LOS ANGELES, Jan. 21, 2020 (GLOBE NEWSWIRE) -- The global steel rebar market is expected to grow at a CAGR of around 5.6% during the forecast period 2019 to 2026 and reach the market value of around US$ 355.6 bn by 2026.
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Asia-Pacific dominated the global steel rebar market in the year 2018. The region has experienced the potential growth owing to the presence of steel rebar companies such as Jindal Steel & Power ltd, Steel Authority of India Limited and Tata Steel Ltd among others. The presence of a large customer base and rising foreign direct investment in manufacturing and infrastructure development sector is additionally accelerating the regional market growth. Moreover, technological advancement and increase in the number of applications, rising per capita income, increase in steel rebar production in China, India, and Japan and growing end user industries such as infrastructure, housing, and industrial are expected to enhance the market size. Furthermore, the rising demand for commercial spaces due to the growth of the service industries such as information technology and telecommunications and banking, financial services, and insurance is leading to increased construction, which, in turn, is driving the growth of the global steel rebar market. The emerging countries of the APAC region offer tremendous opportunities in the steel rebar market due to the increased modern architecture and building & construction activities in the region. Moreover, urbanization activity includes growth in construction of residential as well as commercial buildings, schools, hospitals, offices, malls, multiplex, roads, and bridges in different regions and countries. Government schemes and policies are further expected to fuel the growth of the construction industry. This is also expected to open investment opportunities in the global market for the manufacturers in the coming years. The North America region is expected to exhibit a second-largest share in the steel rebar market. The increasing number of developments such as roads, bridges and malls in the region raise the demand for steel rebar, and is expected to contribute to market growth. Additionally, growing demand for steel rebar in various end user applications increase demand for production and consumption of steel rebar in this region, and is further expected to further propel the growth of the market. The US has large research and development hub which increases the innovation and development in steel rebar, and a growing manufacturing base of steel rebar propels the market growth. This further grows the demand for steel rebar in the region over the forecast the period.
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Europe is expected to register highest CAGR during the forecast period. The growing construction industry, high research and development from steel rebar manufacturers, growth in production of steel rebar, are further expected to boosts the demand for steel rebar in the region during the forecast period.
The infrastructure segment is expected to grow at the fastest rate of 5.4% CAGR during the forecast period. Based on end user, the global steel rebar market has been segmented into infrastructure, housing, and industrial. The growing development of pillar structures, highways, and bridges, and increase in number of infrastructure projects. These factors are further expected to raise segment over the forecast period.
Deformed steel segment dominated the steel rebar market on the basis of type in the year 2018. The deformed steel segment accounts of the largest share in the market and held for more than 55% of the total market in 2018. The major factors that are driving the growth of this segment are the rising demand durability in construction and growing construction industry, low thermal resistance, effective, low cost, and ability to form ultra-thin bond lines. This expected to enhance the dominance of the deformed steel segment in the global market over the forecast period.The manufacturers Nippon Steel & Sumitomo Metal Corporation, ArcelorMittal, Steel Asia Manufacturing Corporation, Hyundai Steel Company, and Steel Authority of India Limited are the mainly investing in the development of deformed steel which expected the lead the market in the coming years.
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Some of the leading competitors are Jindal Steel & Power ltd., Byer Steel Group Inc., Posco SS Vina, Co. Ltd, Barnes Reinforcing Industries, Jiangsu Shagang Group Co., Ltd., Daido Steel Co., Ltd., and Tata Steel Ltd, Nippon Steel & Sumitomo Metal Corporation, ArcelorMittal, Steel Asia Manufacturing Corporation, Hyundai Steel Company, and Steel Authority of India Limited.
Some of the key observations regarding steel rebar industry include:
- In October 2016, ArcelorMittal and Votorantim S.A. signed partnership agreement for steel business. The partnership agreement focuses on increase the production of steel and enhances the rolling capacity of steel.
- In September 2016, Nippon Steel & Sumitomo Metal Corporation established new company in Vietnam named as Nippon Steel & Sumitomo Metal Vietnam Company Limited. The new company enhances the customer base from energy and infrastructure in Vietnam.
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