The global long steel products market size is expected to reach USD 1, 011.9 billion by 2030, expanding at a CAGR of 3.8% over the forecast period, according to ResearchAndMarkets.com.
Products such as rebars and wire rods are vital today with their growing emphasis in the building and construction industry.
The market is segmented into rebars, wire rods, sections, and tubes, of which rebars are extensively used in constructing infrastructure and buildings. Wire rods are manufactured by drawing hot metals through shafts to develop wires with reduced diameters.
Wire rods represent the most ductile form owing to their high flexibility and easy availability in different diameters. They are widely used in construction and fencing applications, positively impacting their growth.
Based on region, Asia Pacific is one of the leading markets in the world. The growth is attributable to China, the largest producer and consumer of long steel products in the Asia Pacific.
Other major regional markets include Japan, South Korea, India, and Southeast Asian countries such as Indonesia, Vietnam, and Thailand in recent years.
The Asia Pacific market has faced challenges due to a global oversupply of raw materials, increased competition from other steel-producing countries, and the impact of the COVID-19 pandemic on the region’s economies.
Further, market players’ various growth strategies, such as new product development and capacity expansions, will likely benefit the industry’s growth.