November 17, 2021
According to the report titled ‘Steel Rebar Market Size By Product (Deformed, Mild), By Process (Basic Oxygen Steelmaking, Electric Arc Furnace), By Application (Residential Buildings, Public Infrastructure, Industrial), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global steel rebar market is expected to expand substantially during the forecast period 2021-2027.
Rising demand from residential & commercial construction vertical, as well as government initiatives for sustainable & reliable infrastructure development are factors driving the growth of global steel rebar market.
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The Covid-19 pandemic posed a significant impediment to global infrastructure development efforts, affecting raw material production, transportation, and logistics. Nevertheless, the gradual relaxation of government restrictions signify that construction sector is poised to rebound by 2027, positively impacting the steel rebar industry outlook.
Based on product terrain, the deformed steel rod segment is anticipated to generate USD 103 billion between 2021 and 2027. The use of deformed steel rebars for reinforcing steel has been a standard requirement for several decades due to high tensile strength and low slippage between rebar and concrete.
In terms of process, basic oxygen steelmaking process segment of worldwide steel rebar industry is projected to hold 58% volume share during the projected timeline. Wide usage in small, medium, and large-scale rebar manufacturing units, and commercial benefits of the technology like high steel production rates, lower manufacturing & labor costs, high-quality steel with low nitrogen content, and reduced labor are responsible for the segmental growth.
For application, residential buildings segment is projected to grow at a CAGR of 3.8% through 2027, due to high demand for new residential infrastructure with booming global population.
From the regional standpoint, North America market is estimated to grow at 3.22% CAGR during the forecast period, on account of inflowing government investments for the development of new residential, commercial, and public infrastructure.
The competitive landscape of global steel rebar market is defined by companies like Barnes Reinforcing Industries Pty Limited, ArcelorMittal S.A., Essar Steel, Daido Steel Co. Ltd., Tata Steel Limited, EVRAZ plc, Steel Authority of India Limited (SAIL), Mechel PAO, Acerinox S.A., Jindal Steel & Power Limited, Commercial Metals Company (CMC), The Conco Companies, Kobe Steel Ltd., Gerdau S.A., Hyundai Steel Co. Ltd., and Nippon Steel Corporation among others.