Home > Advanced Materials > Steel Rebar Market Size, share and Growth Forecast 2030 | Straitsresearch
Straits Research

Steel Rebar Market

Steel Rebar Market: Information by Application (Residential, Commercial, Infrastructure), and Region — Forecast till 2030

Table of Content Download Sample

Market Overview

The global steel rebar market size was valued at USD 260.82 billion in 2021 and is predicted to reach USD 490.50 billion by 2030, increasing at a CAGR of 4.77% from 2022 to 2030.

Steel reinforcing bar, or rebar, is a tensioning device commonly used in the construction industry to reinforce concrete. Compressed concrete is held and strengthened by steel rebar, a versatile construction element. Reinforcement concrete is a complex substance that is made of concrete and some kind of reinforcement technique. Despite its high density, concrete lacks the same level of tensile strength.

However, steel rebar is cast into concrete to hold the tensile load in order to correct this imbalance. Wire mesh or expanded metal is one of five varieties of rebar, the others being welded wire fabric, sheet metal reinforcing bars, and stainless-steel rebar. In order to construct a monolithic building, steel rebar is often cut and shaped into uniform lengths and widths.

Because of its exceptional bending ability, steel rebar is an ideal reinforcement material for concrete structures. High impact resistance, reduced spalling joints, and long-term durability is only some of the advantages of steel rebar.

Market Snapshot

market snapshot
Base Year
: 2021
Study Period
: 2020-2030
CAGR
: 4.77 %
Fastest Growing Market
: North America
Largest Market
: Asia Pacific
Market Size
: USD 490.50 billion by 2030
Get more information on this report Download Sample Report

Market Dynamics

Market Drivers

The Growth of Infrastructure and Urbanization Are Picking Up Speed

The demand for products is increasing as a result of rapid infrastructural development and the formation of new industrial units in emerging economies such as India and China. Because of factors such as rising per capita income, expanding populations, and generally better living conditions, the residential sector is forecast to have a prosperous future. As a consequence of this, a number of countries throughout the world, notably India and others, are proposing extensive housing and smart city programs in an effort to support the expansion of the residential sector. New chances for economic growth and development are presenting themselves as a result of rapid urbanization in emerging economies. There is currently a concerted effort being made on a global scale to find answers to the most pressing problems. Some of these include the development of "smart cities," the formulation of policies that will benefit the residential construction industry, and a variety of other endeavors.

The Market Is Driven by Government Initiatives

Public funding for housing is a major factor in the growth of the residential construction industry. Subsidies and financial assistance are made available to low-income households by the government. These incentives make it easier for people to get low-interest loans to buy or build a new house. Steel rebar's distinctive qualities, such as high tension, ductility, and the ability to supply perfectly formed columns and beams with a precise quantity of concrete cover, can be enhanced using thermo-mechanical technology.

The use of high-strength rebar in building constructions is being promoted by governments around the world. This has led to a reduction in the global market share of mild steel reinforcing bars. According to China's Ministry of Housing and Urban-Rural Development, earthquake-resistant and high-strength deformed steel rebar should be promoted.

Market Restraints

Insufficient Numbers of Skilled People Combined with A Knowledge Gap

The market is now suffering from a lack of knowledgeable persons as well as a shortage of talented employees, all of which have the potential to create challenges for the market in the near future. They will be encouraged to spend their discretionary cash on purchasing these market shares and items if they have knowledge of the market as well as their target audience and are aware of the product portfolios. On the other hand, there is a dearth of reliable information available, and investors are hesitant to put their money into the market because of it.

Market Opportunites

New Opportunities as a Result of Technological Advancement

It is projected that the steel rebar industry will continue to grow, as well as the innovation and progress of steel rebar, which will create attractive business prospects for both established and new market participants. Steel rebar's high-end uses and quick technological breakthroughs are driving constant innovation in the sector. Among the most recent grades, Fe-500, Fe-550, and Fe-500D have all just been made available. There is also expanding use of a modern range of steel rebar in applications that are resistant to corrosion, epoxy coated, and earthquake-resistant. Increased government funding for public transportation, rapid urbanization, and developing infrastructure are some of the reasons that are predicted to promote the market's growth.

Segmental Analysis

The global steel rebar market share is divided into different segments according to the Application and Region.

By Application, the global steel rebar market is segmented into Residential, Commercial, and Infrastructure. From 2022 through 2030, it is anticipated that the volume of the commercial market will expand at a compound annual growth rate (CAGR) of 4.2 percent. The growth in urbanization that has occurred in many parts of the world has resulted in an increase in the number of high-height structures constructed for commercial purposes. This, in turn, has led to an increase in the demand for steel rebar.

One of the primary forces propelling the residential construction industry is the provision of financial support by governments for the building of homes. Housing assistance in the form of subsidies and grants is made available by the government to families with lower incomes. These subsidies make it possible for customers to get loans at more favorable interest rates, which can then be used toward the purchase or building of a new home. For example, the government of Australia will lend first-time homebuyers up to $15,000 USD in order to help them purchase their first property.

In 2021, the infrastructure sector was responsible for 27.1% of the total market share in terms of revenue. According to research put out by the United Nations, the global market has an annual requirement of around 3.3 quadrillion dollars (USD) to support the facilities that make up its infrastructure. Despite this, there is a lack of investment in this sector, which could cause annual revenue to fall short of USD 350 billion. Because emerging economies are expected to capture almost sixty percent of all anticipated infrastructure investments, these nations are likely to continue to serve as significant markets for steel rebar.

