Steel Rebars Market size worth over $198 bn by 2026

Global Steel Rebar Market size is set to exceed USD 198.5 billion by 2026; according to the latest research report by Global Market Insights, Inc.
 

Steel rebar act as a strengthening device for reinforced concrete and provide structure with necessary tension to withstand external as well as internal forces. The steel rebars market demand is highly driven by global construction and economic growth. Global construction expenditure is projected over USD 10 trillion by 2024. In addition, escalating renovation and improvement practices in Europe and North America will further supplement product demand. Global construction market will witness growth during forecast period owing to improvement in market sentiments and the need of infrastructural development to bridge gap between developed and developing nations.

 

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Reinforcement steel is extensively used for construction of buildings, residential complex, bridges or any other major infrastructural projects such as dams, skyscrapers, canals, highways, etc. Product is exclusively used for any reinforced concrete construction thus giving it unparalleled importance in the construction industry. However, global economic slowdown and trade wars is likely to create hindrance to the market growth. According to OECD’s economic outlook, rise in import tariffs and trade war between the U.S. and China, has elevated product prices in some countries thus creating a hurdle in the market growth. Currently, Europe is witnessing downfall in the economic activities that is likely to limit construction output of the region.
 

Asia Pacific vs other regions in steel rebars market (USD Million), 2018 & 2026

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Browse key industry insights spread across 350 pages with 257 market data tables & 11 figures & charts from the report, “Steel Rebar Market Size By Product (Deformed, Mild), By Process (Basic Oxygen Steelmaking, Electric Arc Furnace), By Application (Residential Buildings, Public Infrastructure, Industrial) Industry Analysis Report, Development Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/steel-rebar-market
 

Mild Steel rebars shall witness moderate growth due to special purpose applications

Mild steel rebar industry held more than 25% share by volume in 2018 and expected to witness 4.2% CAGR. These are plain and round, they do not have any grove or twist in the bar. Demand is most likely to be driven by its special applications in expansion and contraction joints in construction activities. For example, seismic design on RC buildings.
 

Basic oxygen steelmaking likely to dominate steel rebars market

Basic oxygen steel making is a dominating technology and expected to increase its share in the years to come. This is a very common practice used by bulk manufacturers that involves refining of ferrous scrap and carbon rich pig iron from blast furnace into steel by injection of high-purity oxygen over the hot metal. Rising investment in residential infrastructure will enhance segment growth over the forecast period.
 

Indian government willing to spend around USD 1.5 trillion during forecast period

Public infrastructure held more than 60% steel rebars market share in 2018. Rise in infrastructural development will likely increase products market demand over the forecast period. For example, the Indian government has stated that in order to bridge the gap between country’s infrastructure needs and current infrastructure, government is willing to spend around USD 1.5 trillion over the next five years.
 

Middle East Megaprojects Tipped to Revolutionize the Region in Coming

Increased government spending in GCC countries on public transport infrastructure and commercial construction mega projects shall drive product demand. The Kingdom of Saudi Arabia has proposed future projects to provide world-class infrastructure facilities to its citizens. These projects will help boost the country’s economy and aid in achieving the objectives of Vision 2030, which aim towards diversification of economy and development of public services like infrastructure, education, tourism rather than dependence on oil. In January 2019, Saudi Arabia introduced a plan with an investment of around USD 426 billion by 2030 for the development of infrastructure sector. Moreover, it is planning to invest USD 1.2 billion on infrastructure development projects based at Jeddah. Middle east and Africa steel rebar industry will witness strong growth compared to North America and Europe with 4.1% CAGR.
 

Mergers and acquisitions create new opportunities

Industry players are mainly focused on joint ventures and mergers & acquisition in order to expand their geographic reach. For instance, Arcelormittal, a global steel giant, resolution plan to acquire Essar Steel. This acquisition is welcomed by domestic steel producers such as Tata Steel and JSW. Some of the key players operating in the global steel rebars market share are Steel Authority of India Limited (SAIL), Arcelormittal, Kobe Steel, Jindal Steel & Power, Outokumpu, Gerdau SA, Nippon Steel & Sumitomo Metal Corporation, Tata Steel, Byer Steel, etc.
 

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