Steel long products include rod, bars, wire, tubes, and others. These products have substantial applications in the automotive, construction, industrial, and power generation sector.
Rising population coupled with ever-increasing urbanization leads to rise in demand for infrastructure in emerging economies. There is rising demand for domestic and commercial buildings in China. This is accompanied with the rising industrial development caused due to infrastructural development in the region. India is an important emerging economy. Furthermore, the region is characterized by substantial investment in the construction sector coupled with investment in the education and healthcare sector.
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Increasing industries are shaping the economy of this region. Economic development in the region has led to the construction of considerable number of bridges and roads that point toward better quality infrastructure. Therefore, infrastructural development increases demand for steel long products, as these products help strengthen structural integrity. Steel long products are able to absorb extra heat energy and can offer better stability in case of extreme weather conditions. These factors help to strengthen the building and other construction, thus triggering the expansion of the global steel product industry. Increase in pollution causes frequent and sudden change in the climate, which increases the possibility of natural calamities. This, in turn, increases the need for better quality construction, thus boosting the prospects of the steel long products market during the forecast period.
However, as steel is an expensive metal as compared to other metals, cost of material of steel long products gradually increases. This is likely to hinder the expansion prospects of the steel long products market during the forecast period. Furthermore, steel and steel products companies have to abide by stringent rules and regulations to set up their plants. Therefore, complexity in regulation for steel manufacturing plants is a restraining factor for the steel long products market.
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There is increasing demand for renewable energy sources. Installation of renewable energy sources increases due to the depletion of non-renewable energy sources coupled with increasing demand for energy in the domestic and industrial sector,. Solar plants and windmill require constructional stability, which is anticipated to lead to rise in demand for steel long products during the forecast period.
In terms of product type, the steel long products market can be segmented into rebars, wire rods, tubes, and sections. Steel rebars held significant share in recent years, and this segment is estimated to expand at a prominent rate during the forecast period. Rebars are employed in road construction, drainage construction, and roof and floor construction as well. Rebars are primarily utilized as tensile devices for the reinforcement of concrete, and these devices offer tension to hold the concrete firmly. Moreover, these rebars provide greater strength and stability during extreme weather conditions, and these devices are able to absorb extreme temperatures. Therefore, these rebars are extremely useful for different types of construction. Some rebars are not prone to damage in case of corrosion, and stainless steel rebars are cheaper as well. These factors are anticipated to propel the steel rebars market during the forecast period.