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The steel rebars market size has the potential to grow by 148.22 million MT during 2020-2024, and the market's growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by application (residential, commercial, and public infrastructure) and geography (APAC, Europe, North America, MEA, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including ArcelorMittal SA, Baosteel Group Corp., Commercial Metals Co., EVRAZ Plc, Gerdau SA, HBIS Group Co. Ltd., Hyundai Steel Co., Nucor Corp., Shagang Group Inc., and Tata Steel Ltd.
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The market is fragmented. The key players are competing based on economies of scale, access to raw material, and production capabilities and rarely compete based on prices. The cost of the steel rebars is dependent on the cost of the raw material and since the product is a commodity, price differentiation is the only factor that vendors use to improve their market shares. ArcelorMittal SA, Baosteel Group Corp., and Commercial Metals Co. are some of the major market participants. Although the growing demand for steel-based products in the construction industry will offer immense growth opportunities, the fluctuation in steel prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this steel rebars market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this steel rebars market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
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The residential applications of steel rebars include their use across reinforcing cement structures such as walls, beams, pillars, roofs, and shades in housing and apartment construction. Additionally, rapid urbanization and increasing disposable incomes across emerging countries globally are increasing the demand for steel rebars in the residential segment.
Market growth in this segment will be slower than the growth of the market in the commercial and public infrastructure segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the steel rebars market size.
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APAC was the largest steel rebars market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing construction activities in countries such as India and China will be a major factor in boosting the market's growth prospects in this region. The presence of large manufacturing industries, such as automotive parts and electronic components in China and the growth of the metals and minerals sector in Australia will drive steel rebars market growth in this region over the forecast period.
79% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for steel rebars in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growth of the private non-residential sector is one of the major factors that will fuel steel rebars market growth. The recent years witnessed an increase in the construction of lodging, office space, and business and amusement-related structures. The commercial construction sector is the integration of business spaces with entertainment and social spaces. Integrated resorts are being developed to accommodate business, lodging, and gaming. The Wynn casino in Everett, Massachusetts and the Montreign Resort Casino in Kiamesha, New York are some of the major integrated infrastructures. This will, in turn, drive the need for steel rebars, fueling market growth.
The increasing use of secondary steel will be one of the latest trends that will gain traction in the steel rebars market during the next four years. There is a decrease in the usage of iron owing to factors such as the increasing mining expenditure and the depletion of iron ores. This will drive the usage of steel scrap as a raw material in the production of steel. Moreover, the decreasing average life of automobiles and the demolition of older constructions that will result in the generation of a large quantity of steel scrap, will also drive the preference of scrap steel. The market will register a CAGR of over 7% by 2024.
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Five Forces Analysis
Market Segmentation by Application
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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