Global Long Steel Products Market

Global Long Steel Products Market Size, Share, Growth Analysis, By Product(Bars, Rods), By Process(Hot Rolled, Cold Rolled), By Application(Construction, Automotive) - Industry Forecast 2023-2030


Report ID: SQMIG15O2023 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 94 | Figures: 76

Global Long Steel Products Market Insights

Global Long Steel Products Market size was valued at USD 751.28 Billion in 2022 and is poised to grow from USD 779.83 Billion in 2023 to USD 1050.95 Billion by 2031, at a CAGR of 3.8% during the forecast period (2024-2031).

In recent years, the global long steel products market has been experiencing steady growth and encompasses various steel products characterized by their extended length, including bars, rods, and structural shapes. The market is influenced by factors such as infrastructure development, construction activities, and industrial growth. Long steel products find extensive application in the construction industry for building frameworks and support structures.

Additionally, the automotive and manufacturing sectors play a role in shaping the demand for long steel products, impacting market dynamics. Global market trends include technological advancements in steel production processes, sustainable practices, and fluctuating raw material prices, all of which contribute to the evolving landscape of the long steel products market.

Market snapshot - 2024-2031

Global Market Size

USD 751.28 Billion

Largest Segment

Bars

Fastest Growth

Structural Shapes

Growth Rate

3.8% CAGR

Global Long Steel Products Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Long Steel Products Market Size By Product ($ Bn)
Global Long Steel Products Market Size By Product (%)

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Global Long Steel Products Market Segmental Analysis

The global long steel products market is segmented into four major segments i.e. by product, process, application, and region. Based on product, it is divided into bars, rods, structural shapes, wires, and others. Based on process, it is bifurcated as hot rolled, cold rolled, and others. Based on application it is segregated into construction, automotive, machinery, manufacturing, and others. Based on region, the market is segmented into United States, Canada, and Mexico.

Analysis by Type

Bars have typically held a substantial market share as it includes round bars and deformed bars, are commonly used in construction and various industrial applications Moreover, its versatility and widespread use in structural frameworks contribute to their potential dominance.

Due to their wide applications, structural shapes have gained popularity. Because with increased infrastructure development and construction projects, the demand for structural shapes like beams and channels may experience growth. These products play a crucial role in providing support and stability in construction.

Analysis by Application

Construction has long dominated the global long steel products market as long steel products, including bars, rods, and structural shapes, are essential in construction activities for building frameworks, support structures, bridges, and other infrastructure projects. The construction sector's consistent demand for these products contributes significantly to overall sales.

The automotive sector market’s fastest-growing segment. The demand for long steel products in vehicle frames and engine    parts, may experience significant growth. As automotive manufacturing evolves and expands, there could be an increased need for various long steel components.

Global Long Steel Products Market By Product, 2022 (%)

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Global Long Steel Products Market Regional Insights

The Asia Pacific has historically dominated the Long Steel Products market due to rapid urbanization, industrialization, and extensive infrastructure projects. The region, particularly China and India, has been significant in driving the demand for long steel products with high levels of construction and manufacturing activities in this region positions it as a potential dominant market.

The Middle East and Africa may experience rapid growth due to increasing infrastructure development, urbanization, and construction projects. As these regions invest in building new cities and enhancing existing infrastructure, the demand for long steel products could see notable growth.

Global Long Steel Products Market By Region, 2024-2031
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Global Long Steel Products Market Dynamics

Drivers

Increasing Construction Activities Worldwide

  • The robust construction activities worldwide fuel the demand for long steel products, such as bars and structural shapes, essential for building frameworks and support structures. The expansion of infrastructure projects, coupled with increasing urbanization, plays a pivotal role in propelling the market forward.

Restraints

Raw Material Price Volatility and Economic Downturns and Fluctuations

  • One of the main market restraints is the susceptibility of the market to economic downturns and fluctuations in construction and manufacturing activities. In periods of economic uncertainty, reduced investments in infrastructure projects and a slowdown in construction can lead to decreased demand for long steel products. Additionally, the market contends with challenges related to overcapacity, where excessive production capabilities can lead to pricing pressures and reduced profit margins for manufacturers.

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Global Long Steel Products Market Competitive Landscape

The competitive environment of the Long Steel Products market is dynamic and it has established steel manufacturers, as well as emerging regional players, contribute to the diverse market dynamics. Major companies often focus on expanding their product portfolios to meet the varying demands of end-use industries, including construction and automotive. Strategic collaborations, mergers, and acquisitions are common tactics employed by these players to strengthen their market positions and enhance their technological capabilities.

