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Steel Rebar Market Growth Demand, Opportunities And Overview By 2033
Steel Rebar Market Growth
According to The Business Research Company's, The steel rebar market size has grown strongly in recent years. It will grow from $245.46 billion in 2023 to $260.97 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to infrastructure development and construction projects, population growth and urbanization, government investments in construction, resilience and strength requirements in construction, global economic growth and industrialization.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Steel Rebar Market 2024 Key Insights:
• The steel rebar market will grow to $327.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Building And Construction Boom Driving The Steel Rebar Market
• Innovative Evolution Advancing Steel Rebars For Enhanced Performance And Applications
• Asia-Pacific was the largest region in the steel rebar market in 2023
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