(MENAFN- PR Newswire)
NEW YORK, July 4, 2024 /PRNewswire/ -- The global
TMT
steel bar market
size is estimated to grow by USD 85.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of
4.26%
during the forecast period.
Increasing demand for steel
is driving market growth,
with a trend towards
rising demand for seismic resistance. However,
fluctuating raw material costs for making tmt steel bar
poses a challenge. Key market players include Agni Steels Private Ltd., ArcelorMittal, Atlas Group, Bansal Group, Kamdhenu Ltd., MMD, MS Life Steel, MSP Steel and Power Ltd., O. P.
Jindal Group, Primegold International Ltd., Radha Smelters Pvt. Ltd., Shyam Metallics, Spark Electrodes Pvt. Ltd., SRMB SRIJAN Pvt. Ltd., Stecol International Pvt. Ltd., Tata Steel, and Ultra TMT.
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Technavio has announced its latest market research report titled Global TMT steel bar market 2024-2028
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| Forecast period |
2024-2028 |
| Base Year |
2023 |
| Historic Data |
2018 - 2022 |
| Segment Covered |
End-user (Residential, Commercial, and Infrastructure), Grade Type (Fe 415, Fe 500 and 500D, Fe 550 and 550D, Fe 600, and Others), and Geography (APAC, Europe, North America, Middle East and Africa, and South America) |
| Region Covered |
APAC, Europe, North America, Middle East and Africa, and South America |
| Key companies profiled |
Agni Steels Private Ltd., ArcelorMittal, Atlas Group, Bansal Group, Kamdhenu Ltd., MMD, MS Life Steel, MSP Steel and Power Ltd., O. P.
Jindal Group, Primegold International Ltd., Radha Smelters Pvt. Ltd., Shyam Metallics, Spark Electrodes Pvt. Ltd., SRMB SRIJAN Pvt. Ltd., Stecol International Pvt. Ltd., Tata Steel, and Ultra TMT |
Key Market Trends Fueling Growth
The TMT steel bar market is experiencing growth due to the increasing demand for seismic resistance in construction. This trend is particularly prominent in regions susceptible to earthquakes, such as Indonesia, Japan, and Nepal. Seismic activities can result in significant structural damage, leading to loss of life and property. To mitigate this risk, there is a heightened focus on using materials that can withstand seismic forces. TMT steel bars, known for their high tensile strength and ductility, are an ideal choice for such applications. Incorporated into reinforced concrete structures, TMT bars absorb and dissipate seismic energy, reducing the likelihood of structural failure. As a result, the construction industry in seismic-prone areas is adopting seismic-resistant design principles, which will drive the market growth for TMT steel bars throughout the forecast period.
The TMT steel bar market is witnessing significant growth due to increasing demand from various sectors like shopping malls, office buildings, flyovers, highways, and mega-construction projects in urban regions. Seismic zones require TMT bars with specific properties such as ductility, fatigue-resistance, and earthquake-resistance. Manufacturers focus on producing super-strong structures using advanced technologies like water jet cutting and improved elongation value. Industrial structures, hydropower plants, and high-rise skyscrapers require TMT bars with high tensile strength and durability. Extreme weather patterns and seismic activity necessitate the use of corrosion-resistant and fire-safe bars. The construction process benefits from the weldability and non-deforming properties of TMT bars. Raw material prices and modern architecture trends influence the market. TMT bars undergo various processes like cold twisting and heat rolling to enhance their properties. Surface defects, cracks, abrasion, and high heat resistance are crucial factors. The industry standard ensures TMT bars meet requirements for elongation property, tensile strength, and earthquake resistance.
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Market
Challenges
TMT steel bar manufacturers face challenges due to volatile raw material costs, specifically iron ore and scrap metal. These fluctuations make it difficult to plan budgets and manage production costs effectively. When raw material costs rise, manufacturers may struggle to maintain profit margins if they cannot pass on the increases to customers due to competition or contracts. For example, NMDC Limited changed lump iron ore and iron fines prices in January and February 2022. These price changes can lead to unstable steel prices, making it challenging for construction companies and other customers to accurately estimate project costs, potentially causing delays or budget overruns. Sudden spikes in raw material costs can also disrupt the supply chain, leading to production delays as manufacturers seek alternative sources or assess the impact on their operations. These factors are anticipated to hinder the growth of the TMT steel bar market during the forecast period.
