Steel Rebar Market Predicted to Reach USD 376.6 billion by 2031, Expanding at a 5.1% CAGR: TMR Report

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Significant factors driving the growth of the steel rebar market include increased government investments in infrastructure projects and improvements in steel production and processing technologies.

Wilmington, Delaware, United States, Sept. 07, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global market for steel rebar was estimated to have acquired US$ 240.7 billion in 2022. It is anticipated to advance with a 5.1% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 376.6 billion.

Concrete constructions are heavily reinforced with steel rebar. The need for reinforcing bars is increasing as more governments allot funding to build or improve infrastructure, including highways, bridges, airports, trains, and public utilities.

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Various types of reinforced concrete-required structures are built as part of infrastructure projects. For instance, bridges require sturdy support structures and foundations, which steel rebar can provide. There is an increase in demand for construction rebar as more governments spend money on infrastructure projects.

Global Steel Rebar Market: Key Players

To boost their revenue benefits, businesses are putting creative methods like mergers and partnerships into practice. The following companies are well-known participants in the global steel rebar market:

  • Steel Dynamics, Inc.
  • Daido Steel Co. Ltd.
  • Acerinox
  • Commercial Metals Company
  • ArcelorMittal
  • NIPPON STEEL CORPORATION
  • NLMK
  • Nucor Corp
  • Tata Steel
  • JSW Group
  • POSCO HOLDINGS INC.
  • Jiangsu Shagang Group
  • SAIL
  • BAOSTEEL GROUP
  • Others

Key developments in the global market for steel rebar are:

Market Player Year Key Developments
Hybar LLC 2023
  • On a 1300-acre property in northeast Arkansas, Hybar LLC began construction on a cutting-edge and ecologically responsible scrap metal recycling steel rebar mill project.
  • In Mississippi County, this would result in the creation of 200 well-paying employment.
SteelAsia 2023
  • A $2.0 billion facility with a capacity to create 3 million tons of molten steel will be built in the Philippines by a collaboration between SteelAsia, a major producer of rebar steel in the Philippines, and the China-based BAOSTEEL Group.
Tata Steel 2022
  • To give clients information about a specific product’s sustainability, Tata Steel released its first Environmental Product Declaration (EPD) for rebar (steel reinforcing bar) used in RCC building.
  • The business intends to apply eco-labels (GreenPro and EPD) to its most important items and increase the distribution of such products throughout.

Key Findings of the Market Report

  • With the aid of the most recent advancements in steel production and processing technology, high-quality steel products, including steel rebar, may be created.
  • These developments have strengthened steel’s overall performance, resilience, and adaptability in addition to its mechanical capabilities.
  • Modern alloying processes have been developed by steel producers to attain desired qualities by adding microscopic quantities of particular elements.
  • High-strength and high-performance steel grades have been developed that are suited for a range of applications, including building.
  • The microstructure of steel is further improved by the quenching and tempering procedures.
  • Steel producers may produce certain mechanical qualities, like high tensile strength and superior impact resistance by carefully regulating the heating and cooling rates.

Market Trends for Steel Rebar

  • Electric arc furnace and fundamental oxygen steelmaking are included in the global market segmentation. The electric arc furnace process segment is anticipated to dominate the global market during the projected period.
  • Electric arc furnaces are typically regarded as being more energy-efficient than conventional basic oxygen steelmaking (BOF) procedures since they don’t require the high-temperature reduction of iron ore. In the next years, market dynamics are projected to be boosted by the increase in demand for electric arc furnace (EAF) technology.

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Steel Rebar Market Regional Outlook

Various reasons are propelling the growth of the steel rebar market in different regions. These are:

  • In 2022, North America held a 29.5% market share for steel rebar. The current steel rebar market projection predicts that North America would dominate the global market over the projected period.
  • The region’s demand for steel rebar is rising as a result of increased investment in the building and infrastructure development industries. To assist economic growth, the region’s nations have started a large number of infrastructure development initiatives. This element encourages market growth in the area.
  • The fast modernization and expansion of the building industry in Asia Pacific are expected to lead to an increase in the market size for steel rebar throughout the period of forecasting. In 2022, Asia Pacific accounted for 27.5% of the worldwide market. China is the most profitable nation for steel rebar in the global market.

Global Steel Rebar Market Segmentation

  • Type
    • Carbon Steel Rebar
    • Stainless Steel Rebar
    • Galvanized Rebar
    • Epoxy Coated Rebar
    • Others
  • Reinforcing Type
    • Deformed
    • Mild
  • Process
    • Electric Arc Furnace
    • Basic Oxygen Steelmaking
  • Bar Size
    • #3 Bar Size
    • #4 Bar Size
    • #5 Bar Size
    • #6 Bar Size
    • #7 Bar Size
    • Others
  • End-user
    • Residential
    • Commercial
    • Industrial
    • Infrastructure
  • Region
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East & Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

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