Chicago, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The Steel Rebar Market is approximated to be USD 224.5 billion in 2022, and it is projected to reach USD 317.4 billion by 2030 at a CAGR of 4.4%, as per the recent study by MarketsandMarkets™. Steel rebar, also referred to as concrete reinforcing bar, is a hot-rolled, long steel product used in reinforced cement concrete (RCC). It is used in reinforced concrete and other structures to enhance the structure's strength by improving the concrete's tensile strength. Steel is only used as a reinforcing bar because its elongation due to high temperatures (thermal expansion coefficient) is nearly equal to that of concrete. Steel reinforcing bars are made from molten steel by shaping them into huge rectangular billets and passing them through a succession of dies that shape them into reinforcing bars.
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Browse in-depth TOC on "Steel Rebar Market”
List of Key Players in Steel Rebar Market:
Steel Authority of India Limited (India)
Drivers, Restraints, Opportunities and Challenges in Steel Rebar Market:
Drivers: Rapid infrastructure development and urbanization
Restraints: Construction industry vulnerability to crisis
Opportunity: New Opportunities as a Result of Technological Advancement
Challenge: The problem of excess capacity
Key Findings of the Study:
By type, deformed steel rebar accounted for the largest share in 2021
By Process, basic oxygen steelmaking accounted for the largest share in 2021
By coating type, plain carbon steel rebar accounted for the largest share in 2021
By bar size, #4 steel rebar accounted for the largest share in 2021
By End Use Industry, the Infrastructure segment accounted for the largest share in 2021
Asia Pacific accounted for the largest share of the Steel Rebar Market in 2021
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The steel rebar market has been segmented based on type, i.e., deformed, and mild steel rebar. Deformed rebars are the best type of reinforcement bar among the various types. They are made of ribs, lugs, or indentation on their surfaces that helps them to hold the concrete better, ultimately contributing to the structure's strength. High ductility in deformed bars is just because of the low carbon ratio in the overall steel composition. As a result, they can withstand major natural disasters. Malleability is one of the most well-known characteristics of deformed steel bars. It can be used for tension and compression reinforcement; its shape can be changed by bending and rebending repeatedly. On the other hand, mild steel rebar surface is plain and round., with sizes ranging from 6 mm to 50 mm. They are used in a variety of applications, including dowels at expansion joints where bars must slide through a metal or paper sleeve, contraction joints in roads and runways, and column spirals.
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The steel rebar market is segmented based on end-use applications. Steel rebar are used in three major areas such as infrastructure, housing and industrial. . Infrastructure sector includes projects such as roads, highways, bridge construction, sewage systems, airports, and stadiums, among others. The use of steel rebar increases the tensile strength of surrounding concrete structures in highway bridges and pillar structures. Today, project contractors use advanced steel rebar with galvanized coatings in critical highway projects to protect them from corrosion. The availability of such advanced steel rebar coatings makes it one of the most durable products for infrastructure projects. The housing sector is the second-largest consumer of steel rebar in the world. This segment includes all major housing and real estate projects, schools, hospitals, and commercial shopping complexes. The industrial segment of the steel rebar market includes all construction projects in the energy & power industry, water treatment plants, industrial warehouses, oil & gas construction, and telecommunication infrastructure.
The steel rebar market is studied in five regions, namely, Asia Pacific, Europe, North America, the Middle East & Africa, and South America. Asia Pacific is the fastest-growing market and the largest consumer of steel rebar globally. Growing developmental activities and rapid economic expansion lead to growth in this region. Additionally, the increasing population in these countries demands more for commercial workplaces, buildings, and infrastructure, which, in turn, is expected to lead to the growth of the steel rebar market. The infrastructure sector is the largest consumer of steel rebar in the Asia Pacific, driven by growing economic and other developmental activities. The demand for steel rebar is also expected to be driven by the growing global construction industry, rapid industrialization, and faster infrastructure development.
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