Steel rebar, also known as reinforcing steel, plays a crucial role in the construction industry as a reinforcement material for concrete structures. It is used to provide strength, durability, and stability to buildings, bridges, dams, and other infrastructure projects. The steel rebar market is experiencing significant growth due to the increasing demand for infrastructure development worldwide. This article aims to provide an overview of the steel rebar market, highlighting its driving factors, current trends, and future outlook.
According to the new market research report “Steel Rebar Market By Type (Deformed & Mild), Process (Basic Oxygen Steelmaking & Electric Arc Furnace), End-Use (Housing, Infrastructure, Industrial), Region (North America, EU, APAC, MEA, South America) — Global Forecast To 2030”, published by MarketsandMarkets, The global steel rebar market size was valued at USD 224.5 billion in 2022 and is projected to reach USD 317.4 billion by 2030, growing at 4.4% cagr during the forecast period. The major drivers for the market include the increasing use of higher rebar products, the development of value-added products, and capacity expansion by steelmakers all around the world, increasing population, and rapid urbanization. However, the current steel rebar industry is also plagued by the recent outbreak of COVID-19 and its impact on the global economy, which is expected to deter the demand for steel rebar during the forecast period.
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Driving Factors
- Infrastructure Development: The rapid urbanization and population growth in emerging economies have led to a surge in infrastructure development projects. Governments are investing heavily in construction activities, such as road networks, airports, railways, and residential buildings, thereby driving the demand for steel rebar.
- Growing Construction Industry: The construction industry is witnessing substantial growth globally, primarily driven by commercial and residential construction projects. Steel rebar is a fundamental component in reinforced concrete structures, ensuring strength and stability. The increasing construction activities directly contribute to the demand for steel rebar.
- Industrialization and Urbanization: Industrialization and urbanization go hand in hand, leading to the establishment of industrial zones, manufacturing facilities, and urban infrastructure. These developments require robust structures that can withstand heavy loads and seismic activities, further boosting the demand for steel rebar.
- Infrastructure Rehabilitation: Many aging structures across the world require renovation and rehabilitation to meet modern safety standards. Steel rebar is widely used in retrofitting and upgrading existing buildings and infrastructure, providing a cost-effective solution for structural reinforcement.
Current Trends
- Technological Advancements: The steel rebar industry is witnessing technological advancements, such as the development of high-strength rebars and corrosion-resistant coatings. These innovations improve the performance and durability of reinforced concrete structures, contributing to the overall growth of the market.
- Sustainability and Green Building Practices: With a growing focus on sustainable construction, the steel rebar market is witnessing a shift towards green building practices. Manufacturers are developing environmentally friendly rebar products, including recycled steel rebar, to reduce the carbon footprint associated with construction projects.
- Infrastructure Investments: Governments worldwide are investing heavily in infrastructure development to stimulate economic growth. Mega projects, such as transportation networks, smart cities, and renewable energy infrastructure, are creating significant opportunities for the steel rebar market.
The deformed steel rebar segment is projected to lead the market during the forecast period
The deformed steel bar segment is the largest and fastest-growing segment by type in the steel rebar market. Deformed bar, formed from carbon steel and provided with ridges for better mechanical anchoring in reinforced concrete, is used in applications such as reinforced concrete slabs, cages, columns, prefabricated beams, and precast products. This deformation of the bar helps in increasing the bond between materials and minimizes slippage in concrete, which is fueling the rapid growth of the deformed bar segment.
Infrastructure segment is projected to be the largest and fastest-growing segment of the steel rebar market by 2025
The infrastructure segment is estimated to have accounted for a major share of the steel rebar market in 2019, followed by the housing, and industrial segments. The use of steel rebar increases the tensile strength of surrounding concrete structures in highways, bridges, and pillar structures. Increasing project counts of highway, bridges, and structural engineering are fueling the growth of the steel rebar market in the infrastructure segment.
Modernization and maintenance of infrastructure projects have led to the increasing demand for steel rebar. Increasing infrastructure projects across the globe, especially in the Asia Pacific, is another major factor driving the growth of the steel rebar market during the forecast period.
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Asia Pacific is projected to be the largest market for steel rebar during the forecast period
The Asia Pacific steel rebar market is projected to grow at the highest CAGR between 2020 and 2025. Growth in this market is attributed mainly to the increasing steel rebar consumption in the construction industry coupled with large steelmaking capacities and consumption of steel rebar in countries such as China, India, Japan, and South Korea.
Steel Rebar Market Key Players:
Key players covered in the report are ArcelorMittal (Luxembourg), Gerdau S.A (Brazil), Nippon Steel & Sumitomo Metal Corporation (Japan), Posco SS Vina, Co. Ltd (Vietnam), Steel Authority of India Limited (India), Tata Steel Ltd. (India), Essar Steel (India), Mechel PAO (Russia), Nucor Corporation (U.S.), Sohar Steel LLC (Oman), Celsa Steel UK (U.K.), Ansteel Group (China), Hyundai Steel (South Korea), Kobe Steel, Ltd. (Japan), Jiangsu Shagang Group Co., Ltd. (China), JFE Steel Corporation (Japan), Commercial Metals Company (U.S.), Daido Steel (Japan), Barnes Reinforcing Industries (pty) Ltd (South Africa), Jindal Steel & Power Ltd. (India), Steel Dynamics, Inc. (U.S.), Outokumpu Oyj (Finland), Acerinox S.A. (Spain), Hyundai Steel Company (South Korea), Daido Steel Co., Ltd. (Japan), and Byer Steel Group Inc. (U.S.).
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