Forging Progress: Insights into the Global Steel Market
The global steel market size is expected to reach USD 1.92 trillion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.6% from 2025 to 2030. Rising need for sustainable, durable, and low cost materials in construction industry is aiding steel consumption in the increasing residential and commercial activities. Long steel is a vital product segment of the market. Long steel products are widely used in the manufacturing of different components such as large machines, farm equipment, pipelines, bearings, springs, chains, ropes, cables, fencing, and wire mesh, among others. These find applications in various industries such as machine engineering, energy, automotive, and chemicals. Thus, increasing investments in the aforementioned industries are expected to increase the consumption of long steel products during the forecast period. The Asia Pacific market displays high growth owing to exponential growth in developing countrie...