Steel Rebar Market worth $317.4 billion by 2030 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 25, 2023 /PRNewswire/ -- The report "Steel Rebar Market by Type (Deformed and Mild), Coating Type (Plain Carbon Steel Rebar, Galvanized Steel Rebar, Epoxy-Coated Steel Rebar), Process Type, Bar Size, End-use (Infrastructure, Housing, and Industrial) and Region - Global Forecast to 2030", is approximated to be USD 224.5 billion in 2022, and it is projected to reach USD 317.4 billion by 2030, at a CAGR of 4.4%.
Browse in-depth TOC on "Steel Rebar Market"
275 – Tables
56 – Figures
266 – Pages
Major drivers influencing the growth of the steel rebar market are rapid infrastructure development, urbanization, and the growing product demand from the non-residential sector, such as oil and gas and manufacturing. However, the construction industry's vulnerability to crisis and shortage of skilled individuals, and lack of knowledge are the factors expected to restrain the market of steel rebar. The growing demand for high-grade steel rebar, strict government guidelines, and compliance by manufacturers to improve the quality of steel rebar products presents a significant market opportunity for steel rebar manufacturers. Moreover, environmental concerns due to the emission of greenhouse gases during the production of steel and high rates of overproduction by China are the major challenges for the steel rebar market.
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By type, deformed steel rebar accounted for the largest share in 2021
Steel rebar market is divided into two types i.e; deformed steel rebar and mild steel rebar. Deformed steel rebar is expected to witness significant growth because of its high-strength capabilities compared to mild steel rebar. Also, government mandates to promote the use of high-strength rebar grades to increase the lifespan of construction structures will support the growth of deformed steel rebar. The advancement in developing new high-strength deformed steel rebar grades in countries such as China, the US, and India will drive market growth during the forecast period.
By Process, basic oxygen steelmaking accounted for the largest share in 2021
High efficiencies in the mass production of steel rebar and superior quality finished products make Basic Oxygen Steel (BPS) a preferred process for steel rebar manufacturing. BOS is a traditional process of manufacturing steel rebar, which is costlier than the electric arc furnace process. BOS is preferred because of its high production rate, low nitrogen content, and low labor requirements.
By coating type, plain carbon steel rebar accounted for the largest share in 2021
Plain carbon steel rebar is preferable due to its low cost and durability. It is the most common type of rebar used on every size and type of project. As the name says, it is made of carbon steel and is also known as a black bar due to its carbon color. The main disadvantage is that they don't have a corrosion resistance layer, which increases the risk of being exposed to moisture and getting corroded.
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By bar size, #4 steel rebar accounted for the largest share in 2021
#4 rebar is thicker than #3 rebar and is best suited for adding strength to medium construction projects like highways and columns and slabs. #4 rebar is made of strong carbon steel composite and used in the residential and light commercial construction industries. #4 reinforcement steel, in particular, is used to pave roads and highways; it can also be used to construct swimming pool frames.
By End Use Industry, the Infrastructure segment accounted for the largest share in 2021
Demand for steel rebar is driven by increasing investment in major infrastructure projects across the world, especially in the Asia Pacific region. Infrastructure is a major end-user of steel rebar. This sector majorly includes projects such as roads, highways, bridge construction, sewage systems, airports, and stadiums, among others. Advancements in steel rebar coatings make it durable for various infrastructure construction.
Asia Pacific accounted for the largest share of the Steel Rebar Market in 2021
Low-cost labor and cheap availability of lands in Asia Pacific region attract foreign investments further helping industrial sectors grow rapidly. Rapid economic growth, increasing urbanization, increasing investments by the government to setup new industries and high growth in the infrastructure sector will lead to the increase in construction activities, which helps to increase the demand for steel rebar. China was the region's largest market for steel rebar in 2021, followed by Japan, India, and South Korea. Asia Pacific region is projected to witness a steady increase in consumption between 2022 and 2030.
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Market Players
The Steel Rebar Market comprises major players such as Nippon Steel Corporation (Japan), ArcelorMittal (Luxembourg), Tata Steel Limited (India), Nucor Corporation (US), NLMK Group (Russia), Gerdau SA (Brazil), Commercial Metals Company (US), Steel Authority of India Limited (India), Mechel PAO (Russia), Steel Dynamics Inc. (US), and others are covered in the steel rebar market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the steel rebar market.
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