Press release
Global TMT Steel Bar Market is set to surge, with a projected CAGR of 9.1 Percentage, is expected to reach 18.95 USD Billion in the year 2030
Global TMT Steel Bar Market
TMT Steel Bar Market size is expected to reach 18.95 US$ Bn in the year 2030, at a CAGR of 9.1 % during the forecast period.
TMT Steel Bar Market Overview:
The TMT Steel Bar Market is projected to reach USD 18.95 billion by 2030, growing at a CAGR of 9.1% during the forecast period. The market's growth is fueled by global infrastructural development and the benefits TMT bars offer over torsional bars. The market also benefits from increased demand for cost-effective reinforcement bars and significant investments in heavy industries by countries such as China. However, technical constraints related to higher grade TMT bars may pose challenges to market expansion.
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TMT Steel Bar Market Dynamics:
The TMT steel bar market is expected to experience robust growth due to several factors, including the extensive infrastructural development worldwide and the advantages TMT bars have over traditional torsional bars. Additionally, the rising demand for affordable reinforcement bars is contributing to market growth. Significant investments by countries, particularly China, in heavy industry sectors provide further growth opportunities for market players. Conversely, technical challenges associated with higher-grade TMT bars may hinder market growth.
TMT Steel Bar Market Trends:
Key trends in the TMT steel bar market include a shift towards higher-grade TMT bars like Fe 415, which accounted for a significant market share in 2023 due to their higher yield stress and load-bearing capacity compared to lower-grade rods. The market is also witnessing a surge in residential construction driven by urban migration, increasing the demand for TMT bars in residential applications. Additionally, commercial applications of TMT bars are anticipated to grow at the highest CAGR during the forecast period.
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TMT Steel Bar Market Opportunities:
Opportunities in the TMT steel bar market are expanding due to the rising urbanization and infrastructure development across various regions, particularly in Asia Pacific. Increased investment in construction industries and supportive governmental policies in regions like Europe are also creating favorable market conditions. Furthermore, advancements in TMT bar technology and innovations in product offerings present significant growth prospects for market players.
India Mineral Supplements Market Regional Insight:
The Asia Pacific region is expected to exhibit dynamic growth in the TMT steel bar market due to the booming construction industry and significant investments, particularly led by China. Europe is the second-largest market, supported by cooperation from the EU for developing the coal and steel industries. North America, the Middle East & Africa, and Latin America are also important regions contributing to the global market growth, each with unique drivers and growth patterns.
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Segmentation Analysis of the Global TMT Steel Bar Market:
by Diameter
6-8 MM
8-12 MM
12 mm & Above
by Application Type
Residential
Commercial
Infrastructure
by Grade Type
Fe-415
Fe-500
Fe-550
Fe-600
Others
Who is the largest manufacturers of Global TMT Steel Bar Market worldwide?
1. ArcelorMittal Zenica
2. Balkan Steel Engineering Ltd.
3. Essar Steel
4. HBIS Group
5. HUS Ltd.
6. Metalopromet d. o. o. Kula
7. MMD
8. SIDERAL S.H.P.K.
9. SIJ Group
10. TATA Steel
11. Atlas TMT Bars Pvt. Ltd.
12. Jindal Steel & Power Ltd.
13. JSW Steel Ltd.
14. Kamdhenu Ltd.
15. MSP Steel & Power Ltd.
16. Primegold International Ltd.
17. Rashtriya Ispat Nigam Ltd.
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