Steel Rebar Market to Hit US$ 372.41 Billion By 2031 | Updated Insights
Consegic Business Intelligence analyzes that the steel rebar market is growing with a CAGR of 5.4% during the forecast period (2023-2031), boosted by the significant growth in infrastructure development and urbanization projects across the globe.
New York, Oct. 06, 2023 (GLOBE NEWSWIRE) — The global Steel Rebar Market is expected to witness significant growth at a CAGR of 5.4% during the forecast period of 2023-2031. Factors such as the growing demand for steel rebar from non-residential construction, rise in government investment and infrastructure projects, and others are accelerating the demand for steel rebar, which, in turn, is boosting the market growth. In addition, the Growing innovations in steel manufacturing and processing technologies will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the steel rebar market is poised for strong expansion and is expected to reach USD 372.41 billion by 2031 and USD 258.13 billion in 2023. The market which was valued at USD 247.88 billion in 2022, is predicted to grow at a compound annual growth rate of 5.4% during the period 2023-2031. The report highlights the significant growth in infrastructure development and urbanization projects across the globe, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market’s competitive landscape, market segmentation, regional outlook, and emerging technologies in the steel rebar market.
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Steel rebar is a ferrous steel deformed bar that is used for reinforcement, strengthening & holding concrete. Steel rebar help the concrete structure to withstand bending, shearing loads, tensile, and torsion. Generally, steel rebar is made from recycled steel such as appliances, machinery, and old cars, that are melted down with electric arc furnaces, cooled in the form of billets, and then stored. The high tensile strength of the steel rebar supplements the compressive strength of the concrete to create high-rise structures. This reduces the risk of fractures and allows the structure to better withstand movements and forces that might otherwise cause a concrete structure to fail.
The steel rebar market is influenced by factors such as growing construction activities, infrastructure development, and economic growth. The overall construction industry and the significant growth in the global residential as well as commercial construction projects. The market is closely tied to the demand for new building and infrastructure projects. Emerging economies with significant construction and infrastructure development like China, India, and others are boosting the demand for steel rebar.
Global Steel Rebar Market: Report Attributes
|Report Attributes||Report Details|
|Market Size in 2031 (USD Billion)||USD 372.41 Billion|
|By Type||Carbon Steel Rebar, Stainless Steel Rebar, Galvanized Rebar, Epoxy Coated Rebar, and others|
|By Reinforcing Type||Deformed and Mild|
|By Bar Size||#3 Bar Size, #4 Bar Size, #5 Bar Size, #6 Bar Size, and others|
|By End User||Residential, Infrastructure, and Industrial|
|Report Coverage||Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more.|
|By Region||North America, Asia-Pacific, Latin America, Europe, Middle East & Africa|
|Key Players||Nippon Steel Corporation, ArcelorMittal, NLMK Group, Steel Authority of India Limited, Steel Dynamics, Inc., Mechel PAO, Tata Steel Limited, Commercial Metal Company, Nucor Corporation, Hyundai Steel, and JSW Steel Limited|
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Global Steel Rebar Market Segmentation Details:
Based on Type, the carbon steel rebar segment contributed the largest shares to the market growth in 2022. Carbon steel rebar provides high tensile strength, which is crucial for reinforcing concrete structures and withstanding heavy loads and forces. These types of steel rebar exhibit good ductility, allowing them to bend and deform withstanding fracturing.
Based on Reinforcing Type, the deformed segment accounted for the largest market share in the year 2022. Deformed steel rebar features ribs, grooves, and other deformations on its surface which provides several benefits when used in construction and concrete reinforcement.
Based on Bar Size, the #4 bar size segment accounted for the largest market share in the year 2022. #4 bar size steel rebar has a diameter of ½ inch or 12.7 millimeters and offers a good balance between strength and flexibility. It is easy to bend and shape, making it suitable for a wide range of construction applications where intricate design or complex structural configurations are required.
