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″, 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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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 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.
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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 impact the long steel market severely.
Major companies operating in the long steel industry include Arcelor Mittal (Germany), Gerdau S.A. (Brazil), Nippon Steel & Sumitomo Metal Corporation (Japan), POSCO (South Korea), and Nucor Corporation (US).
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Arcelor Mittal (Germany) is one of the leading players in the long steel market and has been adopting inorganic and organic strategies to sustain its market position. 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. In 2019, ArcelorMittal supplied long products for the construction of major waterway bridge crossing France, Luxembourg, and Germany. This bridge is currently being built with ArcelorMittal’s long products and was expected to be operational by April 2020.
Gerdau S.A. (Brazil) is another major company in the long steel market. It has been adopting organic and inorganic strategies to sustain its position in the market. In 2019, Gerdau agreed to buy a 96.4% share of Siderúrgica Latino-Americana (Silat) from Spanish group Hierros Añón for USD 110.8 million. Silat is located in Caucaia, a city in the northeastern Brazilian state of Ceará, 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. In 2018, Gerdau planned for an investment worth USD 141.6 million to install a new continuous casting line at its Pindamonhangaba steel mill in Sao Paulo, Brazil. The product line is expected to be operational by 2020 and will produce stronger and purer steel specifically for automotive and oil & gas industries.
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