New York, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Steel Rebar Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Steel Rebar Market Information By Type, By End-Use and By Region - Forecast till 2028” the market is projected to be worth USD 263.72 billion by 2028, registering a CAGR of 4.65% during the forecast period (2021 - 2028), The market was valued at USD 196.41 billion in 2020.
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Market Competitive Landscape:
List of the key players in the global steel rebars market are profiled are as follows:
- ArcelorMittal (Luxembourg)
- NIPPON STEEL CORPORATION (Japan
- Tata Steel (India)
- SHAGANG GROUP Inc (China)
- POSCO (South Korea)
- Gerdau S/A (Brazil)
- Acerinox S.A. (Spain)
- Steel Dynamics, Inc. (US)
- Nucor (US)
- NLMK (Russia)
- JSW (India)
- SAIL (India)
- HBIS GROUP (China)
- CMC (US)
- DAIDO STEEL Co Ltd (Japan)
Market USP Covered:
Market Drivers:
The key factors driving the growth of the global steel rebar market are the expanding construction sector, dropping steel prices, reduced wastage, minimized overlapping at joints, and speedier infrastructure development. Furthermore, an advanced thermo-mechanical technology that aids in improving the quality of steel rebar, as well as unique features of steel rebar such as high tension, ductility, and the ability to provide perfect shaped beams and columns with precise quantities of cover concrete, are some of the major factors driving the market growth over the forecast period. Deformed bars also assist save money by reducing the amount of steel needed. For example, if a bridge requires 1,000 tonnes of mild steel rebar for construction, deformed steel can help achieve 600-ton savings.
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Market Restraints:
The usage of high-strength rebar is being promoted by governments around the world to extend the life and strength of construction structures. As a result, the global market for mild steel reinforcement bars has plummeted.
COVID-19 Analysis:
The COVID-19 pandemic has disrupted the supply chain across the globe. This is plummeting the growth of the steel rebar market due to the increased cost of raw materials.
Market Segmentation:
The global steel rebar market is segmented by type and by end-use. With a market share of approximately 55% in 2019, the deformed segment had the highest proportion of the global market by type. The ribs, lugs, and indentations on the surface of deformed steel rebars decrease slippage and allow for better bonding between the concrete and the rebar. These bars are available in diameters ranging from 6 mm to 50 mm. These bars are utilized in both structural and residential construction, including as bridges and other heavy structures.
By end-use, the residential construction sector is the most important segment of the steel rebar market, with a market share of roughly 45% in 2019. The momentum supplied by the residential sector's growth in developing nations is likely to improve the segment's growth in the coming years.
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Regional Insights:
The Asia Pacific is the industry's major producer and consumer. In 2018, the area accounted for 65% of total volume. The products are in high demand in emerging markets like India and China. During the same period, China's 13th Five-Year Plan (2016-2020) aspires for 6.5% growth. Between 2010 and 2020, per capita, income and GDP are predicted to double. The action plan also prioritises infrastructure development. High-density rail networks, Beijing's new airport, port cluster coordination, motorways, arterial network lines, canal development projects, gateway airports, and international aviation hubs are just a few of the projects.
The Middle East and Africa region is expected to remain a profitable market for steel rebar suppliers. Infrastructure development is a top priority for countries like the United Arab Emirates and Saudi Arabia. In the UAE, demand for steel rebar is being fueled by a focus on infrastructures such as healthcare facilities, schools, community buildings, and internal highways. In 2019, the UAE government granted USD 270 million and USD 110 million in funding for infrastructure projects in Fujairah and Sharjah, respectively.
In 2019, the North American regional market accounted for roughly 15% of the market. The region's relatively increasing construction industry is projected to be a major stumbling block to market expansion. During the projection period, however, investments in the oil and gas industry, as well as new shale gas explorations, are expected to raise demand for steel rebars in the building of these exploration projects.
Over the forecast period, Europe is expected to increase at a CAGR of 3.3%t. This region's growth is being fueled by government attempts to increase construction output. For example, the Turkish government wants to develop more than 7.5 million housing units as part of its Urban Renewal & Development project. While the private sector contributes a significant amount of money, the government has set aside USD 400 billion for construction projects.
Segmentation of Market covered in the research:
Steel Rebar Market: Information By Type (Mild, Deformed, others), By End-Use (Infrastructure, Residential Construction, Commercial Construction) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) - Forecast till 2028
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Market Scope:
Steel rebars, also known as steel reinforcement bars, are steel bars used in conjunction with ordinary cement concrete to create reinforced cement concrete (RCC). Steel rebars are flexible building materials that are commonly used to make reinforced concrete in the construction sector. Steel rebars are utilised to increase the concrete's tensile strength, and steel's superior elongation and high thermal expansion coefficient help to achieve this goal. Rebars embedded in concrete improve the concrete's compressional and tensional strength while also controlling cracking to prevent concrete shrinkage during curing or due to temperature changes. In reinforced concrete, rebars resist tension, temperature change, compression, and shear loads.
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