Long Steel Products Industry Analysis | Growth Forecast 2030
Long Steel Products Industry | Forecast 2030
Steel is a vital industry for global economic growth and long steel products play a crucial role in developing infrastructure across the globe. It is a key raw material used in producing long products for building & construction and various manufacturing activities. As per the World Steel Association, the total value contribution by the steel industry is USD 2.9 trillion, which is equivalent to 3.8% of the global GDP.
The rise in infrastructure projects globally, such as metro projects, railway bridges, highways, and mega city projects across the globe, has augmented the demand for long steel products in construction. For instance, in November 2021, the U.S. government signed a USD 1 trillion bipartisan infrastructure plan for the upgradation and construction of infrastructure in the country, such as roads, highways, bridges, airports, ports, and energy, from 2021 to 2026.
Access the Global Long Steel Products Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Long steel products are widely used in residential, non-residential, and infrastructure applications. Structural steel products, including beams, angles, sections, etc. are widely utilized in housing, residential, and commercial buildings owing to their lightweight and high-strength characteristics, which minimize the load on the foundation and reduce sub-structure costs.
Steel Rebar Market Growth & Trends
The global steel rebar market size is expected to reach USD 415.79 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.9% from 2022 to 2030. Increasing investments in infrastructure revamping projects and construction activities are anticipated to drive the market over the forecast period.
Various infrastructure redevelopment projects dedicated to fueling economic growth across the world are projected to augment the demand for steel rebar during the forecast period. For instance, the Spanish government announced the Recovery, Transformation, and Resilience Plan to stimulate the economy from the crisis caused by the pandemic. Under the recovery plan, Spain is expected to receive USD 74.26 billion as a grant and USD 74.80 billion as a loan from the Recovery and Resilience Facility (RRF). Out of the total amount to be received, 15% is expected to be spent on infrastructure development projects in the country.
In addition, rising investments in residential and non-residential construction activities across developing economies are projected to drive the market across the forecast period. For instance, in February 2022, Godrej Properties announced plans to make an investment of around INR 7,500 crore (~USD 937.3 million) in the next 1-1.5 years in the development and acquisition of new housing and commercial real estate projects in Mumbai, Delhi, Bengaluru, and Pune.
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Steel Pipes & Tubes Market Growth & Trends
The global steel pipes & tubes market size is expected to reach USD 192.60 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.1% from 2024 to 2030. Increasing investment by governments across the world to improve the water system is expected to propel the demand for steel pipes & tubes over the forecast period.
In March 2022, in view of the increasing concern over drinking water contamination in certain parts of the country, the U.S. EPA announced that it would release a USD 50 billion fund to be used for the development of clean water infrastructures. Such investments are expected to fuel the market growth in water treatment applications over the forecast period.
In the oil & gas industry, steel pipes & tubes are used for a wide range of applications, such as concrete pilings, conveyor belt roller bearings, or wall thickness. This application segment is expected to maintain its dominance across the forecast period, as increasing investment in offshore exploration & production is further aiding the product demand.
For instance, in June 2022, the Netherlands and Germany jointly announced that they would drill a new gas field in the North Sea. The first gas from the field is anticipated to be generated by the end of 2024. This is expected to positively impact the market growth over the forecast period.
Competitive Insights
The outlook for the long steel products markets has weakened quickly in the last quarter of 2022. Factors responsible for weaker prospectus include higher energy prices, the global economic slowdown, rising inflation, the impacts of the Russia-Ukraine war, the sharp decline in the real estate sector, and the rising COVID-19 infections. Global crude steel production has declined significantly in 2022 as the demand has contracted at the global level.
The destruction of steel production facilities in Ukraine has led to a collapse in steel production along with rising energy prices and production stoppages, especially in Europe. However, the financial performance of steel companies showed improvement in 2022.
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