The global steel rebar market size was valued at USD 240.29 billion in 2022 and is predicted to reach USD 428.50 billion by 2031, increasing at a CAGR of 6.1% from 2023 to 2031.
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 Size||USD 428.50 billion by 2031|
|Fastest Growing Market||North America|
|Largest Market||Asia Pacific|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
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.
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.
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.
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.
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.
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.
The global steel rebar market share is divided into different segments according to the Material, Type, Grade, and End-User.
By Material, the global steel rebar market is segmented into Bar (Small), Bar (Large), Wire, Coil, and Others. The Global Steel Rebar Market is categorized based on various material forms, catering to diverse construction needs. Small bars are predominantly used in intricate frameworks, ensuring stability and strength in structures like residential buildings. In contrast, large bars provide foundational support for large-scale infrastructure such as bridges and skyscrapers, ensuring longevity and resilience. Wire form, flexible and versatile, finds its application in fastening and binding structures. Coil rebars, owing to their coiled nature, are typically used in projects requiring a continuous line of reinforcement, like roads. The 'Others' category encapsulates specialized rebars, designed for specific structural requirements. Together, these different materials underscore the adaptability and comprehensive utility of steel rebar in the global construction industry.
By Type, the global steel rebar market is segmented into Mild Steel Rebar, Deformed Steel Rebar, Carbon Steel Rebar, Stainless Steel Rebar, Galvanized Steel Rebar, Welded Wire Fabric (WWF) Rebar, and Others. In the vast landscape of the Global Steel Rebar Market, various types of rebars cater to unique construction requirements. Mild Steel Rebar, being malleable and ductile, is ideal for structures where flexibility is crucial. On the other hand, Deformed Steel Rebar, characterized by its ridges, ensures superior binding with concrete. Carbon Steel Rebar offers enhanced strength, making it a staple in heavyweight infrastructure. Stainless Steel Rebar stands out for its resistance to corrosion, ensuring the longevity of structures, especially in coastal regions. To further combat corrosion, Galvanized Steel Rebar is coated with protective zinc. Welded Wire Fabric (WWF) Rebar is a mesh of steel used primarily in concrete slab construction, ensuring even distribution of tension. The 'Others' segment encompasses specialized rebars tailored for distinct construction demands, amplifying the market's versatility. Collectively, these types highlight the industry's commitment to durability, innovation, and safety.
By Grade, the global steel rebar market is segmented into 40, 60, 75, 80, 100, 120, 150, and Others. The Global Steel Rebar Market offers a diverse range of grades, each tailored to specific structural requirements. Grade 40 rebars are commonly used in standard construction projects due to their balanced blend of ductility and strength. Grade 60, known for its enhanced tensile strength, is a favorite for large-scale constructions like skyscrapers and bridges. Grades 75 and 80 provide even higher strength, allowing for reduced material usage in projects. The 100 and 120 grades are designed for situations demanding superior tensile strength, ensuring structural integrity in extreme conditions. Grade 150 is the pinnacle of strength in the rebar realm, catering to specialized projects that demand unparalleled robustness. The 'Others' category captures grades that fit unique construction scenarios, emphasizing the market's adaptability to diverse engineering challenges. These varying grades underline the industry's commitment to versatility and precision, ensuring structures are both safe and cost-effective.
By End-User, the global steel rebar market is segmented into Construction (Residential, Commercial, Others), Infrastructure (Roadways, Bridges, Railways, Airports, Others), Oil & Gas, Manufacturing, Agriculture, and Others. The Global Steel Rebar Market caters to a spectrum of end-users. In construction, it plays a pivotal role in residential, commercial, and other building projects, reinforcing structures with durability. For infrastructure, the market bolsters roadways, bridges, railways, airports, and more, ensuring robust transport networks. In the oil and gas sector, steel rebar provides stability and safety for exploration and refining processes. Manufacturing industries benefit from its use in various applications, thanks to its strength and flexibility. Agriculture leverages steel rebar for fencing and support structures. The market's adaptability extends to other sectors, reflecting its multifaceted utility in engineering and construction domains, underscoring the critical role it plays in various industries' progress and development.