Long Steel Market Valuation to Reach USD 701.69 Billion in 2028 | Increasing Government Focus on Infrastructure Development and Rapid Urbanization are Factors Driving Industry Growth, says Emergen Research

VANCOUVER, BC, July 22, 2021 /PRNewswire/ -- The global long steel market size is expected to reach USD 701.69 Billion at a steady CAGR of 3.6% in 2028, according to the latest analysis by Emergen Research. Steady global long steel market revenue growth can be attributed to rapid growth of the automotive industry globally. Long steel products, including wire rods, find extensive application in the automotive industry for manufacturing fasteners, automotive shock absorbers, wire fencings, springs, chains, wire ropes, bearings, wire meshes, cables, and tire cord, among others. Also, merchant bars, such as round bars, are used in the manufacture of a varying range of products from car axles to tent pegs due to various versatile characteristics. Furthermore, cold rolled round bars are crucial in applications (e.g. frameworks and braces) requiring high quality surface finish.

Rising focus by governments across the globe on infrastructure development is a significant factor driving long steel market growth. Various projects driven by rising public spending programs based on digital infrastructure comprising inter-city rail and transportation systems, ultra-high voltage power transmission, and new-energy vehicle (or NEV in China) charging stations, among others, are expected to gain rapid momentum going ahead. These are some key factors expected to continue to support market growth over the forecast period.

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Some Key Highlights From the Report

• In April 2021, TimkenSteel Corporation, which is a firm producing tailored alloy steel products, declared the signing of a purchase contract with Daido Steel Co. Ltd. As per the contract, TimkenSteel Corporation will sell its production facility in China for around USD 7.0 million.
• Merchant bars are particularly used in joist manufacturing, light commercial construction applications, commercial/industrial fabrication, and in heavy equipment (such as trailers) production processes.
• Electric arc furnace process for steel production involves use of recyclable materials such as scrap metals, therefore resulting in lower pollution and reduced amount of waste generation as compared to other processes. The process leads to resource and energy savings, as well as offers considerable advantages in terms of impact on the environment in a more cost-effective way.
• Long steel products such as steel tubes are widely used in the oil & gas industry. These are used to construct concrete pilings, manufacture bearing casings and conveyor belt rollers, which find wide application in the said industry.
• Long steel market in North America accounted for a significant robust revenue share in 2020, attributed to increasing growth of automotive and construction industries in countries in the region. In addition, increasing investment in development of infrastructure such as for roads and bridges is spurring growth of the market growth in the region.
• Major companies in the market include Nucor Corporation, Gerdau SA, Tata Steel Limited, Steel Dynamics Inc., ArcelorMittal SA, POSCO, Ansteel Group Corporation Limited, Nippon Steel Corporation, Mechel PAO, and Acerinox SA.

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Emergen Research has segmented the global long steel market on the basis of production process, product type, application, distribution channel, and region:

• Production Process Outlook (Revenue, USD Billion; 2018–2028)
• Electric Arc Furnace
• Basic Oxygen Furnace
• Product Type Outlook (Revenue, USD Billion; 2018–2028)
• Wire Rod
• Rebar
• Rail
• Merchant Bar
• Others
• Application Outlook (Revenue, USD Billion; 2018–2028)
• Industrial
• Construction
• Railways
• Others
• Distribution Channel Outlook (Revenue, USD Billion; 2018–2028)
• Direct
• Indirect

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• Regional Outlook (Revenue, USD Billion; 2018–2028)
• North America

a.  U.S.

b.  Canada

c.  Mexico

• Europe

a.  Germany

b.  U.K.

c.  France

d.  Italy

e.  Spain

f.  Sweden

g.  Benelux

h.  Rest of Europe

• Asia Pacific

a.  China

b.  India

c.  Japan

d.  South Korea

e.  Rest of APAC

• Latin America

a.  Brazil

b.  Rest of LATAM

• Middle East & Africa

a.  Saudi Arabia

b.  UAE

c.  South Africa

d.  Israel

e.  Rest of MEA

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SOURCE Emergen Research