By Region, the global steel rebar market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Because of the need for steel rebar in China, it is anticipated that the Asia Pacific will continue to be the region with the highest level of consumption throughout the forecast period. In China, even if the industrial sector has slowed down, the building sector has managed to keep up its upward trend.

It is anticipated that the North American region would demonstrate consistent growth over the course of the anticipated timeline as the primary countries of the region, such as the United States and Canada, focus on the reconstruction of their infrastructure. The United States' infrastructure industry is struggling due to a lack of investment.

Regional Analysis

The global steel rebar market share is segmented by geography into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Because of the need for steel rebar in China, it is anticipated that the Asia Pacific will continue to be the region with the highest level of consumption throughout the forecast period. In China, even if the industrial sector has slowed down, the building sector has managed to keep up its upward trend.

As a result of the policy reforms, it is anticipated that China's real estate sector will significantly enhance the demand for steel and items associated with it. For example, newly implemented construction standards and the relaxation of control policies in tier 2 and tier 4 cities are anticipated to provide an additional boost to the demand for steel products in China. This is because these cities are considered to be the second and fourth most populous in the country, respectively.

It is anticipated that the North American region would demonstrate consistent growth over the course of the anticipated timeline as the primary countries of the region, such as the United States and Canada, focus on the reconstruction of their infrastructure. The United States' infrastructure industry is struggling due to a lack of investment.

In the United States, the pandemic caused by COVID-19 had a significant effect on the income and profitability of the principal vendors. For instance, Nucor's sales fell by 10.8 percent between 2019 and 2020, reaching a total of 20 billion USD in the latter year. The pandemic caused by COVID-19 had an effect not just on earnings but also on profit margins.

Middle Eastern skyscrapers and high-end building constructions are becoming increasingly popular, and this trend will be aided by Europe's resurgence in the construction industry. Using data from the World Steel Association, Saudi Arabia's crude steel production in 2019 was estimated at approximately 8,191 thousand tonnes. Iron ore supplies are being depleted, and this could have an influence on the supply chain because of price variations in raw materials and final goods. As a result of the COVID-19 epidemic, finished steel product demand slowed in 2020 and is projected to do so for a short time going forward. Government measures that encourage growth, as well as upcoming megaprojects, will have a positive impact in the foreseeable future.

However, significant momentum has been seen in the market so far in 2021, and this can be attributed to the global economic recovery, which has supported the expanding demand for steel products such as rebar. For example, Steel Dynamics, Inc. reported a net increase in sales of USD 3.5 billion in the first quarter of fiscal year 2021, up from USD 2.6 billion in the first quarter of fiscal year 2020. In a similar vein, the net income climbed from 187 million dollars to 431 million dollars.

Steel Rebar Market Regional Analysis
Regional Growth Insights Download Free Sample

Top Key Players of Steel Rebar Market

  1. ArcelorMittal
  2. ESSAR steel
  3. Nippon Steel & Sumitomo Metal Corporation
  4. NLMK
  5. Nucor
  6. Tata Steel
  7. Tillos Group
  8. Power Steel Co., Ltd.
  9. Akron Rebar Co.
  10. Saudi Iron and Steel Company.
  11. JSW
  12. POSCO
  13. Shagang Group
  14. Commercial Metals Corporation
  15. Steel Authority of India (SAIL)

Report Scope

Report Metric Details
CAGR 4.77%
Forecast Period 2023-2031
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered
  1. By Applications
    1. Residential
    2. Commercial
    3. Infrastructure
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa
  • LATAM

Recent Developments

  • April 2022 - The vertical and horizontal galvanizing lines, each with a capacity of 500,000 tonnes annually, will be provided by Fives for Nucor Corp.'s greenfield West Virginia sheet mill. A news release from Fives states that while the second line's goods would be employed in the construction industry, the first line will create steel coils for automotive purposes.
  • April 2022 - Tata Steel announced that it had signed a share purchase agreement with Steel Authority of India Limited (SAIL) to purchase the latter's full 50% holding in S&T Mining Co Ltd. S&T Mining has been converted into a wholly-owned subsidiary of Tata Steel following the completion of the transaction. On April 11, 2022, the business will have fully acquired all of SAIL's equity investment in S&T Mining, according to a filing with the BSE by Tata Steel.

Steel Rebar Market Segmentation

By Applications

  • Residential
  • Commercial
  • Infrastructure

By Region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Latin America
  • Middle East and Africa (MEA)
Price Starts From
USD 995

Purchase Benefits

  • Eligible for a free updated report next year
  • Completely customizable scope
  • 30% discount on your next purchase
  • Dedicated account manager
  • Query resolution within 24 hours
  • Permission to print the report
Want to learn more about recent trends and data ?
They Already Trust Us :
Need Assistance?
+1 646 905 0080 (U.S.)
+44 203 695 0070 (U.K.)
sales@straitsresearch.com

Report Benefits

  • Develop business strategies by understanding the trends shaping and driving the Market.
  • Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Market in the future.
  • Formulate effective sales and marketing strategies by understanding the competitive landscape and by analysing the company share of market leaders.
  • Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
  • Track sales in the global and country-specific Market.
  • Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
Report Snapshot
Looking For Custom Report ?
Check Our License Options :

As featured on :

clients
Trusted by Fortune 500
Over 30000+ subscribers