New York, USA, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Steel Rebar Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Steel Rebar Market Information by Type, End-Use, and Region - Forecast till 2028”, the market is estimated to grow at a 4.4% CAGR to reach USD 246.3 Billion by 2028.
Market Synopsis
Steel rebar is also known as reinforcing steel and can be described as a bar or a steel wire mesh that has use in reinforced concrete as well as masonry systems, acting as a tensioning system. It helps in stabilizing and assisting the tensioned concrete owing to its low tensile strength. Infrastructure developments and the construction of advanced production units in developing countries have raised the need for innovative state-of-the-art technology. In the steel rebar market, the highest demand is seen for deformed steel bars.
Deformed steel rebars are known for their various impressive characteristics including high ductility and malleability, significant yield strength, prolonged durability, and superior resistance to earthquake and corrosion in comparison with mild steel products. Besides, these types are economical, and therefore have applications in business, manufacturing, bridge systems, and residential. Their popularity is also rising owing to the mounting requirement for higher-strength steel in various building structures.
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Report Scope:
| Report Attribute | Details |
| 2028 Market Size | USD 246.3 Billion |
| CAGR | 4.4% (2021–2028) |
| Base Year | 2020 |
| Forecast Period | 2021–2028 |
| Historical Data | 2019 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, End-Use and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | There is a considerable surge in non-residential construction activities in global regions |
| A shift in the market trends towards the enhanced use of higher grades and degrees of steel rebar |
Market Competitive Landscape:
The important companies in the steel rebar industry include
- Steel Dynamics, Inc. (US)
- DAIDO STEEL Co. Ltd. (Japan)
- Acerinox S.A. (Spain)
- CMC (US)
- Gerdau S/A (Brazil)
- HBIS GROUP (China)
- POSCO (South Korea)
- SAIL (India)
- SHAGANG GROUP Inc. (China)
- JSW (India)
- Tata Steel (India)
- NLMK (Russia)
- NIPPON STEEL CORPORATION (Japan)
- Nucor (US)
- ArcelorMittal (Luxembourg)
Market USP Covered:
Market Drivers:
The market benefits largely from the surging investments in construction activities and infrastructure development projects. Government expenditure on accelerating infrastructural developments bolsters economic growth while elevating the market position to a large extent. In 2021, the government of China allocated close to USD 573 billion in the form of special-purpose bonds to rebuild the infrastructure in the country. Out of the total funds collected via issuing SPBs, at least 50% was utilized for transport infrastructure and industrial park development.
The U.S. remains one of the leading consumers and will continue to control a huge share of the worldwide market, given the surging expenditure for infrastructure rebuilding projects. In 2021, the country’s government implemented the Infrastructure Investment Jobs, which focused on bolstering the economy as well as reconstruction of public infrastructure by spending on different projects like rails, bridges, communication, ports, and roads. Infrastructure revamping initiatives by the U.S. have done wonders for the steel rebar industry in the country. The U.S. government says that major bridges and highways need to be repaired.
Market Restraints:
The market will experience restrained growth in the years ahead owing to the shortage of skilled professionals along with the low awareness levels about the benefits of steel rebars. The unavailability of the right information sources and the unwillingness to spend adequately will also challenge the global market in the next few years.
Browse In-depth Market Research Report (185 Pages) on Steel Rebar: https://www.marketresearchfuture.com/reports/steel-rebar-market-9631
COVID 19 Analysis
The steel industry has been considerably affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under lockdown, to control the rising cases. Owing to this, the demand and supply chain have been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials coupled with the COVID-19 pandemic have restricted the growth rate of the global market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth. Also, the emergence of vaccines for the novel coronavirus and the reopening of several recycling units worldwide would result in the re-initiation of the steel rebar market at its full-scale capacity.
Market Segmentation
By Type
The various types of steel rebar that are available in the market include mild, deformed, and others (epoxy-coated rebar, European rebar and stainless-steel rebar). The biggest share of the worldwide market belongs to the deformed segment, while the mild segment shall occupy the second highest share in the years to come.
By End-User Industry
The worldwide market, in terms of end-user industry, can be considered for infrastructure industry, residential construction industry, and commercial construction industry.
The largest segment in the market is the residential construction industry, which holds about 45% of the total share while the infrastructure industry occupies a 35% share of the worldwide market.
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Regional Insights
As the fastest-developing market, Asia Pacific will also be the global leader, in terms of value. The region has strong control over the global market, owing to the presence of rapidly emerging countries like Japan, South Korea, India, and China, which are some of the top hubs for automobile, residential construction as well as commercial construction. As a result, the demand for steel rebars is exceptionally high in these countries. Other than this, the swift increase in industrialization and urbanization rates will foster market demand in the years ahead.
North America is positioned second in the worldwide market, on account of the presence of highly industrialized and urbanized countries like the US, and Canada. These countries have massive automobile sectors that make extensive use of steel rebars.
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