The global Long Steel Products Industry was estimated at USD 469.8 billion in 2019 and is anticipated to increase at a CAGR of 5.5% from 2020 to 2027
Long Steel Products Industry | Forecast 2030
Long Steel Products Industry Data Book – Steel Rebar, Carbon Steel Pipe Fittings, Steel Pipes & Tubes and Steel Wire Market
The global Long Steel Products Industry was estimated at USD 469.8 billion in 2019 and is anticipated to increase at a CAGR of 5.5% from 2020 to 2027
Grand View Research’s Long steel products industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with an agricultural statistics e-book.
Steel Rebar Market Insights
The global steel rebar market size was valued at USD 270.18 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. The market is anticipated to be driven by the rising investments in infrastructure development projects and construction activities. Government spending on propelling supporting infrastructural developments to boost economic growth is anticipated to benefit the market growth. For instance, in 2021, the Chinese government allocated USD 573 billion as special-purpose bonds (SPBs) to its local governments for rebuilding the country’s infrastructure. Of the funds raised through issuing SPBs, 50% were used for the industrial park and transport infrastructure development.
The global steel rebar market based on application and region: Construction dominated the market in 2021 with a revenue share of more than 55.0% and this trend is expected to continue during the forecast period. Various investments in the construction industry are projected to augment segment growth. For instance, in April 2022, Alliance Group, a leading real estate developer, announced to an investment of USD 1.12 billion for its residential construction projects in Hyderabad, Chennai, and Bengaluru, India.
Order your copy of the Free Sample of “Long Steel Products Industry Data Book – Steel Rebar, Carbon Steel Pipe Fittings, Steel Pipes & Tubes and Steel Wire Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research
Carbon Steel Pipe Fittings Market Insights
The global carbon steel pipe fittings market size was valued at USD 6.84 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030. The rising need to transport and store the materials in oil & gas, and petrochemicals industries are expected to assist the market growth.
The ability of carbon steel pipe fittings to withstand demanding environmental conditions such as heat and steams makes them a suitable choice over other materials. In some applications, piping systems need to transport the gas at a very low temperature, wherein brittleness and cracks can create challenges. In such applications, carbon steel pipe fittings are needed to meet the demanding requirements. These fittings are also economical and are popular owing to wide applications such as sewage, municipal, and transport of water, oil, and gas in numerous industries.
The carbon steel pipe fittings market based on application, and region: The oil & gas segment accounted for the largest revenue share of nearly 50.0% in 2021. The segment is projected to grow on account of rising investments in the oil & gas industry. For instance, China Petroleum & Chemical Corp is planning to invest USD 31.00 billion for upstream exploration in Sichuan and Mongolia regions. The company aims to expand its footprint in natural gas, refined oil, and petrochemical products.
Steel Pipes & Tubes Market Insights
The global steel pipes & tubes market size was valued at USD 142.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2020 to 2027. Increasing oil & gas production owing to the demand from the transportation industry is one of the prominent growth drivers for the market. The oil & gas industry is the major consumer segment for steel pipes & tubes. Steel pipes are used for the transportation of gas & liquid in this industry. They are generally manufactured using low alloy or carbon steel. The inside diameter, ductility, yield strength, and pressure rating are some of the key factors considered while selecting pipes for specific applications. The U.S. oil & gas industry is among the primary end-users for steel pipes and tubes. The product is used in upstream, midstream as well as downstream processing of crude oil. The market is anticipated to register steady growth over the forecast period owing to the developments in the U.S. oil & gas industry.
The global steel pipes & tubes market on the basis of technology, application, and region: In terms of volume, seamless accounted for a market share of over 54% in 2019. Seamless steel products are manufactured from billets that are perforated and heated to create the tubular section. There are no seam welds in such products. Seamless pipes & tubes are used in a variety of sectors including oil & gas, power generation, chemicals & petrochemicals, and engineering.
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