Steel Rebar Market To Reach USD 229 Billion By 2027 | CAGR 4.2% — Forencis Research
Global Steel Rebar Market: Key Highlights
- According to the new market research report “Steel Rebar Market by Type (Plain Reinforced and Deformed Reinforced), by Application (Residential, Commercial, Public Infrastructure and Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2019 to 2027)”, the global Steel Rebar market is expected to witness strong growth and reach USD 229 billion by 2027 with the CAGR of 4.2% between 2020–2027
- Steel Rebar is the steel bars used in the construction of the long-lasting infrastructure with a combination of the concrete and other construction materials
- It is produced by melting the steel and allow to pass through a hollow circular mold or ring to attain desired thickness and elongated like wire shape
Global Steel Rebar Market: Key Market Dynamics
- Growth of steel rebar market is mainly attributed to the significant rise in the construction activities globally
- Increase spending of boosting public infrastructure with the growing demand for residential housing projects is further propelling the steel rebar market
- Demand for steel is increasing owing to heavy usage in the prominent application areas such as automotive, marine construction, industrial machinery and others, fuels the market growth
- On the flip side, volatile prices of the raw materials hinder the market growth
- Rising global concerns regarding the harmful effects of conventional building materials shift the preference towards green building
- Issues such as corrosion and susceptible to fire, are some of the limitations that challenge the market growth
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Global Steel Rebar Market: Regional Overview
The market for steel rebar is expected to gain high demand in Europe owing to the significant rise in construction and automotive production. Growth of the automotive sector is extremely crucial for the prosperity of the overall Europe region. The Covid-19 pandemic hitting hard automotive sector has shown a ray of shine in the European market. Despite dip in the overall automotive sales, the adoption of electric, hybrid and plug-in cars has accelerated. The new car registrations in the EU remained roughly constant at 15.1 million since 2018, with strongest growth segment accountable to the sport utility vehicle (SUV) cars.
The Asia-Pacific, one of the potential market for the steel rebar market is expected to experiencing a forward push is due to the strong growth of the new construction activities in the region. Presence of promising countries including China, Indonesia, and Malaysia among others. Improving connectivity with the significant increase in boosting investment for enhancing infrastructure is driving the market growth in the Asia-Pacific.
Global Steel Rebar Market: Key Players Overview
ArcelorMittal is a steel manufacturing company offering cold rolled, electrogalvanized and coated steels, slabs, bars, and wire rods. The company has a strong foothold in the Americas, Africa and Europe region with manufacturing in more than 15 countries and customers spread across 160 countries. In December 2019, ArcelorMittal acquired Essar Steel India Limited (India) and also signed a joint venture agreement with Nippon Steel Corporation (Japan) called ArcelorMittal Nippon Steel India Limited, which will own and operate ESIL.
- Gerdau S/A:
Gerdau S/A is a producer of steel having strong regional presence across Latin America, Europe and Asia, with steel manufacturing facilities in 10 countries. The product range includes merchant bars, rebar, beams, piling, billets, etc. The company delivers special and long steel products used across agriculture, energy, automotive, construction, and manufacturing sector.
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