Global Long Steel Market Is Expected to Reach $731.93 Billion by 2030: Says AMR

Increase in number of industrial infrastructure projects in developing countries, rise in residential construction activities across the globe, and recovery in the non-residential construction industry drive the growth of the global long steel market. Based on process, the basic oxygen furnace segment held the major share in 2020. By region, on the other hand, the market across Asia-Pacific would remain lucrative by 2030.

Portland, OR, Aug. 04, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global long steel market was estimated at $476.21 billion in 2020 and is expected to hit $731.93 billion by 2030, registering a CAGR of 4.1% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

Increase in number of industrial infrastructure projects in developing countries, rise in residential construction activities across the globe, and recovery in the non-residential construction industry drive the growth of the global long steel market. On the other hand, fluctuations in price of raw materials restrain the growth to some extent. However, surge in focus on public–private partnerships in emerging countries and high growth potential in emerging economies have been beneficial for the market growth.

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COVID-19 scenario-

• Delays in production and manufacturing activities of long steel that are utilized across the industrial and construction sector impacted the global long steel market negatively, especially during the initial phase of the lockdown.

• Nevertheless, as the global situation is getting restored slowly & steadily, and the market is expected to recoup soon.

The global long steel market report is analyzed across process, product type, application, and region. Based on process, the basic oxygen furnace segment accounted for around three-fifths of the total market revenue in 2020, and is expected to lead the trail by the end of 2030. The electric arc furnace segment, on the other hand, would register the fastest CAGR of 4.5% from 2021 to 2030.

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Based on product type, the rebar segment held more than two-fifths of the total market share in 2020, and is expected to dominate by 2030. The wire rod segment, however, would cite the fastest CAGR of 4.5% throughout the forecast period.

Based on region, the market across Asia-Pacific held the major share in 2020, garnering more than three-fifths of the global long steel market. The same region would also register the fastest CAGR of 4.5% from 2021 to 2030. The other provinces studied in the report include North America, Europe, and LAMEA.

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The key market players analyzed in the global long steel market report include Baowu Steel Group Corporation Limited, Gerdau S.A., Arcelor Mittal, HeSteel Group Company Limited, Hyundai Steel Co., Ltd, Votorantim S.A., Nippon Steel Corporation, Nucor Corporation, POSCO Corporation, and Ternium S.A.These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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