Long Steel Products Industry:Market Outlook

Long Steel Products Industry Data Book | Forecast 2030

Long Steel Products Industry Data Book | 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 Report Highlights

• Based on application, construction accounted for a revenue share of more than 55.0% in 2021, and this trend is expected to continue across the forecast period on account of rising construction activities across various economies

• The Asia Pacific held a revenue share of over 60.0% in 2021. Growing construction spending on public infrastructure, coupled with commercial sectors, is propelling the product demand

• Rising carbon footprints from the steel industry are compelling established players to switch to less energy-consuming methods. For instance, in April 2022, Nippon Steel Corporation acquired two Thailand-based EAF steelmakers for a sum of around USD 477 million. This acquisition is a step by Nippon Steel Corporation to cut its reliance on blast furnaces and reduce harmful emissions

• Fiber-reinforced polymer (FRP) rebars are likely to substitute steel rebars owing to their high strength, lightweight, thermal resistance, and high corrosion resistance. The corrosive nature of the steel rebars impacts the lifespan of reinforced concrete structures

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Steel Pipes & Tubes Market Report Highlights

• Based on technology, ERW is anticipated to register a growth rate of 6.3% across the forecast period. The growth is attributed to its cost-efficient manufacturing process

• Based on application, the chemicals & petrochemicals is anticipated to grow at a CAGR of 6.1% from 2024 to 2030. Steel pipes & tubes find use in petrochemical processing plants for refining processes owing to their characteristics such as high oxidation and corrosion resistance

• Based on region, North America held the second-largest revenue share in 2023 of the global market. The growth is anticipated to be driven by increasing investment in offshore oil & gas production

• Increasing investment in the construction of pipeline networks to supply oil and gas is expected to propel the demand for steel pipes in the coming years. For instance, as of January 2024, ~41,999 miles of pipeline are under construction, and 80,557 miles are in planning stage, as per the Pipeline & Gas Journal

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.