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[ 175 + Pages Research Report ] Global Steel Rebar Market to surpass USD 323.2 Billion by 2030 from USD 197.5 Billion in 2020 at a CAGR of 5.4% in the coming years, i.e., 2021-30.
Product Overview
Steel reinforcement bar, often known as rebar, is a tensioning device used in the construction industry, primarily for concrete reinforcement. Steel rebar is a flexible building element that is commonly used to retain and strengthen compressed concrete. Strengthening concrete is a complicated substance made of concrete that has undergone some reinforcement procedures. Concrete has a high density, yet it has a low strength. To compensate for this imbalance, steel rebar is cast into the concrete to support the tensile load. Welded wire fabric, sheet metal reinforcing bars, stainless steel rebar, wire mesh, and expanded metal are the five forms of rebar. Steel rebar is typically of a size and shape that allows it to be easily placed and bent in concrete to form a monolithic structure. Steel rebar has a high bendability, making it the optimum material for use as a reinforcement raw material in concrete structures. Steel rebar reduces the risk of cracking, has a high impact resistance, reduces spalling joint edges, and is extremely long-lasting.
Market Highlights
Global Steel Rebar market is expected to project a notable CAGR of 5.4% in 2030.
According to the report, non-residential construction activities are on the rise in global regions. One of the primary drivers projected to fuel the growth of the steel rebar industry by the end of the forecast period in 2030 is the expansion of product portfolios, which is being accompanied by a shift in market trends towards the increased usage of better grades and degrees of steel rebar.
Global Steel Rebar: Segments
Deformed segment to grow with the highest CAGR during 2020-30
Global Steel Rebar market is segmented by type into Deformed and mild. Amylase segment held the largest market share in the year 2020. The demand for higher strength variants in construction projects is driving up the use of deformed steel rebar. Deformed bars also assist save money by reducing the amount of steel needed. In comparison to mild steel products, deformed steel rebar has greater malleability and ductility, toughness, high yield strength, and corrosion and earthquake resistance. It is cost-effective and has a wide range of uses in industrial constructions, commercial and residential structures, and bridges.
Infrastructure segment to grow with the highest CAGR during 2020-30
Global Steel Rebar market is divided by end-user into Infrastructure, Housing, and Industrial. In 2020, the Infrastructure sector is expected to lead the global market in terms of value, based on industry. In several regions of the world, urbanization has resulted in a growth in the number of high-rise commercial buildings, which has increased demand for steel rebar. One of the main drivers for the residential construction industry is government support. The government gives subsidies and money to help low-income households afford housing. Consumers can use these subsidies to get lower-interest loans for the purchase or building of a new home.
Market Dynamics
Drivers
Rapid infrastructure development and urbanization
Product demand is being bolstered by rapid infrastructure development and the installation of new industrial units in emerging economies such as India and China. In the future years, rising per capita income, population growth, and rising living standards will all contribute to a good outlook for the residential sector. Furthermore, a number of countries throughout the world, including India and others, are proposing big smart city and housing initiatives to help the residential sector. Emerging economies are seeing prospects for development and economic progress as a result of rapid urbanization. Several regions are collaborating to provide solutions to the most pressing issues. Smart city projects, policy formation to help the residential construction industry, and other initiatives are among them.
High yielding strength and durability characteristics and favorable government policies
The total steel rebar market will be driven by mechanical qualities of reinforced steel, such as high yield strength, malleability, durability, and thermal resistance. Steel is utilized as a reinforced bar because of its high-temperature elongation properties, which are almost identical to those of concrete. The worldwide construction industry will be driven by the increased popularity of skyscrapers and high-end building developments in the Middle East, as well as the resurgence of the construction industry in Europe. Favorable outcomes will be achieved in the near future as a result of supportive government policies and future megaprojects.
Restraint
Shortage of skilled individuals and lack of knowledge
The market is experiencing a shortage of skilled individuals, as well as a lack of knowledge, which could provide hurdles to the market for the foreseeable future. Market and target audience knowledge and awareness of product portfolios will encourage them to spend their disposable income on purchasing these market shares and products. However, the lack of accurate information and a reluctance to invest may prevent the market from rising as predicted.
Global Steel Rebar: Key Players
CELSA Steel
Gerdau SA
Hyundai Steel
Nippon Steel Corporation
Nucor Corporation
Steel Authority of India
Jiangsu Shagang Group Company Limited
Steel Dynamics Inc.
Tata Steel Limited
Other Prominent Players
Global Steel Rebar: Regions
Global Steel Rebar market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Due to increased construction activity and spreading industrialization across the area, Asia Pacific will be the largest steel rebar market. From 2020 to 2030, APAC is expected to grow at a CAGR of roughly 4.6 percent. Several regional countries, including India, China, South Korea, and others, have significant reinforced bar production capacity. Many small and medium-scale rebar manufacturers dominate the region, particularly in China, Japan, South Korea, and India.
Global Steel Rebar is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa, and Rest of MENA
Steel Rebar Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD 197.5 Billion
Revenue forecast in 2030 USD 323.2 Billion
Growth Rate 5.4% CAGR from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, end-user and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled CELSA Steel, Gerdau SA, Hyundai Steel, Nippon Steel Corporation, Nucor Corporation, Steel Authority of India, Jiangsu Shagang Group Company Limited, Steel Dynamics Inc., Tata Steel Limited, and Other Prominent Players