CHICAGO, May 22, 2020 /PRNewswire/ -- According to the new market research report "Long Steel Market BY Process (Basic Oxygen Furnace, Electric Arc Furnace), Product Type (Rebar, Merchant Bar, Wire Rod, Rail) End-Use Industry (Construction, Infrastructure, Others), And Region (NA, Europe, APAC, MEA, SA) - Global Forecast To 2025", published by MarketsandMarkets™, the Long Steel Market size is estimated to be USD 527.0 billion in 2020 and projected to reach USD 636.7 billion by 2025, at a CAGR of 3.9% from 2020 to 2025.
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124 – Market Data Tables
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Increasing construction and infrastructure activities, rising population levels, and industrialization are the major factors responsible for the growth of the long steel market. However, the recent outbreak of Covid-19 is expected to have a severe impact on the long steel market.
The basic oxygen furnace segment is projected to lead the long steel market during the forecast period
In 2019, the basic oxygen furnace accounted for a larger share of the market as compared to the electric arc furnace segment. This large share can be attributed to the advantages of the basic oxygen furnace process, such as high production volume. BOF is adopted by large players in the long steel market.
The rebar segment is projected to lead the long steel market during the forecast period
The rebar segment is expected to account for the largest share of the market during the forecast period. Rebar is mainly used as a reinforcement in steel to increases its tensile strength. The wire rod segment is expected to grow at the highest CAGR during the forecast period, owing to its wide application areas in various end-use industries.
The infrastructure industry is projected to be the major consumer of long steel during the forecast period
Based on end-use industry, the global long steel market is segregated into construction, infrastructure, and others. Other industries include automotive, hardware manufacturing, and machinery. The infrastructure segment expected to account for the largest share in the long steel market during the forecast period. Increasing investment in infrastructural activities is expected to drive the growth of the market. The infrastructure industry is also expected to grow at the highest CAGR during the forecast period.
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Asia Pacificis projected to be the largest consumer of long steel during the forecast period
Based on region, the long steel market is segregated into Asia Pacific, the Middle East & Africa, North America, Europe, and South America. Among these, the Asia Pacific accounted for the largest share in 2019.
This large share can be attributed to the presence of various global steelmakers such as ArcelorMittal, Nippon Steel and Sumitomo Metal Corporation, Tata Steel, and POSCO Steel in the region. The availability of domestic labor and raw materials at low-cost in the region are other advantages for these companies. Rapidly increasing population and urbanization are also expected to fuel the growth of the market. Asia Pacific is also expected to grow at the highest CAGR during the forecast period.
Key players in the long steel market, namely, Arcelor Mittal (Germany), Gerdau S.A. (Brazil), Nippon Steel & Sumitomo Metal Corporation (Japan), POSCO (South Korea), and Nucor Corporation (US) are considered for the study.
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