Steel Long Products - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Steel Long Products Market is accounted for $469.80 billion in 2019 and is expected to reach $844.13 billion by 2027 growing at a CAGR of 7.6% during the forecast period. Some of the key factors propelling the market growth include Replacement of structurally deficient infrastructure, expansion of the construction industry, and increasing demand for renewable energy sources. However, complexity in regulation for steel manufacturing plants is a restraining factor for the steel long products market.
Steel long products include rod, bars, wire, tubes, and others. Steel long products are able to absorb extra heat energy and can offer better stability in case of extreme weather conditions. These products have substantial applications in the automotive, construction, industrial, and power generation sector.
By type, rebars segment is anticipated to grow at the significant rate during the forecast period, due to expanding construction activities and infrastructure development, not prone to damage in case of corrosion, and stainless steel rebars are cheaper as well. Rebars, also known as reinforced bars, are used for structural applications in building & construction sector. They are mainly used to provide resistance to construction loads and hold the concrete in tension. It also provides resistance to temperature-induced stresses and limits the cracking in structures.
On the basis of geography, Asia Pacific region is expected to have considerable market growth during the forecast period, due to huge investments in the construction industry and steady growth in infrastructure in both the residential and non-residential sectors will significantly drive steel long products market growth in this region. The region is characterized by the presence of a growing population and housing needs. Countries, such as India and China, are witnessing an increasing number of residential construction projects, which is likely to create significant demand for steel long products.
Some of the key players in Steel Long Products Market include ArcelorMittal, Baosteel, Evraz Plc, Gerdau S.A., HBIS Group, Hyundai Steel, JFE Steel Corp., JSW Steel, Nippon Steel Corporation, POSCO, Tata Steel, United States Steel, Wuhan Iron & Steel Corp., Thyssenkrupp, and Hitachi Metals Ltd.
• Wire Rods
• Stainless Steel
• Alloy Steel
• Tool Steel
• Automotive & Aerospace
• Railway & Highway
• Mechanical Engineering
• Metal Goods
• Domestic Applications
• Channel Steel
• Angle Steel
• Screw Thread Steel
• Steel Rail
• Steel Bar
• Steel Wire
• Steel Rod
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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