The Tmt Steel Bar Market faces several challenges in producing Fe415 rods and Fe250 rods for urban and residential building construction. The spacing of rods in concrete structures must meet mechanical qualities such as corrosion resistance and earthquake resistance. Producers must cater to various grades and yield strengths for different loads in buildings, bridges, dams, and industrial complexes. Mild steel bars undergo heat treatment for greater strength and ductility. Rapid cooling is crucial for structural integrity and meeting quality standards. Sustainable production techniques are essential to address environmental worries. Industry publications discuss the latest trends, including the use of smart city projects and architectural designs in old buildings. Diameter type and load-bearing capacity are critical factors in selecting building materials for commercial and residential areas. The construction sector relies on Tmt Steel Bars for columns, beams, slabs, and foundations in commercial projects, hotels, and large-scale infrastructure projects. Producers must ensure their products meet industry standards and offer sustainable practices with a low carbon footprint.
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Segment Overview
This tmt steel bar market report extensively covers market segmentation by
End-user
1.1 Residential
1.2 Commercial
1.3 Infrastructure
Grade Type
2.1 Fe 415
2.2 Fe 500 and 500D
2.3 Fe 550 and 550D
2.4 Fe 600
2.5 Others
Geography
3.1 APAC
3.2 Europe
3.3 North America
3.4 Middle East and Africa
3.5 South America
1.1
Residential-
TMT steel bars provide numerous benefits for residential construction due to their superior properties and durability. These bars are widely used in various residential structures for ensuring structural integrity and safety. With high tensile strength and excellent ductility, TMT bars can withstand stresses and loads experienced by buildings over their lifespan. Their superior strength-to-weight ratio enables safer and more reliable structures. TMT bars have good elongation properties, which prevent breaking during seismic events, maintaining building integrity during earthquakes. With a higher melting point, they resist high temperatures in fires, adding safety. TMT bars can be easily bent and welded, allowing for customized designs and construction. The strength, durability, and corrosion resistance of TMT steel bars will fuel the growth of the residential segment and strengthen the market's expansion during the forecast period.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 - 2022)
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Research Analysis
The TMT (Thermo-Mechanically Treated) Steel Bar Market is witnessing significant growth due to the increasing demand for infrastructure development. TMT bars, with their superior mechanical qualities, are increasingly being used in various applications, including torsional bars, low-cost reinforcement bars, and in heavy industry. These bars are available in various sizes, such as 68 mm, 812 mm, and 12 mm, making them suitable for residential, commercial, and infrastructure applications. In the Construction sector, TMT bars are used extensively in Concrete structures due to their superior corrosion resistance and earthquake resistance. Mild steel bars undergo heat treatment, including rapid cooling, to enhance their mechanical properties, making them ideal for loads in Buildings and industrial structures. Water jet technology is used to cut TMT bars to precise dimensions, ensuring a super-strong structure. TMT bars are ductile, fatigue-resistant, and earthquake-resistant, making them an industry standard in hydropower plants and other heavy-duty applications. With their ability to resist corrosion and withstand high loads, TMT bars are a preferred choice for engineers and contractors.
Market Research Overview
The Tmt Steel Bar Market is witnessing significant growth due to the increasing infrastructural development in various sectors. Torsional bars and reinforcement bars, available in diameters ranging from 68 mm to 812 mm and sizes like 12 mm, play a crucial role in construction applications. Mild steel bars, which undergo heat treatment for greater strength, are used extensively in residential, commercial, and infrastructure projects. The Construction sector relies heavily on these bars for Concrete structures, with mechanical qualities like yield stress, corrosion resistance, and earthquake resistance being key considerations. FE-415, FE-500, FE-550, and FE-600 are popular grades, each with distinct yield strengths. Producers ensure quality standards through sustainable production techniques and industry publications. Urban areas see the use of Tmt Steel Bars in residential buildings, commercial areas, and industrial complexes. The demand for sustainable practices and reducing carbon footprint is driving the industry towards eco-friendly production methods. Smart city projects and architectural designs incorporate these bars for their load-bearing capacity and extreme weather resistance. In large-scale infrastructure projects like bridges, dams, and factories, Tmt Steel Bars contribute to structural integrity. Columns, beams, slabs, foundations, and flyovers are some applications where these bars are essential. The market caters to various industries, including commercial projects like hotels, shopping malls, and office buildings, as well as hydropower plants and mega-construction projects. Seismic zones and extreme weather patterns necessitate the use of fatigue-resistant, earthquake-resistant, and corrosion-resistant bars. Water jet technology is employed for producing super-strong structures, ensuring ductility and meeting industry standards. In summary, the Tmt Steel Bar Market is a vital player in the construction industry, providing essential building materials for various applications, ensuring structural integrity, and catering to the demands of modern infrastructure projects.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
End-user
Residential
Commercial
Infrastructure
Grade Type
Fe 415
Fe 500 And 500D
Fe 550 And 550D
Fe 600
Others
Geography
APAC
Europe
North America
Middle East And Africa
South America
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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