Oxygen Furnace is Expected to Dominate the Global Steel Long Products Market
The market is likely to be driven by the
increasing demand for long steel products from the construction and
infrastructure industry across the globe.
According to TechSci Research report, “Global Steel
Long Products Market –Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Steel Long Products Market is
anticipated to grow with a CAGR of 4.80% in the forecast period.
Infrastructure development and construction projects
serve as a significant driver of the global Steel Long Products market.
Stainless steel is highly favored in the construction industry due to its
exceptional properties, including corrosion resistance, strength, and
durability. In infrastructure projects
such as bridges, tunnels, high-rise buildings, and transportation systems,
stainless steel is used extensively for structural components, reinforcement,
and architectural finishes. Its resistance to harsh environmental conditions
ensures the longevity and safety of these structures, reducing maintenance
costs over time. The global trend toward urbanization and the need for
modernization of existing infrastructure continue to drive robust demand for Steel
Long Products products. Additionally, sustainable construction practices
increasingly emphasize the use of materials that minimize environmental impact,
and stainless steel aligns with these objectives due to its recyclability and
long lifespan. As governments worldwide invest in infrastructure to stimulate
economic growth and improve quality of life, the demand for Steel Long Products
products remains strong. This driver contributes significantly to the stainless
steel market's growth, shaping the industry's dynamics and innovation.
The automotive industry plays a crucial role in
driving the global Steel Long Products market. Stainless steel is a preferred
material in automotive manufacturing due to its unique combination of
properties, including corrosion resistance, high-temperature tolerance, and
strength. Stainless steel finds extensive use in various automotive components,
such as exhaust systems, decorative trim, and structural elements. Its ability
to withstand harsh conditions, including exposure to road salt and extreme
temperatures, enhances the durability and performance of these components. With
growing consumer demands for fuel efficiency and environmental sustainability,
automakers are increasingly incorporating stainless steel into lightweight
vehicle designs. Stainless steel's lightweight properties can reduce vehicle
weight, contributing to fuel efficiency and reduced emissions. As the
automotive industry continues to evolve with the adoption of electric and
hybrid vehicles, the demand for stainless steel in battery enclosures and other
specialized components is expected to increase. Overall, the automotive
sector's reliance on stainless steel is a significant driver of the global
market, shaping product innovation and market dynamics.
Browse over XX market data Figures spread
through 188 Pages and an in-depth TOC on "Steel Long Products Market.”
The Global Steel Long Products Market is segmented
into product, type, grade, application and region.
Based on type, The Austenitic Steel Long Products segment
had the largest market share in 2022 & expected to maintain in the forecast
period. Austenitic stainless steels, which primarily contain chromium and
nickel, offer exceptional corrosion resistance. This property makes them ideal
for applications in aggressive environments, such as marine, chemical, and food
processing industries. As industries worldwide prioritize corrosion resistance
to ensure product longevity and safety, the demand for austenitic stainless
steel remains high. Austenitic stainless steels are highly versatile and can be
used in a wide range of applications. They can be easily fabricated into
various forms, including bars, rods, wires, and structural sections, making
them suitable for diverse industries such as construction, automotive, and
manufacturing. Austenitic stainless steels maintain their strength and
corrosion resistance at elevated temperatures. This property is crucial in
applications like exhaust systems in the automotive industry and industrial
equipment subjected to high-temperature processes.
Based on application, The Building and Construction segment
had the largest market share in 2022 and is projected to experience rapid
growth during the forecast period. Stainless steel's exceptional resistance to
corrosion and rust is a critical factor in its popularity within the
construction sector. Buildings and structures are exposed to diverse weather
conditions and environmental elements, and stainless steel's ability to
withstand corrosion ensures the longevity and durability of these structures.
Stainless steel's high strength-to-weight ratio makes it an ideal choice for
structural components. It allows for the creation of robust structures without
excessive weight, enabling architects and engineers to design innovative and
efficient building systems. Stainless steel's sleek and modern appearance adds
an aesthetic dimension to architectural designs. It is often used for cladding,
façades, railings, and decorative elements that enhance a building's visual
appeal. Stainless steel's reflective surface also complements glass and other
materials commonly used in contemporary architecture. Stainless steel's
sustainability credentials align with the growing emphasis on environmentally
friendly construction practices. Its durability reduces the need for frequent
replacements and maintenance, minimizing the overall environmental impact.
Major companies operating in Global Steel Long
Products Market are:
- Nippon Steel Stainless Steel Corporation
- ArcelorMittal S.A
- China Baowu Steel Group Corp., Ltd.
- Jindal Stainless
- Outokumpu
- Aperam S.A.
- ThyssenKrupp AG
- Allegheny Technologies
- AK Steel Holdings Corporation
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“The Global Steel Long Products market is expected to
rise in the upcoming years and register a significant CAGR during the forecast
period owing to increasing demand from the automotive industry, growing demand
from the oil and gas industry, rising demand from the consumer goods industry
among others. The automotive industry is
one of the major end-use industries for long stainless steel. The increasing
demand for fuel-efficient and emission-compliant vehicles is driving the demand
for stainless steel in the automotive industry. This trend is particularly
evident in the Asia Pacific region, where the automotive industry is growing
rapidly. Additionally, The construction industry is another major end-use
industry for long stainless steel. The increasing demand for green buildings
and the need for corrosion-resistant materials is driving the demand for
stainless steel in the construction industry. This trend is evident in all
regions, but it is particularly strong in the Asia Pacific region, where the
construction industry is growing rapidly. Therefore, the market of Steel Long
Products is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Steel Long Products Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast Segmented By Process Type (Basic
Oxygen Furnace and Electric Arc Furnace), By Product Type (Rebar, Wire Rod,
Merchant Bar, and Others), By Application (Construction, Industrial, and
Others), By Region, By Competition 2018-2028”, has evaluated the future growth
potential of Global Steel Long Products Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision-makers make
sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in the Global Steel Long Products Market.
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