Dublin, Oct. 27, 2023 (GLOBE NEWSWIRE) -- The "North America Rebar Steel Market, Competition, Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
The North America rebar steel market is anticipated to grow robustly during the forecast period 2024-2028 due to the rapid growth in the demand for rebar steel from the construction sector and increasing government programs in the region. Additionally, global urbanization reached a 57 percent level in 2022. With more than 45 percent of the population living in cities, North America had the highest rate of urbanization. 
Rebar (short for reinforcing bar), frequently referred to as reinforcing steel or reinforcement steel when grouped together, is a steel bar used as a tension device in reinforced concrete and reinforced masonry constructions to aid and strengthen the concrete when it is under tension. While having a low tensile strength, concrete is robust in compression.
The structure's tensile strength is greatly increased by rebar. To improve its bond with the concrete and lessen the chance of slippage, rebar has a continuous series of ribs, lugs, or indentations on its surface. The most used rebar material is carbon steel, which is normally made of hot-rolled round bars with embossed deformation patterns. A concrete structural part reinforced with steel will experience little differential stress when the temperature changes because steel and concrete have similar coefficients of thermal expansion.
Moreover, using data from the IMF, it was estimated that the nominal GDP of the 24 economies that make up the North American region in 2021 was roughly USD 26.8 trillion, or USD 2.7 trillion more than in 2020. The nominal GDP of North America, which ranks as the second-largest continent, is 28% of the global GDP.
Expanding Investments in Infrastructure Development
Rising investments in infrastructure development and building projects are expected to drive the market. The demand for rebar steel is likely to rise in the region as a result of numerous infrastructure development projects that have been planned in North American nations with the aim of fostering economic growth.
For instance, under its investing in Canada plan, the Canadian government has promised to invest more than USD 180.0 billion in infrastructure development in the nation over the next twelve years. Considering the growing spending on the development of residential and non-residential areas, the US is one of the primary markets for rebar steel.
US Government Investment Act and Growing infrastructure Spending
The US government passed the Infrastructure and Investment Jobs Act 2021, which focuses on rebuilding the nation by funding infrastructure projects such as roads, railroads, bridges, ports, communication networks, and water supply systems. Over the course of the projected period, it is anticipated that the US's initiatives to restore its infrastructure and rising construction spending will increase product demand.
According to the government, major highways and roads as well as 45,000 bridges require to be fixed in the US. The Act allows USD 110.0 billion for the reconstruction of roads and bridges. The government further intends to spend USD 25.0 billion on airports and USD 17.0 billion on waterways and port facilities. It is projected that these investments will increase product demand in the US during the forecast period.
Acceptance of Technological Advancements Propelling the Market Growth
A deeper exploration of the sectoral system of production and innovation is likely to be encouraged by the advancement of innovations, the proliferation of new processes and technology, and the greater collaboration between suppliers, producers, and users in the steel industry.
With increased innovation and advancement in the rebar steel industry, there will be considerable commercial opportunities for both established and emerging market players. Technological advancements and high-end applications promote rebar steel innovation.
Corrosion-resistant, epoxy-coated, and earthquake-resistant applications use modern rebar steel. In addition, technologies such as microalloying, and thermos mechanical treatment are widely used during the production of rebar steel to increase the material's bendability, weldability, ductility, and corrosion resistance. Hence, the market is expected to register a high CAGR during the forecast period.
Development of Wire Rod Usage in Various Application Areas is Driving the Market
To create wire rods, a form of steel product, steel billets are typically hot rolled into a cross-section that is circular. Before the final products are made, wire rods undergo extensive further processing in secondary and tertiary processing facilities. Additionally, a range of industrial enterprises commonly utilize the finished goods as crucial parts. Thus, it is expected that increased use of wire rods in a variety of application areas will create a commercial opportunity for North America wire rod manufacturers and distributors.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 130 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $11.25 Billion |
| Forecasted Market Value (USD) by 2028 | $14.91 Billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | North America |
Competitive Landscape
- Gerdau S.A.
- Commercial Metals Company
- Steel Dynamics, Inc.
- Schnitzer Steel Industries, Inc.
- Acerinox S.A.
- EVRAZ North America, Inc.
- Pacific Steel Group
- ArcelorMittal
- Nucor Corporation
- Ternium S.A.
Report Scope:
North America Rebar Steel Market, By Type:
- Deformed
- Mild
North America Rebar Steel Market, By End Use:
- Residential
- Commercial
- Industrial
- Public
North America Rebar Steel Market, By Process:
- Basic Oxygen Steelmaking
- Electric Arc Furnace
North America Rebar Steel Market, By Finishing Type:
- Epoxy-Coated Rebar
- Carbon Steel Rebar
- Others
North America Rebar Steel Market, By Country:
- United States
- Canada
- Mexico
For more information about this report visit https://www.researchandmarkets.com/r/eufh7
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