Steel Rebar Market- Industry Trends & Revenue Growth by the end of 2024
Recent report published by research nester titled “Global Steel rebar Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global steel rebar market in terms of market segmentation by product, by finishing, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
According to a recently published report by Research Nester The global steel rebar market is segmented into product type such as mild and deformed. Further, deformed steel is stronger than mild steel and has a relatively high tensile strength. Further, such properties of deformed steel make them perfect for reinforcement steel rebar in construction activities. Further, high bond strength of deformed steel rebar is also a major factor which is likely to fuel the growth of this segment in upcoming years.
Global steel rebar market is expected to register a 6.9% CAGR over the forecast period. Moreover, the global steel rebar market is expected to reach at USD 223.7 Billion by the end of 2024. The market is expected to expand on the back of increasing construction activities across the globe. Further, rapid urbanization across the globe, especially in developing regions is a key reason which is increasing the consumption of steel rebar.
The Asia Pacific steel rebar market is likely to grow at remarkable pace during the forecast period. The industrialization in Asian countries is a major factor which has made Asia Pacific world’s leading steel producer and consumer. Additionally, rapid urbanization in Asian economies such as India and China is also a major factor which is likely to drive the growth of Asia Pacific steel rebar market at a considerable pace over the forecast period.
Increasing Construction Activities
The world is witnessing infrastructural transformation which includes numerous constructional activities such as new housing, building constructions, structural floor, road pavements, box culverts, drainage structures, concrete cannels and others. Further, steel rebar is used as a reinforcing bar in constructional activities to withstand high tension forces.
Further, growing use of steel rebar in constructional industry to make reinforcement rebar is likely to intensify the growth of steel rebar market in upcoming years. According to U.S. Census Bureau and the U.S. Department of Housing and Urban Development, privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,192,000 in United States in 2017.
Benefits of Steel Rebar
Numerous advantages associated with use of steel rebar such as cost effectiveness, high durability, better corrosion resistance and better adaptability are also responsible for increased demand for steel rebar all across the globe.
However, presence of other alternatives such as basalt rebar is likely to inhibit the growth of the steel rebar market in the near future.
This report also provides the existing competitive scenario of some of the key players of the global steel rebar market which includes company profiling:
ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Hebei Iron & Steel Group, Baosteel, Wuhan Iron & Steel Group, Posco, Jiangsu Shagang, Tata Steel Group, Hyundai Steel Company and JFE Steel Corporation.