IMARC Group, a leading market research company, has recently releases report titled “Steel Long Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, The study provides a detailed analysis of the industry, including the global steel long products market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the steel long products market?
The global steel long products market size reached US$ 580.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 922.0 Billion by 2032, exhibiting a growth rate (CAGR) of 5.12% during 2024-2032.
What are Steel long products?
Steel long products are manufactured from billets and blooms. They provide high tensile strength, durability and enhance the shelf life of a product. They easily absorb excessive amounts of heat energy and provide high stability in extreme weather conditions. Besides this, they assist in providing corrosion resistance properties and flexibility as compared to iron products. As a result, steel long products are widely utilized in the automotive, construction, oil and gas, mining, and aerospace industries across the globe.
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What are the growth prospects and trends in the steel long products industry?
At present, the rising demand for steel long products due to the increasing construction activities around the world represents one of the key factors contributing to the growth of the market. Besides this, the growing adoption of structural steel long products in railways on account of the increasing development of railway routes and lines and upgrading bridges across the globe is offering a favorable market outlook. Additionally, there is a rise in the demand for lightweight and durable steel products that has a longer life and assist in strengthening structural integrity. This, coupled with the increasing adoption of steel long products to produce solar plants and windmills around the world, is bolstering the growth of the market.
Apart from this, the rising integration of artificial intelligence (AI), machine learning (ML), and big data to easily identify defects in the manufacturing process is impelling the market growth. In addition, the increasing employment of steel long products to manufacture various components in the automotive industry, such as brake pedal wires, seat springs, clutch, springs, and spokes, is offering lucrative growth opportunities to industry investors. Moreover, the rising utilization of rebars as tensile devices that assist in holding concrete efficiently is supporting the growth of the market. Furthermore, key players are introducing high-strength steel bridge that provides low-temperature toughness, weldability, and seismic resistance to the bridge structure, which is strengthening the growth of the market.
Who are the key players operating in the industry?
The report covers the major market players including:
- 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:
- Rebars
- Wire Rods
- Tubes
- Sections
Breakup by Application:
- Construction
- Automotive and Aerospace
- Railway and Highway
- Others
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)
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