Global Steel Rebar Market Report 2023: Rapid Infrastructure Development and Urbanization Drives Growth
DUBLIN, April 3, 2023 /PRNewswire/ -- The "Steel Rebar Market by Type (Deformed & Mild), Process (Basic Oxygen Steelmaking & Electric ARC Furnace), End-Use (Housing, Infrastructure, Industrial), Region (North America, EU, APAC, MEA, South America) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The market for steel rebar 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%.
By Type, Deformed accounted for the highest CAGR during the forecast period
Deformed steel rebar comes with surface protruding ribs and straight strips, which helps to increase the strength between concrete and steel bars and it helps to create a strong pull between steel bars and cement. Hence, as a result of this, these types effectively contribute to increasing the overall life of the structure.
Because of the low carbon content in the deformed steel rebar, it helps to improve the ductility and other mechanical & welding properties, which is useful for various construction activities such as highways, buildings, industries, plants, etc. Due to rising urbanization, rapid changes in consumer lifestyles, and other factors that enhance the demand for the structures; as a result, of this, the demand for deformed steel rebar will rise in the forecast period.
By Process, Electric Arc Furnace accounted for the highest CAGR during the forecast period
Electric arc furnace (a steel-making process) has become very popular. In this process, scrap steel is used, and with the help of high-power electric arcs, this scrap steel is melted down in the liquid form.
This type of process uses a three-phase alternating current (AC) to melt the steel cost-effectively. This method requires less capital investment than other steel-making methods, which helps drive the steel rebar market in the forecast period.
By Coating Type, Plain Carbon Steel Rebar accounted for the highest CAGR during the forecast period
This type of steel rebar is widely used in several construction projects with the help of various sizes. This type of rebar is produced from carbon steel, sometimes known as a black bar. It is used in many applications where high ultimate tensile strength is required.
However, due to the low carbon content in the bar, its ductility is low. Apart from this, this steel rebar has excellent mechanical properties, such as hardness, strength, etc., and is inexpensive in nature. Thus, this helps in leading the growth of the rebar in the forecast period.
By Bar Size Type, #4 Steel Rebar accounted for the highest CAGR during the forecast period
This type of steel rebar has a high thickness than that of #3 steel rebar. This type of bar size is ideal for highways and columns, swimming pool frames, and other residential & light construction activities. This type of bar size provides high strength to the structure. As a result of this, the #4 bar size helped to grow the market of steel rebar in the forecast period.
By End Use Sector, the Infrastructure segment accounted for the highest CAGR during the forecast period
Infrastructure segments include several construction projects such as roads, highways, bridge construction, sewage systems, airports, and stadiums, among others, as steel rebar can increase the tensile strength of the surrounding concrete and makes the structure well strong.
Hence, steel rebar is used in making roads, bridges, manufacturing plants, power plants, and many more. Due to government initiatives of several countries in strengthen the infrastructure, the demand for steel rebar is projected to grow in the forecast period.
Asia Pacific is projected to account for the highest CAGR in the steel rebar market during the forecast period
The fastest-growing steel rebar market is expected to occur in the Asia Pacific region. Countries such as India, China, and Japan are expected to witness a rise in the steel rebar market due to growing developmental activities and rapid economic expansion.
In addition, rising urbanization in these countries results in growing demands for residential & non-residential structures and other construction activities. This has lead to the growth of the steel rebar market in the forecast period. Countries covered in this region are India, China, Japan, and the Rest of Asia Pacific.
Market Dynamics
Drivers
- Rapid Infrastructure Development and Urbanization
- Growth Prospects in Oil & Gas Industry
Restraints
- Construction Industry's Vulnerability to Crisis
- Shortage of Skilled Individuals and Lack of Knowledge
Opportunities
- New Opportunities as a Result of Technological Advancements
Challenges
- Environmental Challenges
- Problem of Excess Capacity
Case Study Analysis
- Hydrogen-Based Steelmaking: Arcelormittal Case
- Lifecycle Assessment of Steel Rebar Production with Induction Melting Furnace
- Self-Healing Steel
- Lca and Lcc of World's Longest Pier: Case Study on Nickel-Containing Stainless-Steel Rebar
Companies Mentioned
- Acerinox S.A.
- Arcelormittal
- Byer Steel Corporation
- Celsa Steel UK Limited
- Commercial Metals Company
- Daido Steel Co. Ltd
- Evraz plc
- Gerdau Sa
- Hbis Group
- Hyundai Steel Co. Ltd.
- Jiangsu Shagang Group Company Limited
- Mechel Pao
- Metinvest Holding LLC
- Nippon Steel Corporation
- Nlmk Group
- Nucor Corporation
- Outokumpu Oyj
- Pao Severstal
- Sohar Steel Group
- Steel Authority of India Limited
- Steel Dynamics, Inc.
- Sunflag Iron & Steel Co. Ltd
- Swiss Steel Group
- Tata Steel Limited
- Wuhan Iron and Steel Corporation
For more information about this report visit https://www.researchandmarkets.com/r/a93ode
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