(MENAFN- GlobeNewsWire - Nasdaq) New York, USA, Nov. 24, 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 can also be referred to as reinforcing steel. It is a steel wire mesh with crucial applications in reinforced concrete coupled with masonry systems, where it acts as a tensioning system. It facilitates stabilizing and tensioned concrete given its low tensile strength.
Infrastructure advancements as well as the development of production units in emerging nations have bolstered the demand for advanced state-of-the-art technology. The highest demand in the steel rebar industry is noted by deformed steel bars.
The oil & gas industry is the main driving factor for the steel rebar market, given that it demands a large number of non-corrosive steel rebar conduits. This should be favorable since it enhances the refining production rate, with these refineries augmenting the demand for steel rebar. This should ultimately bolster the market expansion rate in the years ahead.
The U.S. is and will remain one of the top consumers of steel rebar on account of the surging investments in infrastructure rebuilding projects. In 2021, the government implemented the Infrastructure Investment Jobs program with a focus on boosting the economy as well as rebuilding public infrastructure by spending on numerous projects like rails, bridges, communication, ports, and roads. Infrastructure revamping programs in the country will do wonders for the steel rebar industry in the following years.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2028 | 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 affluent companies in the steel rebar industry are
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 for steel rebar is favored by the rising spending on construction activities as well as infrastructure development projects. Government funding for infrastructural developments has elevated economic growth as well as the market position in various regions. In 2021, the Chinese government allocated roughly USD 565 billion as special-purpose bonds for the reconstruction of the infrastructure across the country.
The Asia Pacific will be a hotbed for new construction and rebuilding activities, which should prove to be quite lucrative for international companies in the near future. In the Union budget 2022-23, the Government of India allocated around INR 1.34 lakh crore with respect to the National Highway Authority of India (NHAI), recording a surge of 133% compared to the previous year. This pushed the growth of the construction sector, and in turn, augmented the demand for steel rebar.
One of the leading projects in the region is the development of a new Indonesian capital present in Borneo Island called Nusantara to replace Jakarta. The development of this capital right from the ground up will cost nearly USD 32.4 billion. These new developments in the emerging region will enhance the demand for steel rebar in the years to come.
Market Restraints:
The market can witness restrained growth over the ensuing years thanks to the shortage of trained professionals coupled with the lower awareness rate among people about the advantages 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
COVID 19 Analysis
The steel industry was affected significantly 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 steel rebar types available in the worldwide market are deformed, mild, and more (epoxy-coated rebar, stainless-steel rebar as well as European rebar). The biggest portion of the global industry is owned by the deformed segment. Meanwhile, the mild segment should garner the second biggest share in the market.
By End-User Industry
The worldwide industry, with respect to end-user industry, caters to residential construction industry, commercial construction industry along with infrastructure industry.
The lead in the market has been secured by the residential construction industry, which occupies more than 45% of the overall share while the infrastructure industry occupies a 35% share of the worldwide market.
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Regional Insights
Asia Pacific will not only be the fastest-expanding market but will also be the global leader in the years to come. The region's formidable hold over the worldwide market is the result of the contributions from rapidly developing nations like South Korea, Japan, China, and India. These countries are homes to thriving sectors like residential construction, automobile, and commercial construction.
North America ranks second in the global market, thanks to the presence of highly industrialized as well as urbanized economies like the US, coupled with Canada. These nations house burgeoning automobile sectors that generate significant demand for steel rebars.
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