Global Steel Long Products Market to Reach US$ 774.73 Billion by 2028, Augmented by Unique Physical Properties

May 23, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “Steel Long Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global steel long products market size reached US$ 547.46 Billion in 2022. 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.

Global Steel Long Products Market Trends:

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. Looking forward, the market value is projected to reach US$ 774.73 Billion by 2028, expanding at a CAGR of 5.87% during 2023-2028.

Market Summary:

  • Based on the type, the market has been segmented into rebars, wire rods, tubes, and sections. At present, rebars dominate the market, holding the largest share. 
  • On the basis of the application, the market has been classified into construction, automotive and aerospace, railway and highway, and others. Among these, construction represents the largest segment.   
  • Region-wise, the market has been segmented into North America (United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Types Covered Rebars, Wire Rods, Tubes, Sections
Applications Covered Construction, Automotive and Aerospace, Railway and Highway, Others
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
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Global Steel Long Products Market to Reach US$ 774.73 Billion by 2028, Augmented by Unique Physical Properties
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