The steel long products market is expected to grow by 121.55 million MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Technavio has announced the latest market research report titled Global Steel Long Products Market 2020-2024 (Graphic: Business Wire)
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The rapid economic growth and rise in industrialization in countries such as China, India, Japan, and Thailand has led to an increase in the demand for steel long products in APAC. For instance, the construction market in China is growing at a CAGR of over 12% and is expected to value more than USD 2.5 trillion by 2022. Also, China and India are emerging as global manufacturing hubs of various industries such as automotive, defense, and others. In addition, the rise in exploration and drilling activities for unconventional sources such as shale gas has been increasing the demand for blowout preventers and subsea components in the APAC. Many such factors are fueling the growth of the global steel long products market.
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As per Technavio, the growth in the construction industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Steel Long Products Market: Growth in the Construction Industry
The increasing demand for public infrastructure in emerging markets such as Brazil, Russia, India, China, South Africa, and others have fueled the growth of the global construction industry. Besides, factors such as rapid urbanization and growth in the population in these countries have been attracting significant investments in infrastructure development projects. Steel long products such as rebars are widely used in construction projects. They strengthen buildings, improve stress handling, and ensure ease in designing. Therefore, the growth of the global construction industry is expected to have a positive impact on the global steel long products market during the forecast period.
"Upgradation of existing transmission and distribution networks and investments in smart cities will further boost the demand for steel long products during the forecast period," says a senior analyst at Technavio.
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Steel Long Products Market: Segmentation Analysis
This market research report segments the steel long products market by geography (APAC, Europe, North America, MEA, and South America) and type (rebars, wire rods, tubes, sections, and others).
The APAC region led the steel long products market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the rising number of grid expansion plans in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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