Steel Rebar Market to exceed $137 Bn by 2027; Global Market Insights, Inc.
The steel rebar market from residential building applications is forecast to capture more than USD 44 billion revenue by 2027 driven by rapid industrialization in Asia Pacific due to continuously growing population has resulted in the requirement for new residential spaces across the region.
Selbyville, Delaware, Jan. 27, 2021 (GLOBE NEWSWIRE) --Global Market Insights, Inc. has recently added a new report on the steel rebar market which estimates the industry valuation of steel rebar will cross US$ 137 billion by 2027. The availability of several steel rebar solutions along with the development of compact rolled products offer several benefits to end-users such as lower storage space and a drastic reduction in bending & cutting work at the construction sites. These factors will positively impact market growth over the forecast timeframe.
Reinforcement steel is extensively used for the construction of residential & commercial complexes, bridges, and several other projects such as skyscrapers, dams, canals, highways, etc. Furthermore, steel rebar can be used in any reinforced concrete structure to enhance the tensile strength of the structure, thus giving it supreme importance in construction activities. The market is likely to show a modest growth rate due to rising ASEAN economies, such as Malaysia, India, and the Philippines, which will keep a check on the consumption of steel rebars in the coming years.
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Growing urbanization and disposable incomes have enhanced customer lifestyles and preferences. Furthermore, rising investments in green building projects along with improving lifestyles are anticipated to boost the global steel rebar market. The development of low carbon footprint products and their usage in sustainable development infrastructure projects are driving product demand.
Deformed steel rebar is hot rolled and deformed through twisting along with making grooves over its surface. This provides good tensile strength, thereby making it suitable for vertical concrete structures. Mild steel rebars are cold rolled steel bar products used as tensioning devices in special applications such as seismic RC infrastructure. MS rebars are brittle despite providing tensile properties to structures. However, they can be cut, drilled, welded, and easily recyclable after use. Deformed steel rebar holds around 75% revenue share in 2020.
Basic Oxygen Steelmaking (BOF) is the dominant and conventional steelmaking process in the steel rebar industry. BOF segment is predicted to generate around USD 79 billion revenue by 2027. Raw materials used in the BOF process are steel scrap or molten pig iron. Oxygen is blown into the molten material and oxidizing action converts the material into steel. The end-product is further processed to produce mild steel and deformed steel rebar.
The steel rebar market from residential building applications is expected to generate around USD 44 billion in revenue by 2027. Rapid industrialization in Asia Pacific due to continuously growing population has resulted in the requirement for new residential spaces across the region. Regional governments are supporting the residential sector with customer-centric policies along with lowering stamp duty on registration of new properties during the pandemic.
The Europe steel rebar market will showcase a moderate growth rate at a CAGR of around 3.4% from 2021 to 2027. Infrastructural development in the commercial and industrial sectors is driving regional demand. An upsurge in residential building projects will further contribute to the market growth. Rising government spending for advanced & green infrastructure will present lucrative growth opportunities over the forecast timeframe.
*Some of the major findings in the steel rebar market report include:*
· The market is highly fragmented with the presence of several domestic & international steel rebar manufacturers.
· Increasing construction spending across the globe will support the steel rebar industry expansion.
· Growing disposable incomes coupled with rising urbanization are supporting the market growth.
· Industry players are focused on product development, geographic expansion, mergers & acquisitions, strategic collaborations with several green building projects, and cost optimization strategies over the long run.
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*Partial chapters from the report table of contents (TOC):*
*Chapter 2 Executive Summary*
2.1 Steel rebar industry 360° synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Process trends
2.1.4 Application trends
2.1.5 Regional trends
*Chapter 3 Steel Rebar Industry Insights*
3.1 Industry segmentation
3.2 Industry size and forecast, 2017 – 2027
3.2.1 COVID-19 impact on industry forecast
3.3 Industry ecosystem analysis
3.3.1 Raw material analysis
3.3.2.1 COVID-19 impact on raw material supply
3.3.2 Profit margin analysis
3.3.3 Value addition at each stage
3.3.4 Distribution channel analysis
3.3.5 Value chain disruption analysis (COVID-19 impact)
3.3.6 Vendor matrix
3.4 Innovation & sustainability
3.4.1 Patent analysis
3.4.2 Production process
3.4.3 Future trends
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.2.1 Increasing demand from residential and commercial construction
3.5.2.2 Rising government initiative for better infrastructure development
3.5.2.3 Revival of the U and European construction industry
3.5.2.4 Rising investment in the construction industry in the Middle East
3.5.2 Industry pitfalls & challenges
3.5.2.1 Price volatility and supply chain issues
3.6 Regulatory trends
3.6.1 U.S.
3.6.2 Europe
3.6.3 China
3.7 Growth potential analysis
3.8 Regional price trends
3.8.1 Cost structure analysis
3.8.2.1 R&D cost
3.8.2.2 Manufacturing & equipment cost
3.8.2.3 Raw material cost
3.8.2.4 Distribution cost
3.8.2.5 Operating cost
3.8.2.6 Miscellaneous cost
3.8.2 Price by Product
3.8.3 Price by Application
3.8.4 COVID-19 impact on pricing
3.9 Competitive landscape, 2020
3.9.1 Company market share analysis, 2020
3.9.2 Strategy dashboard
3.10 Porter’s analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 PESTEL analysis
3.12 COVID-19 impact on demand for steel bar by application
3.12.1 Residential building
3.12.2 Public infrastructure
3.12.3 Industrial
*About Global Market Insights*
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