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The steel rebars market size is forecast to increase by USD 57.68 billion, at a CAGR of 4.45% between 2023 and 2028. The market growth depends on several factors such as the growing emphasis on infrastructure development, the growing product innovations, and the fluctuation in prices of raw materials needed for the manufacturing process.
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A steel rebar is a wire mesh or bar that is used as a tension device to reinforce and support concrete and other masonry structures. These are manufactured using carbon, welded wire fabric, metal, epoxy, stainless steel, and others. These are widely used as a reinforcement to support the structural designs, for minimizing crackling and temperature-induced stress and supporting streel vars for the equal distribution of the overall load.
The deformed segment is estimated to witness significant growth during the forecast period. Deformed steel rebars are produced by cold twisting or hot rolling steel billets and have raised patterns like lugs, ribs, or indentations running along their length, which improve their grip on the concrete. In addition, deformed rebars are widely used in the construction of buildings, bridges, highways, dams, and other infrastructure where high strength, durability, and structural integrity are critical. Furthermore, rapid urbanization in developing countries, especially those in Asia and Africa, fuels the demand for new infrastructure and housing projects, which increases the need for deformed significantly.
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The deformed segment was the largest segment and was valued at USD 136.29 billion in 2018. Moreover, growing investments in infrastructure projects such as transportation networks, bridges, and dams are creating high demand for high-strength and durable reinforcement materials, such as deformed. In addition, the growth of the industrial sector increases the construction of industrial and commercial buildings, such as warehouses, factories, and other commercial structures, which, in turn, drives the demand for deformed segment which in turn drives the market growth during the forecast period.
Based on the end-user, the market has been segmented into residential, commercial, and public infrastructure. The residential segment will account for the largest share of this segment. The residential applications comprise their use across reinforcing cement structures such as walls, beams, pillars, roofs, and shades in housing and apartment construction. In addition, civil construction projects, such as housing construction, require high strength and low ductility, owing to which specific types and grades, such as Fe 500 rebars and Fe 415 rebars, are generally used. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
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APAC holds a significant share in the global market, with countries such as China, Japan, South Korea, and India being the leading revenue-generating countries. In addition, APAC will have the maximum demand in coming years due to the increasing demand for construction in countries such as China and India. Moreover, many industrial projects are set to take place in these countries. In addition, in India, because of the Make in India initiative, many foreign companies are trying to shift their production base to India. For instance, the Government of India is making the rules and regulations flexible to attract more companies to set up their production units in the country. In addition, China is the largest manufacturer in the world, and a larger portion of the produce is consumed by domestic industries. Hence, such factors are driving the market growth in APAC during the forecast period.
The growing emphasis on infrastructure development is notably driving market growth. Infrastructure development comprises the improvement of the quality of various types of infrastructure, such as roads, power, telecommunication, water and sanitation, and others. In addition, the growing emphasis on infrastructural development across various regions is one of the major factors that significantly contribute to the growth of the global market. Moreover, this are widely used in infrastructural projects, including buildings, bridges, highways, and others. In addition, governments across various regions are increasing investments in infrastructure development, such as building roads, bridges, and others. For instance, under the Union Budget 2023-2024, the government of India allocated around USD33 billion for the Ministry of Road Transportation and Highways. Hence, such factors are driving the market growth during the forecast period.
The growing product innovations in steel rebars is an emerging trend in the market. Steel rebars are undergoing significant innovations, including 3D printing, the integration of nanotechnology in steel rebar coatings, and others. In addition, the 3D printing of steel rebars provides a high degree of design flexibility besides helping minimize the wastage of raw materials. Moreover, specialized printers used in 3D printing technology can create complex, customized designs for reinforcing steel rebars. In addition, this process enables the production of rebar in precise shapes and sizes and reduces the amount of scrap. 3D-printed steel rebars are increasingly being used in construction projects such as bridges and others. Hence, such factors are driving the market growth during the forecast period.
Fluctuation in prices of raw materials is a major challenge hindering the market. Price volatility in raw materials for various metals, such as aluminum, iron, stainless steel, silver, and copper, will directly impact the cost of steel rebars. For example, in Q2 2021, global prices for iron ore rose to a record high of more than USD 212 per ton, an increase of around eight times from 2015, and the prices were around USD133 per ton as of January 2022. Moreover, the sudden change in the raw material price will affect market players significantly because the price cannot be bargained with the buyers once the agreement is made, and the loss is incurred by manufacturers. In addition, as they are used in a wide range of construction activities, a small fluctuation in the price can lead to a large addition to the total cost, owing to the purchase of large quantities of products by buyers. Hence, such factors are hindering the market growth during the forecast period.
Companies are implementing various market trends and analysis strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market and resulting of market growth analysis.
Agni Steels Private Ltd: The company offers steel rebars that provide strength and flexibility, making them ideal for various construction projects, including schools, warehouses, office buildings, bridges, dams, and power plants.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
ArcelorMittal SA, Baosteel Group Co. ltd., Commercial Metals Co., EVRAZ Plc, Gerdau SA, Hyundai Motor Co., JSW Group, Kamdhenu Ltd., MMD, MSP Steel and Power Ltd., Nucor Corp., Primegold International Ltd., Radha Smelters Pvt. Ltd., Rashtriya Ispat Nigam Ltd., Sage Metals, Shagang Group Inc., Spark Electrodes Pvt. Ltd., Tata Steel Ltd., and Super Shakti
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth analysis also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecast growth strategies.
Global Market Customer Landscape
The steel rebars market experiences significant dynamics driven by various factors. Rising infrastructural activities and infrastructure development projects contribute to the market's growth, leading to the construction of new projects and infrastructural expansion. Despite challenges like production halts and labor unavailability, the market witnesses short-term fluctuations, often mitigated by the emergence of cheap substitutes. Particularly, the nonresidential segment, including the oil and gas industry and commercial construction like corporate buildings, significantly impacts the steel rebar market. Manufacturing activities and supply chains play crucial roles in meeting demand, although disruptions can occur.
Both private and public construction nonresidential spending, along with initiatives by the Indian government for infrastructure investment and the development of industrial clusters, bolster demand. These factors collectively contribute to the upside demand observed in commercial projects, thereby influencing the country's economy and the global market dynamics. Understanding these trends is vital for stakeholders to navigate the steel rebar market effectively, ensuring alignment with emerging opportunities amidst evolving industry landscapes and varying economic conditions.
Steel Rebars Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2017-2021 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.45% |
Market Growth 2024-2028 |
USD 57.68 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.14 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 52% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agni Steels Private Ltd., ArcelorMittal SA, Baosteel Group Co. ltd., Commercial Metals Co., EVRAZ Plc, Gerdau SA, Hyundai Motor Co., JSW Group, Kamdhenu Ltd., MMD, MSP Steel and Power Ltd., Nucor Corp., Primegold International Ltd., Radha Smelters Pvt. Ltd., Rashtriya Ispat Nigam Ltd., Sage Metals, Shagang Group Inc., Spark Electrodes Pvt. Ltd., Tata Steel Ltd., and Super Shakti |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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