the Long Steel Market Include
- ArcelorMittal
- JFE Steel
- Ryerson Holding Corporation
- SSAB
- Hyundai Steel
- Voestalpine
- POSCO
- Tata Steel
- Gerdau
- Thyssenkrupp AG
- Nippon Steel Sumitomo Metal Corporation
- Hebei Iron Steel Group
- Worthington Industries
- Baosteel Group
- Nucor Corporation
Long Steel Market Industry Developments
The Long Steel Market is projected to grow from USD 925.66 billion in 2023 to USD 1,200 billion by 2032, exhibiting a CAGR of 2.92% during the forecast period. Increasing demand from construction, infrastructure, and automotive industries is driving the growth of the market. Government initiatives to boost infrastructure development in emerging economies are also contributing to market growth.Recent news developments in the long steel market include the announcement by ArcelorMittal, the world's largest steel producer, of a USD 1.5 billion investment in its US operations to increase production capacity. Additionally, Nippon Steel Corporation and JFE Steel Corporation, two major Japanese steelmakers, have announced a joint venture to establish a new steel mill in Southeast Asia. These developments indicate the continued growth and competitiveness of the long steel market.
Long Steel Market Segmentation Insights
-
Long Steel Market Product Type Outlook
- Bars
- Rods
- Wire Rods
- Others
-
Long Steel Market End-Use Industries Outlook
- Construction
- Automotive
- Energy
- Manufacturing
- Transportation
- Others
-
Long Steel Market Grade Outlook
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Others
-
Long Steel Market Manufacturing Process Outlook
- Basic Oxygen Furnace (BOF)
- Electric Arc Furnace (EAF)
- Induction Furnace (IF)
- Others
-
Long Steel Market Application Outlook
- Rebar
- Wire Products
- Structural Shapes
- Railway Tracks
- Others
-
Long Steel Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
899.4 (USD Billion) |
| Market Size 2023 |
925.66 (USD Billion) |
| Market Size 2032 |
1200.0 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
2.92% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
ArcelorMittal, Tata Steel, JFE Steel, Ryerson Holding Corporation, SSAB, Hyundai Steel, Voestalpine, POSCO, Gerdau, Thyssenkrupp AG, Nippon Steel Sumitomo Metal Corporation, Hebei Iron Steel Group, Worthington Industries, Baosteel Group, Nucor Corporation |
| Segments Covered |
Product Type, End-Use Industries, Grade, Manufacturing Process, Application, Regional |
| Key Market Opportunities |
1 Infrastructure development in emerging economies2 Growing demand for construction materials3 Increasing use in automotive and shipbuilding industries4 Rising urbanization and population growth5 Technological advancements in manufacturing processes |
| Key Market Dynamics |
Rising demand from the construction, automotive, and manufacturing industries Increasing urbanization and population growth Technological advancements in steel production Volatile prices of raw materials and energy Government regulations and environmental concerns |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global Long Steel market is expected to reach a value of 925.66 billion USD in 2023.
The global Long Steel market is expected to grow at a CAGR of 2.92% from 2024 to 2032.
Long Steel is primarily used in the construction industry for applications such as bridges, buildings, and infrastructure. It is also used in the automotive, shipbuilding, and energy industries.
The major regions in the global Long Steel market include Asia-Pacific, North America, Europe, and the Middle East. Asia-Pacific is the largest regional market, accounting for over 60% of global demand.
The key competitors in the global Long Steel market include ArcelorMittal, Nippon Steel, POSCO, Baosteel, and ThyssenKrupp.
The major drivers of growth in the global Long Steel market include increasing demand from the construction industry, urbanization, and infrastructure development.
The major challenges facing the global Long Steel market include volatile raw material prices, competition from aluminum and other lightweight materials, and environmental regulations.
The key trends in the global Long Steel market include the increasing use of high-strength steel, the development of new production technologies, and the adoption of sustainable practices.
The outlook for the global Long Steel market is positive. The market is expected to grow at a steady pace in the coming years, driven by increasing demand from the construction and infrastructure industries.
Some of the potential opportunities in the global Long Steel market include the development of new applications for Long Steel, the expansion of the market in emerging economies, and the adoption of innovative production technologies.
