Long Steel Market

The market for global long steel is divided into bars, rods, wire rods, and others by product type. In 2023, the largest market share was held by the bars segment, which is also projected to remain dominant throughout the forecast period. The rods segment is likely to post the highest CAGR over the forecast period. The growth of the bars segment is supported by a rise in bar demand in construction. Bars are used for various purposes, such as reinforcing concrete, structural supports and beams in construction.

The growth of the rod segment can be credited to increasing demand for them in the automotive industry. Rods are used for different purposes in automobiles, such as engine components, suspension systems and drive shafts. Over the forecast period, however, it is expected that Wire Rods will increase at an average annual rate of 2%. At present, wire rods are widely applied in different aspects like wire production, nail manufacturing etc. The rise of the wire rods segment can be attributed to growing requirements for wire products within the construction sector, automotive; & manufacturing.

The Long Steel Market is segmented into various end-use industries, including Construction, Automotive, Energy, Manufacturing, Transportation, and Others. The Construction segment accounted for the largest share of the market in 2023, valued at around 487.23 USD Billion and is projected to maintain its dominance throughout the forecast period. This is primarily attributed to the increasing demand for long steel in residential, commercial, and industrial construction projects.

The Automotive segment is another major end-use industry, with a market value of approximately 128.59 USD Billion in 2023.The growth in this segment is driven by the rising production of passenger cars, light commercial vehicles, and heavy-duty trucks. The Energy sector is also a significant consumer of long steel, with a market size of about 82.49 USD Billion in 2023. This demand is primarily for the construction of pipelines, power plants, and other energy infrastructure. The Manufacturing segment, valued at 73.22 USD Billion in 2023, utilizes long steel in the production of machinery, equipment, and consumer goods.

The long steel market across the globe is divided into carbon steel, stainless steel, alloy steel and others which are listed as grades. High strength, versatility of application, and low-cost construction materials have contributed to the dominance of Carbon Steel in this sector. Additionally, Alloy Steel has a good potential to be the fastest growing over the forecasted period because it has better resistance to corrosion and wear as well as improved mechanical properties.

Stainless Steel also has positive prospects resulting from its use in the food processing industry or other corrosive environments such as chemical processing sectors. The Other’s cluster encompasses specialty steels like tool steel, and spring steel bearing that service specialized niche applications. This segmentation can help players identify new growth avenues, optimize their product portfolio and target strategies to maximize profitability and expand presence in the Long Steel Market.

The Long Steel Market is split into Basic Oxygen Furnace (BOF), Electric Arc Furnace (EAF), Induction Furnace (IF) and others based on manufacturing processes. Over the forecast period, it is expected that the Electric Arc Furnace (EAF) segment will grow at higher rates due to its energy efficiency, and its communities in developing countries embrace it further. The largest share of the Long Steel Market belongs to the Basic Oxygen Furnace (BOF) segment which makes high-quality steel cheaply. In the future, there are expectations that the Induction Furnace (IF) segment will enjoy popularity since it can produce specialty steels.

Other processes like open hearth furnaces and direct reduced iron belong to the Others category and are anticipated to account for a small portion of the Long Steel Market through 2022.

The 'Application' segment is a crucial aspect of the Long Steel Market analysis. It provides insights into the specific areas where long steel is utilized, thereby influencing market dynamics. The segmentation includes five key applications: 'Rebar', 'Wire Products', 'Structural Shapes', 'Railway Tracks', and 'Others'. In 2023, the Long Steel Market revenue in the 'Rebar' segment was estimated at USD 450 billion, accounting for around 49% of the market share.

The 'Wire Products' segment followed closely with a revenue of approximately USD 220 billion, representing 24% of the market.'Structural Shapes' captured a market share of 18% with a revenue of USD 160 billion. The 'Railway Tracks' segment contributed USD 60 billion, holding a 7% market share. The remaining applications, categorized as 'Others', generated revenue of USD 35 billion, accounting for 4% of the Long Steel Market in 2023.