Steel production is evolving towards more sustainable and eco-friendly methods. Explore the advantages of Electric Arc Furnace over Basic Oxygen Furnace and their impact on the long steel market.
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The global long steel market size is expected to reach USD 701.69 Billion at a steady CAGR of 3.6% in 2028, according to latest analysis by Emergen Research.
The market for long steel has been expanding steadily over the past several years and is anticipated to do so at a significant rate in the years to come. Long steel refers to steel items like rebar, wire rods, and sections that are largely employed in the construction sector. A number of reasons, including as the expansion of the building sector, rising infrastructure spending, and rising urbanisation, are driving the market. The expansion of the construction sector is one of the key factors driving the long steel market. The demand for long steel products is largely driven by the building industry. Long steel goods are in high demand as a result of the development of new homes and businesses as well as the growing urbanisation and population. The need for long steel goods, which are needed for infrastructure development projects like highways, bridges, and tunnels, is another factor contributing to the expansion of the construction industry.
The rising investment by governments throughout the world on infrastructure is a crucial factor in the long steel market. To promote economic growth and development, many nations are making significant investments in infrastructure projects. For instance, the ‘Make in India’ programme of the Indian government and the ‘One Belt, One Road’ initiative of the Chinese government have increased the number of infrastructure projects, which has increased the demand for long steel goods. The long steel market is not immune to difficulties, and there are a number of things that can impede its expansion. The growing usage of alternative materials like composites and plastics in the construction sector is one such cause. The growth of the long steel market may be constrained by the high price of steel as well as the availability of less expensive and more ecologically friendly substitutes.
Additionally, the market encounters difficulties because to the fluctuating costs of raw resources used to make long steel goods, such as iron ore and coal. Production of long steel products may decrease as a result of the unstable prices of these raw materials, which can also affect the profitability of steel producers. Despite these obstacles, a number of growth factors are anticipated to propel the long steel market in the years to come. The market for long steel is anticipated to have new growth prospects due to the rising demand for environmentally friendly building materials. Steel is an excellent material choice for sustainable construction projects since it is both extremely robust and recyclable.
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Additionally, the demand for long steel products is anticipated to increase due to the growing adoption of cutting-edge technologies like automation and robots in the steel manufacturing process, which are likely to lower production costs and improve product quality. The World Steel Association predicts that the rebound of the construction industry and investments in infrastructure in emerging nations would increase global steel demand by 5.8% in 2021. According to the analysis, China, which is currently the world’s largest producer and consumer of steel, will likely be responsible for the majority of the increase in global steel demand over the next several years.
The expansion of the construction sector, rising infrastructure spending, and increasing urbanisation are expected to propel the worldwide long steel market towards sustainable growth during the ensuing years. Despite the market’s difficulties, makers of long steel should benefit from the adoption of cutting-edge technologies and the rising demand for environmentally friendly building materials.
Long Steel Market Segmentation:
The production process outlook for the long steel market can be classified into two main categories: Electric Arc Furnace (EAF) and Basic Oxygen Furnace (BOF). EAF has rapidly gained traction in the steel production industry due to its numerous advantages over BOF. EAF uses electricity to melt scrap steel and produce new steel, making it a more sustainable and environmentally friendly option for steel production. On the other hand, BOF uses iron ore and coke as primary raw materials, which are not only more expensive but also have a significant impact on the environment.
The product type outlook for the long steel market includes wire rods, rebar, rail, merchant bar, and others. Wire rods are primarily used for producing wires and deployed in engineering, aviation, and reinforcing concrete structures due to their excellent mechanical properties and versatility. Rebar, also known as reinforcing steel, is used to reinforce concrete structures and increase their tensile strength. Rail is primarily used in the railway industry for constructing railway tracks. Merchant bars are used in a wide range of applications, including construction, automotive, and manufacturing industries.
The distribution channel outlook for the long steel market includes direct and indirect channels. The direct distribution channel involves selling long steel products directly to end-users, such as construction companies, railways, and industrial customers. The indirect distribution channel involves selling long steel products through distributors and retailers. In 2020, the Asia Pacific region accounted for the fastest revenue share growth in the long steel market due to several factors, including rapid urbanization, increasing construction activities, and rising infrastructure investments. The region is the largest market for long steel products, and its dominance is expected to continue in the coming years.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights from the Report
· Deployment of electric arc furnaces for steel production is rapidly gaining traction due to the numerous benefits it offers over traditional blast furnace technology. Electric arc furnaces use electricity to melt scrap steel and produce new steel, making them a more sustainable and environmentally friendly option for steel production.
· Wire rods find application mostly for producing wires and deployed in engineering, aviation, and reinforcing concrete structures due to their excellent mechanical properties and versatility. Wire rods are produced from billets of steel, which are heated and then passed through a series of rollers to form a wire with a specific diameter.
· Long steel market in Asia Pacific accounted for fastest revenue share growth in 2020 due to several factors, including rapid urbanization, increasing construction activities, and rising infrastructure investments. Asia Pacific is the largest market for long steel products and is expected to continue its dominance in the coming years.
· Major companies in the market include Nucor Corporation, Gerdau SA, Tata Steel Limited, Steel Dynamics Inc., ArcelorMittal SA, POSCO, Ansteel Group Corporation Limited, Nippon Steel Corporation, Mechel PAO, and Acerinox SA.
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