Steel rebar is a type of steel bar that is used as a tension mechanism in reinforced concrete and reinforced masonry building constructions to help fortify the concrete under compression. When used in bulk, it is also referred to as reinforcement steel or reinforced steel. Steel reinforcement bars greatly improve the structure's overall load-bearing capacity. Infrastructure, residential, and industrial construction are the main uses for steel rebar. A complex variety of steel rebar for applications requiring resistance to corrosion, epoxy coating, and earthquakes is also in higher demand. Steel rebar demand is impacted by a number of factors, including population increase, urbanization, and economic development, and is strongly correlated with the expansion of the construction and infrastructure industries.
According to SPER Market Research, ‘Steel Rebar Market Size- By Type, By Coating Type, By Bar Size Type, By Process Type, By End Use Sector - Regional Outlook, Competitive Strategies and Segment Forecast to 2033' states that the Global Steel Rebar market is estimated to reach USD 370.97 billion by 2033 with a CAGR of 4.89%.
Steel rebar is becoming more and more crucial in commercial and industrial sectors like manufacturing, energy production, and transportation. Technological advancements in the manufacturing process, sustainability concerns, and environmental challenges are all factors driving market expansion. The demand for steel rebar increases even further as a result of economic growth and industrialization creating an environment that is favorable for infrastructure and construction projects. Globalization and international trade also contribute significantly to market expansion since they increase demand for steel rebar infrastructure projects.
The demand for steel rebar may be impacted by infrastructure project delays and economic downturns. Trade conflicts and protectionist measures hinder international trade in steel by enacting tariffs and limiting entry to markets. Global economic risks including inflation, interest rates, and currency fluctuations have an impact on the steel rebar market due to fluctuations in building activity and infrastructure investments. Manufacturing costs are increased by environmental rules that require expenditures in technology and infrastructure changes, such as stricter emissions, waste management, and energy consumption norms. The advantages of alternative materials, such FRP rebars, like corrosion resistance and lightweight, make them riskier to replace.
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Impact of COVID-19 on Global Steel Rebar Market
The global market for steel rebar has been significantly impacted by the COVID-19 outbreak. Due to the pandemic's extensive economic disruption and decreased building activity, there is less demand for steel rebar. In addition to upsetting supply networks, the pandemic has made it difficult for manufacturers of steel rebar to maintain output levels and get raw materials. The long-term forecast for the global steel rebar market is still favorable, notwithstanding these difficulties. Steel rebar demand is predicted to increase as the global economy picks up steam and the pandemic fades, mostly due to the building and infrastructure sectors' sustained expansion.
Steel Rebar Market Key Players:
Asia Pacific is the leader in the market for steel rebar. This region consumes more than half of the world's rebar, driven by the growing need for infrastructure and urbanization in China, India, and other emerging nations. Some of the key players are- ArcelorMittal, Celsa Steel (UK) Ltd., Commercial Metals Company, Contractors Materials Company, Daido Steel Co., Ltd., Essar Steel, Gerdau SA, HYUNDAI STEEL, JFE Steel Corporation, Jiangsu Shagang Group Co., Ltd., KOBE STEEL, LTD., Mechel PAO, Nippon Steel Corporation, NLMK Group, Nucor Corporation, SAIL, Sohar Steel Group, Steel Dynamics, Inc., Tata Steel Limited, Others.
Global Steel Rebar Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts
By Type: Based on the Type, Global Steel Rebar Market is segmented as; Deformed, Mild.
By Coating Type: Based on the Coating Type, Global Steel Rebar Market is segmented as; Plain Carbon Steel Rebar, Epoxy Coated Steel Rebar, Galvanized Steel Rebar.
By Bar Size Type: Based on the Bar Size Type, Global Steel Rebar Market is segmented as; #3 Bar size, #4 Bar size, #5 Bar size, #8 Bar size, Others.
By Process Type: Based on the Process Type, Global Steel Rebar Market is segmented as; Basic Oxygen Steelmaking, Electric Arc Furnace.
By End Use Sector: Based on the End Use Sector, Global Steel Rebar Market is segmented as; Infrastructure, Residential, Industrial.
By Region: This research also includes data for Asia-Pacific, Europe, the Middle East and Africa, North America, and Latin America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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