Technavio, a tech-focused market research firm, has published a new report on the global steel long products market, which is expected to grow at a CAGR of close to 3% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global steel long products market into the following key regions: the Americas, APAC, Europe, and MEA.
Source: Technavio
Top three contributors for the global steel long products market are elaborated below:
Steel long products market in APAC: The growth of the steel long products market in APAC is driven primarily by the the construction, and transmission and distribution sectors in the region. Countries such as Indonesia, Myanmar, and Vietnam are expected to invest in grid improvement and grid expansion programs during the forecast period. The Asian Development Bank, the World Bank, and Japan International Cooperation Agency are also supporting these countries in their grid expansion plans. In addition, China and India are expected to emerge as automobile hubs.
According to Ajay Adhikari, a lead analyst at Technavio, specializing in research on specialty chemicals, “The Make in India campaign aims to install 700-gigawatt of power capacity in India by 2030. The initiative is anticipated to propel the demand for steel long products from the power sector.”
Steel long products market in Europe: The steel long products market in Europe is expected to grow at a moderate pace during the forecast period. In 2016, Russia accounted for the largest portion of the steel long products market in Europe. Germany recorded the maximum construction activity in the same year, followed by France.
Steel long products market in the Americas: Renovation and modernization are the prime drivers behind the growth of the steel long products market in the Americas. The US is the primary revenue contributing country in the market in this region. The high rate of industrialization in countries such as Paraguay and Brazil will also help in propelling market growth.
The leading vendors operating in the global steel long products market are:
- ArcelorMittal
- EVRAZ
- Gerdau
- Shagang Group
- NSSMC
Other prominent vendors in the market include Baosteel, Celsa Steel, Heilongjiang Jianlong Iron and Steel, Mechel, and Riva Group.
A more detailed analysis is available in the Technavio report titled, ‘Global Steel Long Products Market 2017-2021’.
Other related reports:
- Global Industrial Silica Sand Market 2017-2021
- Non-metallic Minerals Market in Bulgaria 2016-2020
- Aluminum Manufacturing Market in Turkey 2016-2020
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