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[market-insider]

Navigating Market Dynamics in the Long Steel Products Industry

The global long steel products market size is expected to reach USD 1,012.11 billion by 2030, expanding at a CAGR of 5.1% from 2024 to 2030, according to a new report by Grand View Research, Inc,. Products such as rebars and wire rodsare of vital importance in today’s world with their growing emphasis in the building and construction industry. Based on product, the market is segmented into rebars, wire rods, sections, and tubes, of which rebars are extensively used in the construction of infrastructure and buildings. Wire rods are manufactured by drawing hot metals through shafts to develop wires with reduced diameters. Wire rods represent the most ductile form owing to their high ductility and easy availability in different diameters. They are widely used in construction and fencing applications which is positively impacting their growth.

Long Steel Products Market Report Highlights

Based on product, rebars held a revenue share of more than 34.0% in 2023 of the global market. Rebars are embedded in the concrete or used along with it so that the concrete can withstand the compressive forces in the structure and sustain against the tensile forces formed in the structure. The demand for rebars is expected to propel in developing nations owing to the growing construction activities

In terms of revenue, wire rods is anticipated to register a CAGR of 5.9% across the forecast period owing to their rising use in the automotive industry

Asia Pacific accounted for the highest share of over 66.0% in 2023, in terms of revenue, and this trend is anticipated to continue over the forecast period. As the region is characterized by a growing population and surging housing requirements, countries such as China and India, are witnessing an increasing number of residential construction projects. This is expected to result in significant product demand in the Asia Pacific in the coming years

The market is characterized by intense competition. Several of players are entering into long term supply contracts with end-users. ArcelorMittal, Emirates Steel Arkan and Emirates Rebar Limited are among the leading players of the market in the world

For More Details or Sample Copy please visit link @: Long Steel Products Market Report

Based on region, Asia Pacific is one of the leading markets in the world. The growth is attributable to China which is the largest producer and consumer of long steel products in the Asia Pacific. Other major markets in the region include Japan, South Korea, India, and Southeast Asian countries such as Indonesia, Vietnam, and Thailand. In recent years, the Asia Pacific market has faced challenges due to a global oversupply of raw materials, increased competition from other steel-producing countries, and the impact of the COVID-19 pandemic on the region's economies.

Further, various growth strategies such as new product development and capacity expansions by the market players are likely to benefit the industry growth. For instance, in February 2023, ArcelorMittal introduced a new blast oxygen furnace LD (Linz-Donawitz) converter in Bosnia with a capacity of 125 tons. This converter has been supplied by Primetals Technologies. Thus, this investment ramps up the production and processing of steel into billets, bars, blooms, and ingots.

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[baosteelindustry]

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[market-insider]

Steel Structures Shaping the Future: A Detailed Analysis of the Structural Steel Market Dynamics

The global structural steel market size was valued at USD 174.51 Billion in 2030 and is likely to register a compound annual growth rate (CAGR) of 5.9% from 2024 to 2030. The market growth is attributed to the growth in the construction sector and rising demand for steel as a green and sustainable material. Structural steel is utilized for construction-related applications. Its high carbon content offers high strength and low ductility. It is available in the form of various shapes such as I-beam, Z-shape, angle, tee, bar, and rod, depending upon the applications. It can be customized into a variety of shapes in different thicknesses and sizes owing to its ductility. Based on application, the market is segmented into residential and non-residential, where the latter dominates the market, in terms of revenue share.

Structural Steel Market Report Highlights

Based on region, Asia Pacific dominated the global market in 2022 on account of the growing infrastructural developments in the region

The non-residential application segment is anticipated to register the fastest CAGR, in terms of revenue, over the forecast period due to the rising renovation activities and spending on infrastructure development

The industrial sub-segment led the non-residential application in 2022. Increasing construction of lightweight industrial building systems that make use of thin sheet-covered surfaces is the recent technological development, which is driving the demand for high-strength structural steel

Middle East & Africa is expected to grow at a considerable CAGR, in terms of revenue, over the forecast period. The growth can be attributed to the upcoming infrastructure-related projects in the Middle East

For More Details or Sample Copy please visit link @: Structural Steel Market Report

Growing spending on the commercial sector & infrastructural developments across various nations is augmenting the product demand in non-residential applications. The segment is further divided into industrial, commercial, offices, and institutional. Structural steel is widely used in numerous industrial sectors owing to its high strength-to-weight ratio. In the construction industry, it is utilized in designing and building industrial spaces, such as warehouses, bridges, and factories. Growth in the manufacturing sector is expected to propel the need for new factories and plants. For instance, after the emergence of the COVID-19 pandemic, various new facilities were established to meet the rising demand for PPE in the U.S.

