Steel Rebar Market Growing Demand and Huge Future Opportunities by 2030
According to the Market Statsville Group (MSG), the global steel rebar market size is expected to grow from USD 293.1 billion in 2021 to USD 439.4 billion by 2030, at a CAGR of 4.6% from 2022 to 2030. Steel rebar is designed to strengthen and aid the concrete under tension, and tension bars are used in reinforced concrete and masonry structures. Concrete has an increased compression strength but a weak in tension. Rebar markedly to give or improve the strength of the structure. It is common for rebar surfaces to be deformed by ribs, lugs, or indentations in order to build a better bond with the concrete and reduce the likelihood of slipping.
It is generally made from carbon steel, stainless steel, glass-fiber, sheet metal, epoxy and galvanized reinforced polymers, welded wire fabric, phosphorus, carbon, manganese, iron, and sulfur. The global steel rebar is generally of two types Mild steel rebar and Deformed. While deformed steel rebar is a steel bar with a surface protrusion that enhances structures’ strength properties when reinforced with concrete, mild steel rebar does not provide bond concrete very well and is of poor quality.
The global steel rebar is used in constructing roads, dams, flyovers, and buildings. A strong foundation can be created, and the concrete under tension is enhanced and facilitated.
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COVID–19 Impact on the Global Steel Rebar Market
The major problem faced by the global steel rebar industry is the COVID-19 pandemic that has disturbed the global supply chain. The spread of coronavirus has taken transport, global trade, and domestic life to a standstill. This will impact the steel market of Chinese, which is home to 61% of the world’s steel rebar production from all around the globe. This enhanced the cost of materials restricting the development of the steel rebar sector. Secondary, the market has experienced a shortage of skilled experts, largely due to limited understanding, which may present challenges in the foreseeable future. Additionally, temporary slowdowns in local demand are expected to affect the market for a short period during the lockdown period. Factors that will influence the steel rebar market in the near future, include changing patterns in the use of higher grades of rebar and overproduction of steel resulting largely from Chinese production.
Global Steel Rebar Market Dynamics
Drivers: Growing infrastructure and urbanization
The growing demand for steel rebar for infrastructural development and the formation of new industrial units in developing economies such as China, India, and all over the world will drive the market growth. The rising population, capita income, and generally better living conditions will increase the residential construction sector, thereby augmenting the market’s growth. In order to support the expansion of the residential sector, several countries are proposing extensive housing and smart city programs worldwide.
Public funding for residential construction is a major factor that positively affects the growth of the steel rebar industry. The government subsidies and financial assistance to low-income households encourage the use of high-strength rebar in construction.
Restraints: High manufacturing cost
Most steels are receptive to corrosion when freely exposed to air and water and must therefore be periodically painted. This requires special care and extra cost. Weathering steels tend to eliminate this cost in stable design applications. Steel members can lose 1 to 1.6 mm of thickness each year if not maintained properly. The strength of steel members is significantly reduced at fire temperatures, despite the fact that they are incombustible.
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Opportunities: Technological Advancement
The steel rebar industry is expected to grow, as will the innovation and progress of steel rebar, which will create attractive business opportunities for existing and new players. The high-end applications and rapid technological breakthroughs of steel rebar drive the industry to innovate continually. Among the most recent, Fe-500, Fe-550, and Fe-500D have all just been made available. Modern steel rebar is increasingly used in corrosion-resistant, epoxy-coated, and earthquake-resistant applications. In order to spur the market’s growth, the government is expected to increase funding for public transportation, accelerate urbanization, and develop infrastructure.
Scope of the Global Steel Rebar Market
The study categorizes the steel rebar market based on type, process, and application at the regional and global levels.
By Type Outlook (Sales, USD Billion, 2017–2030)
By Process Outlook (Sales, USD Billion, 2017–2030)
- Basic Oxygen Steelmaking
- Electric Arc Furnace
By Application Outlook (Sales, USD Billion, 2017–2030)
By Region Outlook (Sales, USD Billion, 2017–2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
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Deformed steel rebar is projected to account for the largest market share
Deformed steel reinforcing bar dominates this steel rebar industry due to its high yield strength to improved malleability of the mild steel rebar’s deformed surface, enabling the bonding of materials and reducing slippage in concrete, as compared with mild steel rebar. They offer excellent tensioning capabilities and are flexible, making them suitable for any type of structure, covering columns, prefabricated beams, concrete cages, slabs, and so on. Further supporting market demand will be developing new deformed products, such as compact coils of deformed reinforcing bars.
Asia Pacific accounts for the highest CAGR during the forecast period
Asia-Pacific is the largest market for steel rebar, registering the fastest growth in CAGR over the forecast period. This is because of the increasing focus and execution on urbanization, modernization, infrastructural development, and construction projects in China and India. Factors driving the growth of the APAC rebar market include the increase in infrastructure and housing projects and the growing need for rebar for construction projects initiated by public and private sectors.
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Key Market Players in the Global Steel Rebar Market
Major players in the global steel rebar market are:
- Hebei Iron and Steel
- Baowu Group
- Jiangsu Shagang
- Sabic Hadeed
- Steel Authority of India (SAIL)
- Riva Group
- Tata Steel