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The TMT steel bar market size is forecast to increase by USD 85.9 billion and is estimated to grow at a CAGR of 4.26% between 2023 and 2028. The market is experiencing significant growth, driven by various factors. Primarily, the increasing demand for steel in infrastructure development and construction projects is fueling market expansion. TMT (Thermo-Mechanically Treated) steel bars offer advantages over traditional steel bars, including enhanced durability, improved tensile strength, and greater resistance to corrosion. Furthermore, the global construction industry's ongoing growth trajectory is creating a robust demand for TMT steel bars. As a result, the market is poised for continued growth in the coming years.
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The Market is witnessing significant growth due to the increasing infrastructural development across the globe. TMT steel bars, also known as quenched and tempered bars, are widely used in the construction sector for infrastructure applications due to their superior mechanical qualities. These bars are available in various sizes such as 68 mm, 812 mm, and 12 mm, catering to the needs of residential, commercial, and industrial structures. The demand for TMT steel bars is high in the Construction sector for Concrete structures due to their corrosion resistance, earthquake resistance, and fatigue-resistance properties. In heavy industry, TMT steel bars are used in torsional bars, hydropower plants, and industrial structures. The mechanical qualities of TMT steel bars are enhanced through heat treatment, which includes rapid cooling, making them ductile and super-strong. TMT steel bars find extensive use in buildings, especially in seismic zones, due to their ability to withstand heavy loads and resist earthquakes. The use of water jet technology in the production process ensures that the bars meet industry standards and have excellent mechanical properties. The market for TMT steel bars is expected to continue its growth trajectory due to the increasing demand for durable and strong construction materials. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing global construction industry is driving growth in the market. The global construction industry is driven by growth in its economy and increased per capita income. TMT steel bars are one of the major steel products and are used as reinforcement bars in building the supportive frames of modern infrastructure.
Moreover, the growing demand for seismic-resistant buildings has driven the market of TMT steel bars owing to the great seismic performance of these bars. The evolution of innovative design and technology has led to the construction of unique rib patterns, which contribute to enhancing the bond between the bar and adjacent concrete. The growth in the construction industry and the preferred use of TMT steel bars in modern buildings have driven the growth of the global market during the forecast period.
The increasing use of electric arc furnaces is a key trend in the market. The steel industry accounts for the major consumption, and high energy usage has caused the cost of production to increase. The processes and sources of energy required for manufacturing crude steel are the deciding factors of the required amount of energy. Traditionally, blast furnaces are used in processing iron ore to pig iron, which is further used to manufacture crude steel.
However, according to the demand for steel on the market, as well as the availability of material, EAF shall be able to accommodate a flexible production volume of steel. Therefore, the added advantage of EAF is attracting steelmakers toward it, which will drive the growth of the market in focus during the forecast period.
The availability of substitute materials is a major challenge faced by the market. The growth of the global TMT steel bars market can negatively impact the availability of substitute materials in the construction industry during the forecast period. Reinforced concrete is a common alternative to steel in construction. It involves embedding steel bars (rebar) within the concrete to provide tensile strength.
Moreover, the substitutes offer advantages such as corrosion, resistance, lightweight construction, and easier handling. In order to meet this demand, the TMT steel bar manufacturers may have to explore ways in which options for specialization can be provided. Thus, the availability of substitute materials will hamper the growth of the market focus during the forecast period.
The market research 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Agni Steels Private Ltd.- The company offers TMT steel bars such as Fe 550D bars that are fatigue-resistant and display enhanced physical features due to the specific chemical composition.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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 residential segment is estimated to witness significant growth during the forecast period. TMT steel bars in residential construction offer several advantages due to their superior properties and durability. In a number of types of building TMT bars are commonly employed, including residential buildings, to ensure structural integrity and safety. TMT bars are known for their high tensile strength and excellent ductility.
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The residential segment was the largest segment and was valued at USD 155.80 billion in 2018. TMT bars have good elongation properties, which means they can deform without breaking during seismic events. Compared with other types of steel, TMT bars have a higher melting point, making them more resistant to high temperatures in the event of a fire. The strength, durability, and corrosion resistance offered by TMT steel bars will promote the growth of the residential segment and strengthen the growth of the market in focus during the forecast period.
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APAC is estimated to contribute 77% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The APAC region has experienced rapid urbanization, with millions of people migrating to cities in search of better opportunities. There was an increase in the number of building projects, such as apartment buildings, commercial buildings, and infrastructure projects all requiring excellent construction materials like TMT steel bars. APAC accounts for more than 50% of the global construction market, which makes it the largest regional contributor to the global construction industry. Moreover, the investments from government and private investors, especially in China, India, Japan, South Korea, Indonesia, the Philippines, Malaysia, and Vietnam, for the development of new infrastructural projects such as railways, roads, residential buildings, and commercial spaces, drive the growth of the construction industry in the region during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The Market is witnessing significant growth due to the increasing infrastructural development in various sectors. TMT (Thermo Mechanically Treated) steel bars, also known as Quenched and Tempered bars, are widely used in heavy industry for their superior mechanical qualities. These bars come in various sizes such as 68 mm, 812 mm, and 12 mm, and are used in residential, commercial, and infrastructure applications. In the construction sector, TMT bars are extensively used in Concrete structures for their high yield strength and corrosion resistance. The grades of TMT bars range from FE-415 to FE-600, with yield strengths varying from 415 MPa to 600 MPa. Torsional bars, a type of TMT steel bar, are used in buildings, bridges, dams, and other structures to enhance their structural integrity and earthquake resistance. Mild steel bars, another type of TMT steel bars, undergo heat treatment for improved mechanical qualities.
Moreover, rapid cooling during the heat treatment process enhances the bars' mechanical properties, making them suitable for use in loads-bearing structures. Producers of TMT steel bars adhere to quality standards and employ sustainable production techniques to meet the growing demand for these bars while addressing environmental worries. Industry publications provide valuable insights into the latest trends and developments in the market. The market landscape depends on the high-yielding strength deformed bars, modern architecture, cold twisted, heat rolled, non-deforming construction, surface defects, cracks, abrasion, high heat, fire safety, and bulky. In summary, the market is thriving due to the growing demand for TMT bars in various sectors, particularly in infrastructure applications. Their mechanical qualities, including yield strength, corrosion resistance, and earthquake resistance, make them an essential component of Concrete structures and other load-bearing structures. Producers prioritize quality and sustainability while meeting the increasing demand for these bars.
Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.26% |
Market growth 2024-2028 |
USD 85.9 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.07 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 77% |
Key countries |
China, India, Japan, US, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agni Steels Private Ltd., ArcelorMittal, Atlas Group, Bansal Group, Kamdhenu Ltd., MMD, MS Life Steel, MSP Steel and Power Ltd., O. P. Jindal Group, Primegold International Ltd., Radha Smelters Pvt. Ltd., Shyam Metallics, Spark Electrodes Pvt. Ltd., SRMB SRIJAN Pvt. Ltd., Stecol International Pvt. Ltd., Tata Steel, and Ultra TMT |
Market dynamics |
Parent market analysis, market growth analysis, market research and growth, Market forecasting, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Grade Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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