2024 TMT Steel Bar Market Demand Estimated at $524.6 Billion Revenue, Growing at 5.6% CAGR: Research by Market Decipher

PUNE, India, March 19, 2024 /PRNewswire/ -- 2024 Updated Report - "TMT Steel Bar Market Report, 2024–2034" estimated global TMT steel bar market at $524.6 Billion in FY2024. Market Decipher has served leading steel companies worldwide with research on flat steel products, long products, steel wires/rods and stainless-steel bars. All our market data and forecast has been revised with major updates in every product segment with cross-sectional country-wise demand.

Get research insights in detail: https://www.marketdecipher.com/report/tmt-steel-bar-market

"TMT Bar industry is a very potential market globally with no signs of any lag on global level. A shift towards high strength variants such as FE550 and FE600 has been observed as major trend. India witnesses huge growth in infrastructure applications majorly catered by SAIL, RINL, JSW and TATA Steel. GCC countries have been a stable buyer for construction and structural steel. Globally there will be an addition of around 200 MN TONS during forecast period."

-  Rajesh Ranjan (Steel Research Head at Market Decipher)

Sneak Peek into the Industry:

JSW One, a division of the JSW Group valued at US $23 billion, has introduced JSW One TMT, designed to propel India's construction aspirations by establishing superior standards for excellence and dependability. The BIS-certified JSW One TMT bars redefine expectations, providing customers with a 10X advantage in a single TMT product infused with European technology, supported by JSW's esteemed heritage in steel manufacturing. Kamdhenu Limited, India's largest TMT Bar manufacturer, aims to increase its market share in Eastern Telangana by expanding production of its premium brand, 'Kamdhenu Nxt', from 336,000 to 480,000 MT annually. JSW Steel announced its intention to invest 143 million euros in its steelworks facility located in Piombino, Italy. Nippon Steel Corp. will buy United States Steel Corp. for $14.1 billion to create the world's second-largest steel company — and the biggest outside of China — with a key role in supplying American manufacturers and automakers.

FE 415 grade demand is decelerating swiftly along with gradual decline in sales for low strength variants. Online sales of building materials is slowly gaining ground in APAC. Asia contributes 70% of the demand growth on global level. Road and Metro are key infrastructure demand creators. Steel TMT made from scrap and wreckage had slowly grabbed its share in domestic markets which seems to slow down with many government agencies disapproving TMT manufacturing from scrap. TMT Industry is fragmented in residential and commercial sector and on infrastructure sales at country level is highly captured by public companies. Government sector is majorly captured by large companies as acquiring tenders and managing entry in the channel is difficult.

TMT Steel Bar Market Segmentation

TMT Bar Market by Type

• FE 415
• FE 450/450D
• FE 500/500D
• FE 550/550D

TMT Bar Market by Diameter

• 6 – 8 MM
• 8 – 12 MM
• 12 – 30 MM
• Above 30 MM

TMT Bar Application Sector

• Residential
  • Rural
  • Urban
• Commercial
• Road
• Rail/Metro
• Other Government
• Institutional

TMT Bar Market by Region

• North America (United States, Mexico, and Canada)
• Latin America (Brazil & Mexico)
• Europe (Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, and others)
• Middle East & Africa
• Asia Pacific (China, India, South Korea, Indonesia, Australia, Vietnam, and others)

TMT Steel Bar Top Companies

• ArcelorMittal Zenica
• Balkan Steel Engineering Ltd.
• Essar Steel
• HBIS Group
• HUS Ltd.
• MMD
• SIDERAL S.H.P.K.
• SIJ Group
• TATA Steel
• Atlas TMT Bars Pvt. Ltd.
• Jindal Steel & Power Ltd.
• JSW Steel Ltd.
• Kamdhenu Ltd.
• MSP Steel & Power Ltd.
• Primegold International Ltd.
• Rashtriya Ispat Nigam Ltd

Other Research Reports in Steel Sector (Selected Products)

Growing Countries Markets in TMT Industry:

Italy TMT Steel Bar Market

Japan TMT Steel Bar Market

GCC TMT Steel Bar Market

Europe TMT Steel Bar Market

Australia TMT Steel Bar Market

Canada TMT Steel Bar Market

France TMT Steel Bar Market

APAC TMT Steel Bar Market

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SOURCE Market Decipher