New York, United States , July 26, 2023 (GLOBE NEWSWIRE) -- The Global Steel Rebar Market Size is to grow from USD 258.51 Billion in 2022 to USD 427.42 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.16% during the projected period.
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Steel rebar, also known as reinforced steel or reinforcement steel when used in bulk, is a form of steel bar that is used as a tension mechanism in reinforced concrete and reinforced masonry building constructions to assist fortify the concrete under compression. Steel rebar significantly increases the load-bearing capability of the entire structure. Steel rebar comes in a variety of bar sizes, most notably #3, #4, #5, and #8. Steel rebar is primarily employed in industrial, residential, and infrastructure construction. Steel rebars market growth is primarily driven by increasing infrastructure development, particularly in developing countries, as well as rising residential and commercial construction expenditures. Furthermore, the residential sector is expected to develop exponentially over the projection period due to factors such as greater disposable income, expanding population, and overall improved living standards. As a result, this aspect is predicted to improve worldwide steel rebar market sales. There is also an increasing demand for a sophisticated range of steel rebar in corrosion-resistant, epoxy-coated, and earthquake-resistant applications. Furthermore, rising government funding for public transportation, a fast-growing population, and infrastructure development are some of the reasons projected to fuel the steel rebar market expansion.
Browse key industry insights spread across 200 pages with 130 Market data tables and figures & charts from the report on the, "Global Steel Rebar Market Size, Share, and COVID-19 Impact Analysis, By Type (Deformed, Mild), By Coating Type (Plain Carbon Steel Rebar, Galvanized Steel Rebar, Epoxy Coated Steel Rebar, Others), By Application (Public Infrastructure, Residential Buildings, Industrial, Construction, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032". Get Detailed Report Here:
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The deformed steel rebar segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global steel rebar market is segmented into the deformed and mild. The deformed segment has the highest revenue share of 52.6% over the forecast period, owing to increased building industry in prominent nations and government regulations aimed at encouraging the use of high-strength rebar categories to extend the lifespan of constructed structures. The development of extremely durable deformed rebar grades in countries such as China, the United States, and India will fuel steel rebar market expansion during the forecast period.
The plain carbon steel segment is witnessing significant CAGR growth over the forecast period.
On the basis of coating type, the global steel rebar market is segmented into plain carbon steel rebar, galvanized steel rebar, epoxy coated steel rebar, and others. Among these, the plain carbon steel segment is witnessing significant CAGR growth over the forecast period. When galvanized or epoxy-coated steel rebar is not required, plain carbon steel rebar is used in a range of building projects. Plain carbon steel rebar is inexpensive and has a high long-term tensile force.
The public infrastructure segment accounted for the largest revenue share of more than 38.7% over the forecast period.
On the basis of application, the global steel rebar market is segmented into public infrastructure, residential buildings, industrial, construction, and others. Among these, the online retailers are dominating the market with the largest revenue share of 38.7% over the forecast period. Increased investment in massive infrastructure projects around the world, notably in Asia Pacific, is driving steel rebar demand. Steel rebar is commonly employed in the construction of public infrastructure. Projects in this industry include roads, highways, bridge construction, sewage systems, airports, and stadiums.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 56.2% market share over the forecast period. The Asia Pacific region is a focus of foreign investment and developing industrial sectors due to the availability of low-cost labor and economical real estate. As a result, construction activity is increasing, which increases demand for steel rebar. Furthermore, investments in different construction activities, mostly by China and India, are likely to drive steel rebar demand in the region over the forecast period. On the other hand, North America is predicted to expand the fastest during the forecast period. This is due to increased investment from the governments of the United States, Mexico, and Canada for various forms of infrastructure. Furthermore, the United States is expected to have the largest market share and to grow at the fastest CAGR during the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Steel Rebar Market include ArcelorMittal, JSW, Tata Steel Limited, HBIS GROUP, NLMK Group, Celsa Steel UK, Nippon Steel Corporation, Steel Authority of India Limited, Power Steel Co., Ltd., Akron Rebar Co, Nucor Corporation, DAIDO STEEL Co. Ltd, Steel Dynamics, Inc., Gerdau SA, Mechel PAO, POSCO HOLDINGS INC., Jiangsu Shagang Group, SAIL, Commercial Metals Company, and among others.
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Recent Developments
On May 2023, SteelAsia Manufacturing Corporation (SteelAsia), a Philippine producer of reinforcing steel bars, announced plans to open its manufacturing facility in Compostela, Cebu, by June of this year. SteelAsia's seventh steel facility will produce one million tons of high-strength rebars per year. This plant also offers welded reinforcing mesh. SteelAsia's total annual production capacity now exceeds 3 million tons, surpassing the largest rebar producer in Southeast Asia, with the opening of the new rebar mill in Compostela and the current six mills across the country.
In October 2022, BMW Industries has signed a deal with Tata Steel (TSL) to convert CC billets into TMT rebars at its steel processing unit on NH-6 in Kolkata. The agreement, which will be in effect between TATA Steel and BMWIL, has a price variation clause and is long-term in nature. The company's current capacity utilization at the facility is around 40%, and new deal with TSL is projected to raise capacity utilization, resulting in increased revenue and profitability.
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