Long Steel Market By 2030: Growth, Analysis Reports and Overview to Reach $731,934 Million

In a recent report released by AMR, the burgeoning growth of the construction sector, particularly in residential and commercial domains, has fostered a favorable market environment for long steel goods, meeting the escalating housing demands of a rapidly expanding population. Moreover, emerging trends in the construction industry such as Lean Construction, Building Information Modeling (BIM), and Green Buildings have amplified the significance of prefabrication and modularization, thereby augmenting the demand for the long steel market.

The global long steel market, valued at $476,213 million in 2020, is anticipated to soar to $731,934 million by 2030, demonstrating a compounded annual growth rate (CAGR) of 4.1% from 2021 to 2030.

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Key Industry Influencers:

In recent years, significant investments and advancements have been witnessed in the steel industry and its associated mining and metallurgical sectors.

As per data released by the Department for Promotion of Industry and Internal Trade (DPIIT), Indian metallurgical industries attracted a noteworthy Foreign Direct Investment (FDI) of US$ 14.24 billion from April 2000 to September 2020.

Long steel products are primarily propelled by the building and infrastructure sectors, with China, the U.S., and India leading the global construction market.

Urbanization is experiencing a notable upsurge in South and Southeast Asia, prompting substantial infrastructure and construction investments in these regions and other emerging economies over the next decade, thereby opening avenues of opportunity for mining and metal companies.

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Driving Market:

Growth of the construction sector in the residential and commercial sectors has led to a favorable market for long steel goods in order to fulfil the need for housing from a fast-increasing population. Furthermore, new construction industry trends such as Lean Construction, Building Information Modeling (BIM), and Green Buildings have expanded the importance of prefabrication and modularization in construction, driving the demand for the long steel market or long steel goods market higher.

In recent years, the steel industry as well as its linked mining and metallurgical industries have experienced significant investments and advances. According to the data published by the Department for Promotion of Industry and Internal Trade (DPIIT), Indian metallurgical industries garnered US$ 14.24 billion in Foreign Direct Investment (FDI) from April 2000 to September 2020.

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Top Players:
The key players profiled in the long steel report include Arcelor Mittal, Baowu Steel Group Corporation Limited, Gerdau S.A., HeSteel Group Company Limited, Hyundai Steel Co., Ltd, Nippon Steel Corporation, Nucor Corporation, POSCO Corporation, Ternium S.A., and Votorantim S.A.

Key Findings Of The Study

The report provides an extensive analysis of the current and emerging long steel market trends and dynamics.

Depending on process type, the basic oxygen furnace dominated the long steel market share, in terms of revenue in 2020.

By application, the construction sector registered highest revenue in 2020.

Industrial sector is projected to register highest growth rate in the coming years.

Asia-Pacific region is projected to register highest growth rate in the coming years.

The report provides an extensive analysis of the current trends and emerging long steel market opportunities.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, DE. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.