Global Steel Rebar Market Insights Forecasts to 2032
- The Global Steel Rebar Market Size was valued at USD 258.51 Billion in 2022.
- The Market is growing at a CAGR of 5.16% from 2022 to 2032
- The Worldwide Steel Rebar Market is expected to reach USD 427.42 Billion by 2032
- North America is expected to Grow the fastest during the forecast period
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The Global Steel Rebar Market Size is expected to reach USD 427.42 Billion by 2032, at a CAGR of 5.16% during the forecast period 2022 to 2032.
Steel rebar, also referred to as strengthened steel or reinforcement steel when used in mass, is a type of steel bar utilized as a mechanism for tension in strengthened concrete and reinforced masonry building constructions to help fortify the concrete under compression. Steel rebar considerably boosts the load-bearing capacity of the whole structure. Carbon steel is among the most widely accepted material for steel rebar, which is frequently made of hot-rolled cylindrical bars with deformed designs etched into the outermost layer. Hardened steel rebar and composite bars consisting of glass fiber, carbon fiber, or basalt fiber are also readily available. Rebar, like almost other metal goods, can be recycled as scrap. It generally corresponds to other steel components, liquefied, and re-framed. Steel rebar is available in a variety of bar sizes, notably #3, #4, #5, and #8. Steel rebar is used predominantly in industrial use, residential, and infrastructural building works.
The major key players in the global steel rebar market include ArcelorMittal, Tata Steel Limited, NLMK Group, Nippon Steel Corporation, Steel Authority of India Limited, Nucor Corporation, Steel Dynamics, Inc., Gerdau SA, Mechel PAO, and Commercial Metals Company. In order to expand the value of their products, these particular market players are engaging in partnership agreements, new product development, and investing in research and development, among other initiatives.
For instance, on May 2023, SteelAsia Manufacturing Corporation (SteelAsia), a Philippine producer of reinforcing steel bars, announced plans to open its manufacturing facility in Compostela, Cebu, by June of this year. SteelAsia's seventh steel facility will produce one million tons of high-strength rebars per year. This plant also offers welded reinforcing mesh. SteelAsia's total annual production capacity now exceeds 3 million tons, surpassing the largest rebar producer in Southeast Asia, with the opening of the new rebar mill in Compostela and the current six mills across the country.
Global Steel Rebar Market Report Coverage
|Market Size in 2022:||USD 258.51 Billion|
|Forecast Period 2022-2032 CAGR:||5.16%|
|2032 Value Projection:||USD 427.42 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||130|
|Segments covered:||By Type, By Coating Type, By Application, By Region, and COVID-19 Impact Analysis|
|Companies Covered:||ArcelorMittal, JSW, Tata Steel Limited, HBIS GROUP, NLMK Group, Celsa Steel UK, Nippon Steel Corporation, Steel Authority of India Limited, Power Steel Co., Ltd., Akron Rebar Co, Nucor Corporation, DAIDO STEEL Co. Ltd, Steel Dynamics, Inc., Gerdau SA, Mechel PAO, POSCO HOLDINGS INC., Jiangsu Shagang Group, SAIL, and Commercial Metals Company|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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Steel rebars market expansion is being driven by the rapid expansion of infrastructure development, particularly in developing nations, as well as rising expenditures on residential as well as commercial construction as well. Furthermore, the residential sector is predicted to grow exponentially over the projection period due to reasons ranging from increased disposable income, expanding demographics, and essentially improving the standard of living. As a result, a number of nations throughout the world, including India, are proposing substantial housing and urban planning strategies to help the growth of residential construction. As a result, it is expected that this factor will boost global steel rebar market sales.
Furthermore, government-provided housing subsidies are a primary driver of the residential construction industry's expansion. The government provides rebates and financial aid to households with modest incomes. The aforementioned benefits facilitate less challenge for people to obtain low-interest loans to purchase or construct a new home. In addition, the steel rebar market is expected to grow further, as will steel rebar advancement and development, creating appealing business opportunities for both well-established and emerging market players. For instance, thermo-mechanical technology can improve steel rebar's unique properties, such as high tension, ductility, and the capacity to supply flawlessly formed structural components with a precise amount of concrete cover. Additionally, there is also a growing demand for a sophisticated range of steel rebar in corrosion-resistant, epoxy-coated, and earthquake-resistant uses. Moreover, rising government financing for public transportation, a rapidly growing population, and the development of infrastructure are some of the factors expected to drive the steel rebar market expansion.
By Type Insights
The deformed steel rebar segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global steel rebar market is segmented into the deformed and mild. Among them, the deformed segment has the highest revenue share of 52.6% over the projection period, owing to the increased building industry in prominent nations and government regulations aimed at boosting the adoption of high-strength rebar categories to extend the lifespan of constructed structures. They are versatile with great tensioning ability and are adaptable, making them ideal for a wide range of projects such as columns, prefabricated beams, concrete cages, slabs, and other structures. During the projection period, the introduction of highly durable deformed rebar grades in countries such as China, the United States, and India will drive steel rebar market expansion. Furthermore, the production of new deformed products, such as small coils of deformed reinforcing bars, would boost market demand over the forecast period.
By Coating Type Insights
The plain carbon steel segment is witnessing significant CAGR growth over the forecast period.
