Steel Long Products Market Poised for $985.49 Billion by 2030, Driven by Construction and Infrastructure Growth

Market Overview:

The global Steel Long Products Market reached a value of USD 768.33 Billion in 2023 and is expected to witness consistent growth at a CAGR of 3.62% between 2024 and 2030, reaching an estimated USD 985.49 Billion by the end of the forecast period. This growth is primarily driven by the increasing demand for these products in construction and infrastructure development projects across the globe.

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Report Scope:

This comprehensive report offers a detailed analysis of the Steel Long Products Market, covering key trends, growth drivers, challenges, and opportunities. It provides insights into the market size, segmentation, regional dynamics, and competitive landscape.

Steel Long Products Market Dynamics:

Global Economic Conditions are expected to drive the demand for Steel Long Products

The demand for steel long goods is mostly driven by the state of the world economy. The GDP of the euro area is predicted to increase by 0.5% in 2023 and 3.3% in 2022. The US GDP is anticipated to increase by 1.8% in 2022 and by 0.5% in 2023. It might take some time for supply interruptions to completely subside, especially in light of the COVID-19 pandemic and the effects of Russia's conflict against Ukraine. Increased building and infrastructure initiatives are driving growth in the global economy. A significant user of steel-length items, the manufacturing sector is similarly impacted by the state of the economy. It is anticipated that industrial manufacturing and production would rise.

Research Methodology:

The report employs a robust research methodology, including primary and secondary research. Primary research involves interviews with industry experts, market participants, and end-users. Secondary research encompasses extensive data analysis from credible sources like industry reports, government publications, and academic journals.

Segmentation: The report segments the Steel Long Products Market based on:

by Connection Type

Rebars
Wire Rods
Sections
Tubes

The steel long products market is divided into sections, wire rods, tubes, and rebars based on the product. Long, thin metal rods with a circular cross section are called wire rods, and their primary purpose is as a raw material for the manufacture of wire goods, which include electrical wires, fences, nails, and wire mesh. Steel sections, which have distinct cross-sectional profiles and give structures strength and stability, are a range of structural shapes constructed of steel, including beams, channels, angles, and tees. In engineering, infrastructure development, and construction projects, steel sections are frequently utilised. Angles are used to frame and support structures, and beams are utilised to support large loads in buildings and bridges.

by Application

Building & Construction
Automotive & Aerospace
Railways & Highway
Others

Application-wise, the steel long products market is divided into Railways & Highway, Building & Construction, Automotive & Aerospace, and Others. Steel long items are utilised in the aerospace and automotive industries to manufacture engine parts, suspension systems, chassis, axles, drive shafts, and structural frames, among other components. Additionally, high-strength steels are utilised to improve the performance and safety of automobiles and aircraft. Steel wire rods for tyre reinforcing and steel bars for crankshaft, camshaft and other engine element manufacturing are also essential to the automotive sector. The Automotive & Aerospace segment retained the second leading position in the steel long products product by the examination of the application segment.

Regional Insights:

In terms of environmental sustainability and innovation, the European steel sector leads the globe. At more than 500 steel manufacturing facilities spread across 22 EU members, the industry produces 160 million tonnes of steel annually on average. Europe's employment, growth, and progress are all based on the steel industry. The world's most adaptable industrial material is steel. The steel industry in the region is largely composed of the European steel long products sector. Since the Russian steel sector is focused on exports, the EU placed sanctions on it in March 2022 after several European nations outlawed the import of Russian steel. These sanctions have a significant negative impact on the industry's performance.

Key Players:

The report profiles leading players in the Steel Long Products Market, including:

1. Baosteel Group
2.Evraz Plc
3. Hyundai Steel
4.JFE Steel Corporation
5.Nucor Corp
6. POSCO
7.Tata Steel
8. United States Steel
9. Emirates Steel Arkan
10. Al-Rasheed Steel
11.Arabian Gulf Steel Industries (AGCI)
12.ArcelorMittal
13. Emirates Rebar Limited
14.Emirates Steel Arkan
15. Hamriyah Steel
16.Jindal Shadeed Steel
17.Rajhi Steel Industries
18. RAK Steel
19.Star International Steel
20.Union Iron and Steel
21. United Gulf Steel
22. Watania Steel Factory

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About Maximize Market Research:
At Maximize Market Research, our commitment to excellence is evident in every facet of our comprehensive approach to market research and consulting. Our team is comprised of a diverse group of experts hailing from various industries, ensuring a wealth of knowledge and experience that we bring to our clients' projects. We take pride in our extensive coverage across a wide range of sectors, guaranteeing our ability to cater to the unique needs of clients across diverse fields, including but not limited to medical devices, pharmaceuticals, technology, and other industries. Our range of services includes meticulously validated industry estimations, strategic consultancy, and competitive analysis, all carefully crafted to provide clients with the insights and guidance necessary to thrive in today's dynamic business landscape. With an unwavering dedication to precision and actionable intelligence, we aim to be the dependable ally upon which businesses rely to navigate the complexities of the market and emerge as leaders in their respective domains.

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