The global long steel market was valued at $476,213 million in 2020, and is projected to reach $731,934 million by 2030, registering a CAGR of 4.1% from 2021 to 2030. Long steel is a phrase used to describe goods manufactured from billets and blooms that are mostly utilized in the construction industry. Typically, they are produced in electric arc furnaces. Rebar, wire rod, merchant bars, rails, and sections are examples of long steel items.
Factor such as rapid rise in urbanization and infrastructure projects like railways and bridges where high-strength long steel is required drives the market growth. However, the fluctuation in price of raw materials is expected to hamper the market growth. Furthermore, emergence in value added rebars products and increase in investments in infrastructure activities are anticipated to provide growth opportunity for the long steel market in coming years.
Furthermore, companies are expanding their business and taking its foot into investments in infrastructure, which will provide growth in market in forecast period. For instance, in March 2021, Nucor Corporation has built new tube mill in Steel Gallatin Sheet mill in Kentucky, which will allow company to take advantage of investments and has made to expand production capacity and add galvanizing line.
The long steel market is segmented on the basis of process, product type, application, and region. By process, the market is divided into basic oxygen furnace and electric arc furnace. By product type, it is segmented into rebar, wire rod, merchant bar, and others. By application, it is divided into construction, industrial, and others.
Region wise, the long steel market analysis is conducted across the North America (U.S., Canada, and Mexico), Europe (Germany, Russia, Italy, France, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key companies profiled in the long steel market report include Arcelor Mittal, Baowu Steel Group Corporation Limited, Gerdau S.A., HeSteel Group Company Limited, Hyundai Steel Co., Ltd, Nippon Steel Corporation, Nucor Corporation, POSCO Corporation, Ternium S.A., and Votorantim S.A.