On the basis of coating type, the global steel rebar market is segmented into plain carbon steel rebar, galvanized steel rebar, epoxy coated steel rebar, and others. Among these, the plain carbon steel segment is witnessing significant CAGR growth over the forecast period. Plain carbon steel rebar is utilized in a variety of construction projects when galvanized and epoxy-coated steel rebar is not required. Plain carbon steel rebar is cost-effective and has a high long-term tensile force. Plain carbon steel rebar has high toughness as well as hardness, allowing for outstanding reliability in its lack of humidity. As a result of these qualities, this type of segment contributes to the development of the steel rebar market over the forecast period.
By Application Insights
The public infrastructure segment accounted for the largest revenue share of more than 38.7% over the forecast period.
On the basis of application, the global steel rebar market is segmented into public infrastructure, residential buildings, industrial, construction, and others. Among these, the online retailers are dominating the market with the largest revenue share of 38.7% over the forecast period. Steel rebar demand is being driven by increased investment in large infrastructure projects around the world, particularly in the Asia Pacific area. Steel rebar is widely used in public infrastructure. Roads, motorways, bridge construction, sewage systems, airports, and stadiums are examples of projects in this industry. Steel rebar coating developments make it more robust for numerous infrastructure construction applications. Furthermore, newly industrialized nations are forecast to grab approximately sixty percent of all expected infrastructure investments, implying that these countries will continue to be important markets for steel rebar.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the market with more than 56.2% market share over the forecast period. Because of cost-effective labor and affordable real estate availability, the Asia Pacific area is a focus of international investment and burgeoning industrial sectors. As a result, construction activity is expanding, which serves to boost demand for steel rebar. Furthermore, increasing population growth and rapid development in the infrastructure sector are driving demand for the steel rebar market in Asia Pacific. China had been the Asia-Pacific region's biggest marketplace for steel rebar, subsequently surpassed by Japan, India, and South Korea. Additionally, investments in various construction activities, mostly by China and India, are expected to drive steel rebar demand in the area over the projection period.
North America, on the contrary, is expected to grow the fastest during the forecast period. This can be ascribed to the increased flow of funding from the governments of the United States, Mexico, and Canada toward different types of infrastructure. For example, in April 2022, the Mexican government announced the establishment of the third infrastructure development fund in collaboration with private investors in order to revitalize the country's economy. The financial resources will be used to reconstruct airports, rail links, and ports throughout the country. Furthermore, the United States is estimated to have the biggest market share and to develop at a rapid CAGR during the forecast period. Given the escalating costs of infrastructure restoration projects, the United States, as one of the world's largest users of steel rebar, is likely to continue on its current course.
The Europe, steel rebar market is expected to register a substantial CAGR growth rate during the forecast period, due to higher expenditures in production facilities. Furthermore, the UK Steel Rebar market had the biggest market share, while the Germany Steel Rebar market was the region's fastest-growing market. Increasing funding from the government for railroad systems infrastructure development projects in Germany is expected to boost market growth over the forecast time frame.
List of Key Market Players
- Tata Steel Limited
- HBIS GROUP
- NLMK Group
- Celsa Steel UK
- Nippon Steel Corporation
- Steel Authority of India Limited
- Power Steel Co., Ltd.
- Akron Rebar Co
- Nucor Corporation
- DAIDO STEEL Co. Ltd
- Steel Dynamics, Inc.
- Gerdau SA
- Mechel PAO
- POSCO HOLDINGS INC.
- Jiangsu Shagang Group
- Commercial Metals Company
Key Market Developments
- On March 2023, GPH Ispat Limited recently introduced a new high-grade steel rebar product that they believe would cut building costs while also ensuring structural safety. Within four months of launching its second new product, GPH Quantum B600C-R steel rebar, the business announced the debut of GPH Quantum B600D-R steel rebar, the first of its kind in the country.
- On May 2023, Agha Steel has announced the arrival of Agha Arcon Eco-Friendly Grade 80 Steel Rebars, a groundbreaking innovation that is poised to revolutionize the construction sector. This product exemplifies Agha Steel's dedication to producing high-quality, technologically innovative solutions to fulfill the market's evolving needs. Green Grade 80 Steel Rebars are an important breakthrough in building materials, providing improved strength, durability, and flexibility.
- In August 2022, Tata Steel agreed to establish a 0.75 million tonne per annum (MnTPA) long products steel plant with a scrap-based electric arc furnace (EAF) with the Government of Punjab. The cutting-edge EAF-based steel factory would manufacture construction grade steel rebar under the Company's main retail brand 'Tata Tiscon,' allowing Tata Steel to expand its market presence in the construction segment.
- In October 2022, BMW Industries signed a deal with Tata Steel (TSL) to convert CC billets into TMT rebars at its steel processing unit on NH-6 in Kolkata. The agreement, which will be in effect between TATA Steel and BMWIL, has a price variation clause and is long-term in nature. The company's current capacity utilization at the facility is around 40%, and new deal with TSL is projected to raise capacity utilization, resulting in increased revenue and profitability.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Steel Rebar Market based on the below-mentioned segments:
Steel Rebar Market, Type Analysis
Steel Rebar Market, Coating Type Analysis
- Plain Carbon Steel Rebar
- Galvanized Steel Rebar
- Epoxy Coated Steel Rebar
Steel Rebar Market, Application Analysis
- Public Infrastructure
- Residential Buildings
Steel Rebar Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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