LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global steel long products market is projected to grow to 1,022.1 million metric tons by 2021, at a CAGR of close to 3% over the forecast period.
This research report titled ‘Global Steel Long Products Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Steel long products or long products include rebars, wire rods, tubes, sections, hot-rolled bars, and rails. They are commonly used in the construction, energy, mechanical engineering, and automotive industries. The increase in demand for steel long products from the rapidly industrializing countries in APAC is driving the growth of the global market.|
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Based on product type, the report categorizes the global steel long products market into the following segments:
- Wire rods
The top three revenue-generating product segments in the global steel long products market are discussed below:
“Rebars constitute the most popular products of the global steel long products market, responsible for generating almost 34% of the overall revenue. Rebars are identical to round bars but have lateral joints and axial bumps on the surface at intervals, and are designed to support and form a bond with concrete,” says Ajay Adikari, a lead analyst at Technavio for metals and minerals research.
Apart from providing additional structural strength, rebars are also used to absorb energy, adapt to extreme conditions, and hold stress during natural disasters. The global steel rebars market is expected to grow considerably, driven by the large number of construction projects that are currently underway.
Wire rods are the second most popular product in the steel long product market, estimated to grow to 227.4 metric tons by 2021. The rising demand for wire rods from the transmission and distribution industries is likely to drive the market segment over the forecast period.
Wire rods are mainly used in aluminum conductor steel reinforced wires and earth wires, ball bearings, bush bearings, automotive parts, and general purpose wires. Also, governmental drivers such as “Make in India” will further boost the growth of the market segment.
“The oil and gas, general engineering, power plants, water and sewage, and automotive industries create an extremely high demand for steel tubes. This is expected to result in the swift growth of the market segment, at a CAGR of almost 4% through 2021,” says Ajay.
Steel tubes are used in various applications, including automotive components, bicycles, heat exchangers, renewable energy structures, transport, gas and oil pipelines, and tubing solutions. Welded stainless tubes account for a major portion of the stainless tube market, holding a share of 85% in the global market, while seamless and oil country tubular goods pipes make up the rest.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Shagang Group
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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