Steel Rebar Market Growing at 4.9% CAGR and Expected to Reach $318427.5 Million by 2030

The Steel Rebar Market held a global market value worth USD 227841.0 million in 2023. During the current period, the market is projected to reach USD 318427.5 million and hence, a global CAGR of 4.9% between 2023 - 2030. There has been an increase in building & construction activities, playing a significant role in recovering the construction sector and activities in Europe. Similar trends are propelling in various global locations and will help the steel rebar market share at the global level by the end of the forecast period in 2030.

The global market has been witnessing a massive backlash in terms of marketing, production, functioning, and manufacturing that are causing significant disruptions in the global market's demand and supply chain mechanism during the forecast period ending in 2030. The global market has been witnessing a shortage of skilled labor, raw material, resources, and much more that might pose a significant challenge for the market to grow and dwell based on the predictions that the business analysts have laid for the forecast period of 2023 - 2030.

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The steel rebar market analysis shows a considerable surge in non-residential construction activities in global regions like the North American region. The global market is witnessing the growth of product portfolios followed by a shift in the market trends towards the enhanced use of higher grades and degrees of steel rebar, as a market product.

Market segment insights for steel rebar

Market segmentation for steel rebar based on type, comprising mild and deformed. According to market statistics for steel rebar, the mild steel rebar category held the most share in 2023. In comparison to other carbon steel types, mild steel is one of the lightest metals.

Moreover, although lighter, it offers a remarkable strength-to-weight ratio. Inconel is a robust and long-lasting metal. As a result, it is significantly easier to deal with while producing durable steel and metal goods. The ability to weld mild steel products is another of their major advantages. When compared to other types of carbon steel, mild steel may be welded rapidly and easily. Working with mild steel rebar, which is mostly utilized in construction and infrastructure projects, has several benefits. Throughout the projected period, the sector for deformed steel rebar is expected to develop at the quickest Rate. The deformed bars have a well-known property known as high ductility since there isn't much carbon in the general composition of the steel. They are therefore more robust to severe natural calamities. Rebars that have been deformed are known to have a powerful connection with concrete. This increases the tensile strength and flexibility of concrete. Due to the advantages that deformed bars provide, they are also used to create residential and commercial structures, bridges of all kinds, and other industrial and commercial facilities.

Infrastructure, residential construction, and commercial construction are included in the Steel Rebar market segmentation based on End users. In 2023, residential construction accounted for the majority of market growth. Together with strong housing demand and supporting government policies, urbanization is expanding quickly. These are some of the other major drivers of market expansion.

Throughout the projection period, 2023 - 2030, commercial construction is anticipated to increase at a quicker rate. In non-residential construction, such as infrastructure, the oil and gas sector, corporate structures, commercial development, etc., steel rebars are frequently utilized. The non-residential industry is worth USD 820.73 billion, up 3.9% over this time last year, according to the U.S. Census Bureau.

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Insights into Regional Steel Rebar

The analysis offers market information for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. With a share of around 45.80% and a market size of USD 36.4 billion in 2022, the Asia Pacific Steel Rebar Market is anticipated to rise at a high CAGR during the research period.

Sales of steel rebar are expected to have increased as a result of several reasons, including growing expenditures in infrastructure-rebuilding projects. The Indian government earmarked USD 1.9 billion in the first half of 2022 to fund initiatives like "Smart Cities Mission" and "Housing for Everyone," according to the Ministry of Trade and Industry. Also, the region's fastest-growing market was India, while the China Steel Rebar market had the biggest market share.

The United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil are additional significant nations included in the market analysis.

The second-largest market share belongs to the Steel Rebar market in Europe. Investments in manufacturing facilities are predicted to significantly support market growth over the coming years. The growing need for steel rebars in the development of manufacturing facilities is another major factor for the market. Moreover, the region's fastest-growing market for steel rebar was Germany, while the UK market had the biggest market share.

From 2022 to 2030, the market for steel rebar in North America is anticipated to expand at the quickest CAGR. The financing flow from the governments of the United States and Canada for various infrastructure projects is expected to influence the growth rate.

Throughout the anticipated period, the U.S. is predicted to have the greatest market share and the quickest CAGR. With the escalating prices of infrastructure: and rehabilitation projects, the United States, one of the world's largest users of steel rebar, is expected to continue on its current course.

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Key Companies in the Steel Rebars Market include.

ArcelorMittal (Luxembourg)
Nucor (US)
Nippon Steel Corporation (Japan)
NLMK (Russian Federation)
Tata Steel (India)
JSW (India)
Shagang Group Inc (China)
Steel Authority of India Limited (SAIL) (India)
POSCO (South Korea)
HBIS Group (China)
Gerdau S/A (Brazil)
Commercial Metals Company (CMC) (US)
Acerinox S.A (Spain)
Daido Steel Co Ltd (Japan)
Steel Dynamics, Inc (US)
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