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Steel Section Market Overview | Industry Research Report 2021 By Hexa Reports

Steel Section Market Overview | Industry Research Report 2021 By Hexa Reports

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On the basis of product types, the “Global Steel Section Market” is segmented into rebars, wire rods, tubes, rails and hot rolled bars.

Steel Sections are a type of steel long products and are used for different applications in industries, including infrastructure and construction, power, industrial machinery and railway. These provide stability and strength to the structure. Other steel long products include rebars, wire rods, tubes, rails and hot rolled bars. The global steel long products market will grow on the back of the demand from different industries including construction, transmission and distribution, and automobiles. Upgrading of power distribution lines is the major factors driving the market.

Research states that, one of the key drivers will be the rising demand from non-residential construction sector. Improvement in non-residential construction is one of the major drivers for the global steel sections market. The demand for steel products increased in 2015 as compared to 2013 and 2014, due to the increase in non-residential construction activities. In 2015, the expenditure on the US non-residential market increased by 12%.

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The study states that, decline in iron ore prices will be a challenge for the market. Iron ore and steel scrap both are used as raw material for the preparation of steel. Demand for steel scrap is highly affected by the fluctuating London Metal Exchange billet prices and the iron ore prices. Demand for steel scrap is directly proportional to the prices of iron ore. Thus, when the prices of iron ore are low, the demand for scrap is also low.

Research states that, using steel will be a key trend for market growth since it is a sustainable material. Steel is the world’s most important engineering material. Its production is extremely energy intensive. Technological advancements and extensive R&D have reduced the high consumption of energy in the production process. Once successful, this will lead to the reduction of greenhouse gas emissions.

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This will also help to combat climate change which has become a serious environmental issue in recent years. Thus, the use of steel as a sustainable material (intern sections) is a new trend that is expected to auger well for the growth of the market during the forecast period. There are various types of steel sections are available in the market such as beam sections, parallel flange beams, angles, channels, rails, plates, flats, round bar, hexagon bar, square bar, square hollow bar, rectangular hollow section and so on.

The global steel section market is classified on the basis of application, product types and geography. On the basis of application, the global steel section market is segmented into chemical processing, pharmaceuticals, asphalt production, transportation, electronics, plastics & rubber processing, food & beverage processing, agricultural chemicals, metal processing, petroleum refining and so on.

On the basis of geography, the global steel section market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East & Africa. North America is dominated the largest market share in the coming years. The key players of global steel section market are EVRAZ, ArcelorMittal, Gerdau, NSSMC, Nucor, Anyang Steel Group, Celsa Steel, Hyundai Steel, Mechel, and Tata Steel.

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