Steel Rebar Market to Grow Rapidly via Rising Construction Activities by 2026, APAC to Emerge as a Prominent Revenue Pocket
Category: #business  By Rahul Varpe  Date: 2020-02-05
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Steel Rebar Market to Grow Rapidly via Rising Construction Activities by 2026, APAC to Emerge as a Prominent Revenue Pocket

Steel rebar are mainly employed to impart higher tensile strength to the concrete. They have become an inherent part of building & construction owing to high reinforcement and stress bearing capacity it offers to cement/concrete matrix in the entire structure. In addition, steel's anti-corroding properties provide longer shelf life to structures, thus resulting in greater stability. In 2018, deformed rebar segment dominated the overall steel rebar market, accounting for close to 75% in terms of revenue.

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Deformed steel rebar is hot rolled and later deformed through twisting and making grooves over its surface. It imparts greater bonding and tensile strength, thus making it more suitable for vertical infrastructure. Whereas, mild steel rebar are cold rolled steel bars, are used as tensioning device in reinforced masonry structures. They are brittle, despite providing strength, and tensile properties. However they can be drilled, cut, welded; and easily recyclable after use.

Global Steel Rebar Market is expected to exceed USD 198.6 billion by 2026. Progressing construction activities in APAC will drive the steel rebar market over the forecast timeframe.

Emerging countries of Asia Pacific are aiming to strengthen their infrastructural facilities with an intention to accommodate their continuously growing population. The trend can be primarily observed in countries such as India, Indonesia, China, Malaysia, and Thailand. Regional governments and private financing are mutually supporting building new construction for residential and commercial sectors. Higher steel production from India and China will result in lower steel rebar cost, thereby driving its demand in significant volume over the forecast timeframe.

Steel Rebar Market Analysis by Product: -

  • Deformed
  • Mild

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Steel Rebar Market Statistics by Process: -

  • Basic oxygen steelmaking
  • Electric arc furnace

Basic Oxygen Steelmaking (BOF) is the oldest and recognized as the most dominant steelmaking technology in the steel rebar market. BOF mainly utilizes iron ore as its base raw material, in form of both molten pig iron and steel scrap. Oxygen is blown into the melt under a basic slag, where the oxidizing action converts the raw material into steel. It is then processed to produce into deformed or mild steel rebar. On the other hand, electric arc furnace (EAF) is gaining market traction at an impressive rate on account of its lower production cost per tons, and high energy efficiency as compared to BOF.

Major players operating in the steel rebar market are: -

  1. ArcelorMittal
  2. Gerdau SA
  3. Tata Steel
  4. Nippon Steel & Sumitomo Metal
  5. SAIL
  6. Essar Steel
  7. Hyundai Steel
  8. Daido Steel
  9. Mechel OAO
  10. Acerinox S.A.
  11. Kobe Steel
  12. Evraz PLC
  13. Jindal Steel & Power Ltd.
  14. Commercial Metals Company (CMC)

Companies are actively investing in research & development activities related to innovative production process that yields cost efficiency. For instance, Chinese manufacturers are more inclined towards production of earthquake-resistant and high-strength deformed steel rebar.

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Some major findings of the steel rebar market report include:

  • Increasing number of residential building due to substantial urban expansion in developing economies across the globe has led to escalation of steel rebar demand.
  • Deformed steel reinforcing demand will be increasing on account of its greater attributes such as lower slippage, greater bonding with cement, etc.
  • Increasing migrant population in Asia Pacific and Latin America in search of improved standard of living will drive steel rebar market demand.
  • Escalating home improvement and remodeling activities in Europe and North America will further complement steel rebar market demand.
  • Growing necessity for educational, tourism and healthcare infrastructure in the Middle East and Africa.

Related News: https://www.marketwatch.com/press-release/by-2024-flooring-market-is-expected-to-record-450-billion-doller-revenue-2020-02-04

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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