Steel Rebar Market: Outlook and Opportunities in Grooming Regions 2021 to 2027

The steel rebar market growth will be driven by the demand from applications in various industrial processes. The introduction of various steel rebar solutions with compact rolled products helps in reducing issues related to storage space and bending & cutting work at construction sites.

Growing investments to uplift the infrastructural projects will fuel the mass construction activities, which will eventually augment the demand for the product. Reportedly, the European Union has recently proposed an investment of nearly €1.8 trillion towards infrastructure development across the region.

According to a Global Market Insights, Inc., report, global steel rebar market size is estimated to surpass US$137 billion by 2027.

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Reinforcement steel is broadly utilized in various development projects such as highways, canals, dams, and in the construction of bridges and commercial & residential complexes. The utilization of steel rebar in reinforced concrete structure enhances the tensile strength and durability of the constructed structures. Owing to the robust economic growth in ASEAN countries such as India, the Philippines, and Malaysia, and extensive infrastructural developments in these regions, the steel rebar industry is likely to flourish in the forthcoming years.

Rapid urbanization and increasing disposable incomes have positively impacted the lifestyles and preferences of customers. Additionally, the presence of initiatives such as green building projects to uplift the construction sector and growing customer demand for advanced homes is expected to foster global steel rebar industry expansion. On the other hand, rising awareness pertaining to renewable products and their utilization in sustainable infrastructure projects would significantly augment demand for the product.

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Hot rolled deformed steel rebar gets deformed through twisting and during this process, it creates grooves over its surface which helps in enhancing the durability of the structure. The process offers excellent tensile strength, which them highly suitable for constructing vertical concrete structures. Notably, the revenue share of the deformed steel bar was nearly 75% in 2020. Mild steel rebars are round-shaped steel products that are widely used in tensioning devices in applications including RC infrastructure. MS rebars are brittle in nature, however, they provide exceptional tensile strength to structures and helps in cutting, drilling, and welding.

Basic oxygen steelmaking (BOF) in the steel rebar industry dominates the conventional steelmaking process, which is estimated to account for a share of nearly US$79 billion by 2027. Molten pig iron are the major raw material used in the BOF process. The process basically comprises blowing of oxygen into the molten material and the oxidization convert the molten ore into steel. The finished material is further processed to produce deformed steel rebars and mild steel.

The residential building applications of the steel rebar industry is projected to be valued at nearly US$44 billion by 2027. Constantly rising population and robust industrialization in the Asia Pacific are generating significant demand for constructing new residential and commercial buildings in the region. the presence of favorable government regulations and growing investments to support infrastructural projects will positively influence industry growth in the upcoming years.

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The Europe steel rebar industry will grow substantially at a CAGR of nearly 3.4% between 2021 and 2027. The regional industry growth is majorly attributed to the exponential growth of infrastructural projects across commercial and industrial sectors. Surging number of residential building projects along with massive investment to expand the transport sector will further complement regional industry expansion. Additionally, the introduction of the green infrastructure building concept and rising expenditure to bolster such projects will generate substantial demand for steel products.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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