Long Steel Products Industry Expects Investments Galore in Asia Pacific - Grand View Research, Inc.
SAN FRANCISCO, July 19, 2023 /PRNewswire/ -- The global long steel products industry size will witness an upward growth trajectory on the back of rising bridge construction activities, according to the "Long Steel Products Industry Data Book, 2023 - 2030," published by Grand View Research. Billions of dollars are expected to be injected into repairing, rebuilding and replacing bridges. In January 2023, the U.S. Department of Transportation's Federal Highway Administration (FHWA) announced pouring USD 2.1 billion into a large-bridge project for "critical improvements" in four bridges. An uptick in infrastructural and manufacturing activities has prompted steelmakers to bolster their strategies.
Bullish construction activities have reinforced the penetration of steel reinforcement bars. Technological advancements have furthered the demand for rebar for enhanced concrete placement and reduced congestion. Besides, the sustainable trend has prompted industry leaders to bank on rebars to minimize their environmental footprint. For instance, in October 2022, Tata Steel announced an infusion of Euro 65 million (approximately USD 64 million) in IJmuiden, the Netherlands, for sustainable steel manufacturing. Meanwhile, in January 2021, The steel giant joined forces with CII Green Business Centre and other stakeholders in India to manufacture green rebar. The global steel rebar market size garnered USD 270.18 billion in 2021 and is poised to depict around 4.9% CAGR between 2022 and 2030.
Order your copy of the Free Sample of "Long Steel Products Industry Data Book - Steel Rebar, Carbon Steel Pipe Fittings, Steel Pipes & Tubes and Steel Wire Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research
Steel wire has gained ground with a notable rise in constructing railway bridges, roads, flyovers and slabs. In March 2023, the Italian government gave a green signal for the construction of the allegedly longest suspension bridge in the world, extending to 3,666m (single span of 3,300m). The bridge is expected to cut GHG emissions from transport as trains would be run for the first time between the mainland and Sicily. Carbon steel wire is slated to be sought in bridge cables, musical instruments and tire reinforcement materials. The global steel wire market size stood at USD 102.98 billion in 2021 and will expand at a 4.7% CAGR through 2030.
Stakeholders will explore the following trends and opportunities to tap into the global landscape:
- Carbon steel pipe fittings have received an impetus on the back of soaring infrastructural activities and the expansion of the oil & gas industry.
- Incumbent players have upped investments in steel pipes & tubes in light of growing manufacturing activities and crude oil production.
- The North America market will witness profound investment, partly due to bullish government investments to foster the economy. In April 2023, the U.S. FHWA announced a USD 14 million infusion (part of the USD 300 million investment from the Bridge Investment Program) into the Bipartisan Infrastructure Law Funding, replacing US-59 San Antonio River Bridge in Texas.
- Well-established and emerging companies are counting on Asia Pacific; China and India are gaining ground from buoyant construction projects and the adoption of state-of-the-art technologies. Automation technologies have become invaluable in underscoring product quality, cutting labor costs and leveraging users to monitor operations remotely.
China's Belt and Road Initiative (BRI) has fueled a wave of innovation and expedited infrastructure and construction projects. The audacious project has underpinned the network of highways, energy pipelines and railways. Developing Asian economies would require around USD 1.5 trillion annually through 2030 for infrastructure development, according to a report cited by the Asian Development Bank. Long steel manufacturers envisage the Asia Pacific to emerge as a happy hunting ground—the regional outlook is expected to remain bullish.
Organic and inorganic strategies will be pronounced as incumbent manufacturers inject funds into technological advancements, product offerings, innovations, geographical expansion, R&D activities, collaboration and mergers & acquisitions. The decarbonization trend has become the next thing in steel manufacturing. To illustrate, in January 2023, ArcelorMittal announced that it poured USD 36 million into Boston Metal to foster decarbonization and bring a paradigm shift in steelmaking.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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