Top Player’s Company Profiles

  • Gerdau S.A. (Brazil)
  • Nippon Steel & Sumitomo Metal Corporation (Japan)
  • POSCO (South Korea)
  • Nucor Corporation (United States)
  • HBIS Group (China)
  • Tata Steel (India)
  • Shandong Steel Group (China)
  • Jiangsu Shagang Group (China)
  • Baowu Steel Group (China)
  • Ansteel Group (China)
  • JSW Steel (India)
  • Tenaris (Luxembourg)
  • SSAB (Sweden)
  • BlueScope Steel (Australia)
  • Evraz (Russia)
  • Magnitogorsk Iron and Steel Works (Russia)
  • Voestalpine (Austria)

Recent Developments

  • In August 2023, ArcelorMittal SA (MT.LU), the second-largest steel producer globally, is reportedly exploring the possibility of making an offer for the U.S. Steel Corp (X.N), according to three individuals familiar with the matter.
  • In October 2023, Nippon Steel Corporation, based in Japan, revealed its intention to create Nippon Steel Processing Co. effective October 1 this year.

Global Long Steel Products Key Market Trends

Rising Awareness Sustainable and Eco-friendly Practices within the Industry

  • The growing emphasis on sustainable and eco-friendly practices within the industry. Manufacturers are increasingly adopting greener production methods, focusing on energy efficiency and reducing carbon emissions. Additionally, technological advancements play a crucial role, with innovations in steel production processes enhancing efficiency and product quality. The market is also witnessing a trend towards digitalization and automation in manufacturing processes, contributing to increased precision and reduced operational costs.

Global Long Steel Products Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

Global long steel products market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by robust construction activities worldwide, particularly in the Asia-Pacific region. However, economic uncertainties and overcapacity pose challenges, impacting demand. Asia-Pacific remains a key market due to extensive urbanization and infrastructure projects. Notable trends include a shift toward sustainable practices and technological advancements. As the construction sector expands, lightweight steel alloys gain traction. Despite restraints, the market anticipates growth driven by regional developments and ongoing trends in sustainability and innovation.

Report Metric Details
Market size value in 2022 USD 751.28 Billion
Market size value in 2031 USD 1050.95 Billion
Growth Rate 3.8%
Base year 2022
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Bars, Rods, Structural Shapes, Wires, and others
  • Process
    • Hot Rolled, Cold Rolled, and others
  • Application
    • Construction, Automotive, Machinery, Manufacturing, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Gerdau S.A. (Brazil)
  • Nippon Steel & Sumitomo Metal Corporation (Japan)
  • POSCO (South Korea)
  • Nucor Corporation (United States)
  • HBIS Group (China)
  • Tata Steel (India)
  • Shandong Steel Group (China)
  • Jiangsu Shagang Group (China)
  • Baowu Steel Group (China)
  • Ansteel Group (China)
  • JSW Steel (India)
  • Tenaris (Luxembourg)
  • SSAB (Sweden)
  • BlueScope Steel (Australia)
  • Evraz (Russia)
  • Magnitogorsk Iron and Steel Works (Russia)
  • Voestalpine (Austria)
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Long Steel Products Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Long Steel Products Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Long Steel Products Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Long Steel Products Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Long Steel Products Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Long Steel Products Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Long Steel Products Market size was valued at USD 751.28 Billion in 2022 and is poised to grow from USD 779.83 Billion in 2023 to USD 1050.95 Billion by 2031, at a CAGR of 3.8% during the forecast period (2024-2031).

The competitive environment of the Long Steel Products market is dynamic and it has established steel manufacturers, as well as emerging regional players, contribute to the diverse market dynamics. Major companies often focus on expanding their product portfolios to meet the varying demands of end-use industries, including construction and automotive. Strategic collaborations, mergers, and acquisitions are common tactics employed by these players to strengthen their market positions and enhance their technological capabilities. 'ArcelorMittal (Luxembourg)', 'Gerdau S.A. (Brazil)', 'Nippon Steel & Sumitomo Metal Corporation (Japan)', 'POSCO (South Korea)', 'Nucor Corporation (United States)', 'HBIS Group (China)', 'Shougang Group (China)', 'JFE Steel Corporation (Japan)', 'Tata Steel (India)', 'Shandong Steel Group (China)', 'Jiangsu Shagang Group (China)', 'Baowu Steel Group (China)', 'Ansteel Group (China)', 'JSW Steel (India)', 'Tenaris (Luxembourg)', 'SSAB (Sweden)', 'BlueScope Steel (Australia)', 'Evraz (Russia)', 'Magnitogorsk Iron and Steel Works (Russia)', 'Voestalpine (Austria)'

The robust construction activities worldwide fuel the demand for long steel products, such as bars and structural shapes, essential for building frameworks and support structures. The expansion of infrastructure projects, coupled with increasing urbanization, plays a pivotal role in propelling the market forward.

The growing emphasis on sustainable and eco-friendly practices within the industry. Manufacturers are increasingly adopting greener production methods, focusing on energy efficiency and reducing carbon emissions. Additionally, technological advancements play a crucial role, with innovations in steel production processes enhancing efficiency and product quality. The market is also witnessing a trend towards digitalization and automation in manufacturing processes, contributing to increased precision and reduced operational costs.

The Asia Pacific has historically dominated the Long Steel Products market due to rapid urbanization, industrialization, and extensive infrastructure projects. The region, particularly China and India, has been significant in driving the demand for long steel products with high levels of construction and manufacturing activities in this region positions it as a potential dominant market.

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