Based on End User, the infrastructure segment accounted for the largest market share in the year 2022. The significant growth in the development of various infrastructure projects worldwide along with increasing investments to boost infrastructure construction activities across developed economies are driving the segment growth across the globe
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Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. The significant growth in construction projects across the region is fueling the market growth. For instance, according to the data published by the China State Council Information Office in February 2023, Chengdu, the capital of southwestern China’s Sichuan province, announced the launch of 900 major construction projects this year.
Nippon Steel Corporation, ArcelorMittal, Tata Steel Limited, and NLMK Group, are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of steel rebar. Further, the steel rebar market is expected to grow steadily due to the growing innovations in steel manufacturing and processing technologies, especially in regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing expansion of steel rebar players in the international market is expected to increase the competition in the industry.
- In August 2022, Tata Steel signed a Memorandum of Understanding (MoU) with the Government of Punjab for setting up a 0.75 MnTPA long products steel plant with a scrap-based electric arc furnace (EAF). The MoU was signed in the presence of Shri Bhagwant Mann, Hon’ble Chief Minister of Punjab.
- In January 2022, NLMK Group, a global steel company, developed a new product: steel with antibacterial coating. It protects the metal’s surface from hazardous microorganisms and can be used effectively in medical and other facilities with strict requirements for cleanliness and safety.
- In October 2021, Nucor Corporation announced the launch of Econiq, a line of net-zero carbon steel products. By introducing Econiq, Nucor is providing confidence for steel consumers to know they are purchasing the lowest greenhouse gas (GHG) emissions steel product available.
Key Market Takeaways
- Asia Pacific accounted for the highest market share at 38.65% valued at USD 95.80 billion in 2022 and USD 99.95 billion in 2023 and is expected to reach USD 144.72 billion in 2031. Moreover, in Asia Pacific, China accounted for the highest market share of 22.30% during the base year of 2022.
- Based on type, the carbon steel rebar segment accounted for the highest market share contribution to the steel rebar market statistics in 2022.
- In the reinforcing type, the deformed segment is expected to contribute significant shares to the growth of steel rebar market statistics during the forecast period.
- Based on bar size, the #4 bar size segment accounted for the highest share contribution to the steel rebar market statistics in 2022.
- In the end user, the infrastructure segment is expected to contribute significant shares to the growth of steel rebar market statistics during the forecast period.
- North America is expected to boost the market demand for steel rebar due to the increasing investments in infrastructure projects across the region.
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List of Major Global Steel Rebar Market:
- Nippon Steel Corporation
- NLMK Group
- Steel Authority of India Limited
- Steel Dynamics, Inc.
- Mechel PAO
- Tata Steel Limited
- Commercial Metal Company
- Nucor Corporation
- Hyundai Steel
- JSW Steel Limited
Global Steel Rebar Market Segmentation:
- By Type
- Carbon Steel Rebar
- Stainless Steel Rebar
- Galvanized Rebar
- Epoxy Coated Rebar
- By Reinforcing Type
- By Bar Size
- #3 Bar Size
- #4 Bar Size
- #5 Bar Size
- #6 Bar Size
- By End User
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Frequently Asked Questions in the Steel Rebar Market Report
- What was the market size of the steel rebar industry in 2023?
- In 2023, the market size of steel rebar was USD 258.13 billion.
- What will be the potential market valuation for the steel rebar industry by 2031?
- In 2031, the market size of steel rebar will be expected to reach USD 372.41 billion.
- What are the key factors restraining the growth of the steel rebar market?
- Increasing availability of low-cost steel rebar alternatives and decreasing global steel production are restraining the market growth at the global level.
- What is the dominating segment in the steel rebar market by type?
- In 2022, the carbon steel rebar segment accounted for the highest market share in the overall steel rebar market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the steel rebar market?
- North America accounted for the highest market share in the overall steel rebar market.
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