Asia Pacific was the dominant regional market in 2020 and this trend is anticipated to continue over the forecast period. The growing construction spending in the developing economies of the region is anticipated to augment the product demand. For instance, in August 2021, India announced that it aims at spending INR 100 trillion (USD 1.35 trillion) on infrastructure development for boosting economic growth and jobs in the country. The competitive rivalry is extremely high in the market due to the presence of several small- and large-scale players spread across the world. The companies are striving to recover from their losses caused by the COVID-19 pandemic and are taking initiatives, such as mergers & acquisitions and capacity expansions, to further widen their reach.

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[baosteelindustry]

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[market-insider]

Iron and Steel Market's Journey in Fueling the Engine of Progress

The global iron and steel market size is expected to reach USD 2,253.52 billion by 2030, according to a new report by Grand View Research, Inc. expanding at a CAGR of 3.8% from 2023 to 2030. Rising demand for heavy machinery and growth in the construction industry is expected to augment market growth over the forecast period.

Iron And Steel Market Report Highlights

Based on iron ore application, the steel segment is expected to register a growth rate of 2.0% in terms of revenue over the forecast period. The production of steel is expected to increase over the forecast period on account of rising investments in the construction of smart cities, led by increasing urbanization rates.

For example, Saudi Arabia’s NEOM project is anticipated to consume the largest amount of iron and steel. Further, at a capacity of 650 tons per day, the NEOM project will commence hydrogen production in 2026, which will be used by green steel and cement industries, for the city to run at 100% renewable energy.

Based on steel end-use, the building & construction segment captured the largest revenue share of the market, with over 45.0% in 2022. Rising investment by emerging economies to modernize their infrastructure is expected to propel the demand for the product.

Based on region, the Middle East & Africa is expected to achieve a revenue growth rate of 4.3%, over the forecast period. This growth is primarily driven by the emergence of infrastructure projects in the Middle East, which in turn is boosting the demand for products in the region.

For More Details or Sample Copy please visit link @: Iron And Steel Market Report

Over 98% of the total iron ore transforms into pig iron, which is a crucial component in the production of steel. Finished steel products are used in various industries, such as heavy industry, construction, automotive, and consumer goods. In heavy industry, steel is a strong material that can handle heavy weights and tough conditions. It provides stability and safety to heavy machinery, equipment, and infrastructure by maintaining their structural integrity. Thus, it is widely used in heavy industries such as shipbuilding, defense products manufacturing, and oil & gas.

Investment in the oil & gas industry is expected to drive the demand for steel over the forecast period. For instance, in April 2022, Cairn Oil & Gas, a Vedanta Group subsidiary, announced investing USD 700.0 million in oil & gas exploration projects in India. The company plans to invest in 100 exploratory wells, including the project in the Barmer region of Rajasthan, India.

Despite the rising penetration in various end-use industries, the product faces hindrances in the automotive industry. Electric vehicles prefer to use aluminum because of its lightweight and robust characteristics. This lightweight property helps reduce fuel consumption and lowers carbon emissions. As a result, aluminum is increasingly being used as a substitute for steel in electric vehicles, and this trend is expected to negatively affect the global market growth in the foreseeable future.

Region-wise, Asia Pacific is projected to undergo substantial revenue growth with a CAGR of 3.6% across the forecast period. This growth can be attributed to substantial investments in the region's construction and infrastructure sectors of developing economies. For instance, The Indonesian parliament approved the Capital City Bill in January 2022, paving the way for constructing a new capital city in the East Kalimantan province. The country has plans to invest USD 35 billion in the project, which is projected to be finalized by 2024.

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[baosteelindustry]

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