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The Long Steel Market is worth $636.7 Billion by 2025 | Leading Players are Arcelor Mittal (Germany), Gerdau S.A. (Brazil), Nippon Steel & Sumitomo Metal Corporation (Japan), POSCO (South Korea), and Nucor Corporation (US)

05-28-2020 06:51 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: MarketsandMarkets.com

The Long Steel Market is worth $636.7 Billion by 2025 | Leading

The 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" 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. 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.

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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.

Asia Pacific is 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.

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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.

Recent developments:
o In 2019, ArcelorMittal announced the acquisition of Essar Steel India Limited (ESIL), a fully integrated flat carbon steel manufacturer located in Gujarat, India. The company simultaneously formed a joint venture with Nippon Steel Corporation, called ArcelorMittal Nippon Steel India Limited, which will own and operate ESIL. This acquisition helped the company strengthen its market presence in India.
o In November 2019, Gerdau agreed to buy a 96.4% share of Siderrgica Latino-Americana (Silat) from a Spanish group Hierros An for USD 110.8 million. Silat is located in Caucaia, a city in the northeastern Brazilian state of Cear, and has a production capacity for 600,000 tons of long rolled steel per year. The company mainly produces rebar and wire rod. Silat was a close competitor of Gerdau in the rebar market, and with this acquisition, Gerdau has strengthened its market position in the rebar market.
o In November 2019, POSCO launched INNOVILT, a premium brand of steel products for the construction industry. These products were launched to raise the standard of steel products for construction.
o In June 2018, NSSMC acquired Ovako AB, a European specialty steel manufacturer headquartered in Sweden, as a wholly-owned subsidiary. Ovako AB manufactures Nippon Steel & Sumitomo Metal Corporation's specialty steels, including weathering steel. This acquisition helped NSSMC strengthen its position in the specialty steel sector.

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