Luton, Bedfordshire, United Kingdom, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Steel Rebar Market. The CAGR for the global steel rebar market for the forecast period of 2022–2029 is predicted to be 4.4%. From USD 198.70 billion in 2020, it is anticipated to exceed USD 292.75 billion by 2029.
Concrete is given tensile strength by steel rebar, which is a steel bar or mesh of steel wires. Due to its physical characteristics, steel rebar is utilised in the construction of houses, bridges, dams, and highways. It gives the structure being built or developed a sturdy base and helps and strengthens the concrete when it is under tension. Concrete has a modest tensile strength but can support large compression loads. Here is where steel rebar steps in to play.
Rebar, often referred to as reinforcement steel or reinforcing steel, is typically formed of galvanised reinforced polymers, stainless steel, carbon steel, sheet metal, glass fibre, epoxy, welded wire fabric, and carbon, iron, manganese, and sulphur. The majority of steel rebar is of a size or shape that allows for fast placement and bending in concrete to create a monolithic structure. It has great resistance, reduces spalling joint edges, reduces the likelihood of crack formation, and is robust and long-lasting.
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Road, flyover, dam, and building construction all employ steel rebar. It strengthens and facilitates the concrete under stress as well as provides a solid foundation for the building that is being constructed or designed. In order to prevent crack development, lessen temperature-induced stress, and aid other steel bars in distributing the overall load fairly, it is also utilised as reinforcement while constructing structures.
The need for steel rebar has increased, particularly in developing nations, due to rapid urbanisation, modernization, industrialisation, and the growing construction industry. The growth of the steel rebar market is anticipated to be fueled by rising building and construction activity (particularly in China, Japan, and India), a recovering construction sector in Europe, a surge in non-residential construction activities in North America, and a shift in trend towards the use of enhanced grades of steel rebar.
Steel Rebar Market Report Scope:
| Report Feature | Details |
| Base Year: | 2021 |
| Projection Period: | 2022-2029 |
| Market Details: | Total revenue and forecast, CAGR, Market value, share, and Y-o-Y growth by segment and region |
| Segment Covered: | by Product Type, by Steel Process , Finishing Type, and by Region |
| Country Covered: | North America: includes the US, Canada, Mexico Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN and Rest of APAC Europe: includes UK, Germany, France, Italy, Spain, Russia, and Rest of Europe South America: includes Brazil, Argentina and Rest of South America Middle East & Africa: includes Turkey, UAE, Saudi Arabia, South Africa, and Rest of MEA |
| Report Coverage: | Market growth driving factors, challenges & pitfalls, opportunities, trends, key players analysis, and region analysis |
Steel Rebar Market Regional Scope:
The North American area, the Asia-Pacific region, the European region, the Latin American region, and the Middle East and African region have all been given their own regions within the region where the steel rebar market is concerned. Due to the presence of nations like South Korea, Japan, China, and India—which are recognised as the main intersections of the automobile, commercial construction, and residential construction—and because it is the fastest-emerging region, the Asia-Pacific region holds the largest market share in the global market and is therefore driven by demand. Another element that boosts market demand in this region is the growing urbanisation and industrialisation.
Due to the existence of nations like the US, Canada, and Mexico, whose massive automobile industries fuel market demand in this area, the North American region holds the second-largest market share in the global industry. More market demand is also created by growing investment in various power production projects, the oil and gas industry, and construction sites. The market demand in this region is also fueled by the presence of numerous significant important players.
The European region now holds the third-largest market share in the global market due to the presence of a well-established, technologically advanced infrastructure that calls for more steel rebar and hence expands this region's chances for growth. The market demand in this area is also driven by rising investment together with rising spending on private construction growth.
Due to the lack of adequate infrastructure in both Latin America and the Middle East and Africa, these two regions have the lowest market shares. Another factor that limits market expansion in these areas is the low per capita income.
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Leading companies in the market are:
- ArcelorMittal
- Gerdau S.A
- Nippon Steel & Sumitomo Metal Corporation
- Posco SS Vina, Co. Ltd
- Steel Authority of India Limited
- Tata Steel Ltd
- Essar Steel
- Mechel PAO
- Nucor Corporation
- Sohar Steel LLC
- Celsa Steel UK
- Ansteel Group
- Hyundai Steel and Others
Steel Rebar Market drivers and Restraints -
Global expansion of the construction sector, falling steel prices, less wastage, reduced overlapping at joints, and a need for quicker infrastructure development are the main factors propelling this market's expansion. One of the key factors driving the growth of the steel rebar market over the forecast period is an advanced thermo-mechanical technology that aids in enhancing the quality of steel rebar and unique features of steel rebar such as high tension, ductility, and provide perfectly shaped beams and columns with accurate quantity of cover concrete.
However, exposed steel will rust and lose strength with time, which will further diminish the strength of reinforced concrete. Additionally, the high cost of fabrication required for rebar concrete casting may restrain the growth of the steel rebar market over the course of the projected period.
Steel Rebar Market Opportunities and Challenges -
Future growth potential are expected to be large due to the need for steel rebar. Many national governments have been urged to enhance investment in infrastructure projects by the World Smart Cities Organization (WSCO), which has a significant impact on the growth of cities around the world. This has aided in the creation of smart cities, which is expected to encourage the expansion of the residential market. Additionally, a significant increase in funding for infrastructure projects like building bridges, hospitals, and public services is anticipated to quicken the pace of socioeconomic expansion.
Additionally, because the oil and gas business demands non-corrosive steel rebar conduits, the industry serves as the most lucrative market for steel rebar. This is anticipated to enhance global refining output, and these refineries would probably increase demand for steel rebar, propelling the expansion of the global market. However, the market expansion may be hampered by supply chain instability brought on by the depletion of iron ore reserves and price volatility related to raw materials and finished goods.
The global steel rebar market is segmented as follows:
Steel Rebar Market by Steel Process, 2020-2029, (USD Million), (Kilotons)
- Basic Oxygen Steelmaking
- Electric Arc Furnace
Steel Rebar Market by Application, 2020-2029, (USD Million), (Kilotons)
- Infrastructure
- Housing
- Industrial
Steel Rebar Market by Product Type, 2020-2029, (USD Million), (Kilotons)
- Deformed
- Mild
Steel Rebar Market by Finishing Type, 2020-2029, (USD Million), (Kilotons)
- Epoxy
- Coated
- Black
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