Press release
Steel Rebar Global Market Report 2024 - B y Size, Share, Trends, Report, Outlook By 2033
Steel Rebar Market
The steel rebar market size is expected to see strong growth in the next few years. It will grow to $327.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to renewable energy infrastructure projects, smart cities and sustainable construction practices, increasing demand for high-strength rebar, global recovery from the covid-19 pandemic, expansion of transportation infrastructure. Major trends in the forecast period include innovations in sustainable steel production, technological advancements in steel manufacturing, adoption of green and sustainable practices, use of microalloying technology for enhanced performance, market expansion in developing economies, stringent quality standards and regulatory compliance.
Market Overview -
Steel rebar refers to a metal bar that aids in boosting the concrete's tensile strength. The resilience of concrete structures to tensile, bending, torsion, and shearing loads is improved as a result.
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Building And Construction Boom Driving The Steel Rebar Market
Growing building and construction activities across the world are significantly contributing to the growth of the steel rebar market. Building and construction activities refer to the area of business and manufacturing that is concerned with building, preserving, and fixing infrastructure. Steel rebars are used in building and construction activities to strengthen and hold concrete structures in tension, so growing building and construction activities will propel the market growth. For instance, in 2022, according to a report published by the Bureau of Economic Analysis (BEA), a US-based government organization that provides official macroeconomic and industry statistics, the size of the US construction industry increased by 5.21% from $1.916 trillion in the first quarter of 2021 to $2.016 trillion in the first quarter of 2022. Therefore, growing building and construction activities across the world will drive the steel rebar market.
Competitive Landscape -
Major companies operating in the steel rebar market report are ArcelorMittal S.A., CELSA Steel UK Ltd., Commercial Metal Company, Daido Steel Co. Ltd., Gerdau S.A., Hyundai Steel Co. Ltd., Nippon Steel Corporation, Nucor Corporation, Steel Authority of India Limited, Jiangsu Shagang Group Company Limited, Steel Dynamics Inc., Tata Steel Limited, Jindal Steel & Power Ltd., The Conco Companies Inc., Barnes Reinforcing Industries Inc., Outokumpu Oyj, Novolipetsk Steel, Sohar Steel Group LLC, Mechel PAO, Acerinox S.A., Posco SS Vina Co. Ltd., Emirates Steel Industries PJSC, Qatar Steel Company, JFE Holdings Inc., KOBE STEEL LTD., Infra-Metals Co., A-1 Alloys Inc., Delta Steel Inc., Admiral Steel LLC, Eastern Steel Corporation, Addison Building Materials Inc.
Innovative Evolution Advancing Steel Rebars For Enhanced Performance And Applications
Product innovation is the key trend gaining popularity in the steel rebar market. Major companies operating in the steel rebar market are focusing on producing new steel bars with better mechanical and metallurgical properties for them to be used in more applications. For instance, in March 2023, GPH Ispat Limited, a Bangladesh-based steel manufacturer launched GPH Quantum B600D-R steel rebar, the new high-grade steel rebar product. The new higher-grade steel rebar reduces construction costs. It would increase the floor area and boost the building's ability to carry heavy, ongoing loads.
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Key Segments -
The steel rebar market covered in this report is segmented -
1) By Product: Deformed, Mild
2) By Process: Basic Oxygen Steelmaking, Electric Arc Furnace
3) By Application: Residential Buildings, Public Infrastructure, Industrial
4) By End-Use Industry: Construction And Infrastructure, Manufacturing, Oil And Gas
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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