Custom Market Insights has published a new research report on the global long steel products market. According to the report, the market size and share were valued at approximately USD 754.6 billion in 2023 and are expected to reach USD 793.8 billion in 2024. The market is projected to grow at a compound annual growth rate (CAGR) of about 5.2% during the forecast period from 2024 to 2033, reaching a value of around USD 1,252.8 billion.
The demand for long steel products is closely tied to the construction industry, which accounts for a significant portion of their usage. As economies develop and urbanize, the need for infrastructure development, residential construction, and commercial buildings continues to rise. This, along with rapid urbanization and infrastructure projects in emerging markets, as well as renovation and rebuilding efforts in developed countries, is driving the demand for long steel products.
Government initiatives and infrastructure development programs also contribute to the demand for long steel products. Investments in transportation, energy, water supply, and other infrastructure projects require substantial quantities of steel for bridges, roads, railways, and utility structures. As countries prioritize infrastructure upgrades and expansion, the demand for long steel products is expected to increase.
The manufacturing sector, including machinery, equipment, and automotive components, also contributes to the demand for long steel products. As manufacturing activities expand globally, particularly in emerging economies, the need for steel wire rods, merchant bars, and other long steel products grows.
Technological advancements in steel manufacturing processes, such as electric arc furnaces and continuous casting techniques, have improved efficiency, reduced production costs, and enhanced product quality. Innovations in steel grades and coatings also make long steel products more suitable for various applications.
The global long steel products market is influenced by global trade dynamics, including tariffs, trade agreements, and supply chain disruptions. Changes in trade policies and geopolitical tensions can affect steel prices, trade flows, and market competitiveness.
Environmental regulations and sustainability initiatives are increasingly shaping the long steel products market. Regulatory measures aimed at reducing carbon emissions and promoting sustainable practices impact steel production processes and product specifications.
In terms of partnerships and acquisitions, Schnitzer Steel Industries, Inc. introduced GRN SteelTM, a line of net-zero carbon products, reinforcing the company’s commitment to sustainability. Nucor Corporation acquired Sovereign Steel Manufacturing LLC and Summit Utility Structures LLC, further strengthening its position in manufacturing steel structures and metal poles.
The report provides a comprehensive overview of the long steel products market, including revenue estimation and forecast, company profiles, competitive landscape, growth factors, and recent trends. It covers the regions of North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
Overall, the long steel products market is poised for significant growth in the coming years, driven by the construction industry, infrastructure investments, industrialization, technological advancements, global trade dynamics, and environmental regulations.
The global long steel products market operates within the steel industry, which is vital for infrastructure development, construction, manufacturing, and other sectors. As mentioned in the article, the demand for long steel products is closely tied to the construction industry, which plays a significant role in driving market growth. With the development and urbanization of economies, there is a continuous need for infrastructure projects, residential construction, and commercial buildings.
Government initiatives and infrastructure development programs also contribute to the demand for long steel products. Investments in transportation, energy, water supply, and other infrastructure projects require substantial quantities of steel for various applications like bridges, roads, railways, and utility structures. As countries prioritize infrastructure upgrades and expansion, the demand for long steel products is expected to increase.
Apart from the construction industry, the manufacturing sector also contributes to the demand for long steel products. As manufacturing activities expand globally, particularly in emerging economies, the need for steel wire rods, merchant bars, and other long steel products grows.
Technological advancements in steel manufacturing processes have brought significant improvements to the industry. Methods such as electric arc furnaces and continuous casting techniques have enhanced efficiency, reduced production costs, and improved product quality. Moreover, innovations in steel grades and coatings have made long steel products more suitable for various applications.
The global long steel products market is influenced by global trade dynamics, including tariffs, trade agreements, and supply chain disruptions. Changes in trade policies and geopolitical tensions can affect steel prices, trade flows, and market competitiveness.
Environmental regulations and sustainability initiatives are increasingly shaping the long steel products market as well. Regulatory measures aimed at reducing carbon emissions and promoting sustainable practices impact steel production processes and product specifications.
In terms of notable developments in the industry, Schnitzer Steel Industries, Inc. has introduced GRN SteelTM, a line of net-zero carbon products, emphasizing their commitment to sustainability. Nucor Corporation has also strengthened its position in the market by acquiring Sovereign Steel Manufacturing LLC and Summit Utility Structures LLC, further expanding its capabilities in manufacturing steel structures and metal poles.
The market forecasts for the global long steel products market are optimistic. According to the report, the market is expected to grow at a compound annual growth rate (CAGR) of about 5.2% during the forecast period from 2024 to 2033. The market size and share are projected to reach around USD 1,252.8 billion by 2033. This growth can be attributed to factors such as the construction industry, infrastructure investments, industrialization, technological advancements, global trade dynamics, and environmental regulations.
For more information on the long steel products market, including revenue estimations, company profiles, competitive landscape, growth factors, and recent trends, you can refer to the report published by Custom Market Insights. The report covers the regions of North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
Related Links:
– Custom Market Insights (source of the article)