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The TMT steel bar market size is estimated to grow at a CAGR of 4.34% between 2022 and 2027. The market size is forecast to increase by USD 84.39 billion. The growth of the market depends on several factors such as the increasing demand for steel, the advantages of TMT steel bars over other steel bars, and the growing global construction industry.
This TMT steel bar market report extensively covers market segmentation by end-user (residential, commercial, and infrastructure), grade Type (Fe 415, Fe 500 and 500d, Fe 550 and 550d, Fe 600, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 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 TMT steel bar 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 TMT steel bar market.
The increasing use of electric arc furnaces is a key trend in the TMT steel bar 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 TMT steel bar 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.
Global TMT Steel Bar 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 153.86 billion in 2017. 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 76% 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.
In 2020, the outbreak of COVID-19 negatively affected the growth of the regional market as there was a decrease in the demand for high-strength steel products, such as TMT steel bars, from end-user industries, such as oil and gas, construction, and automotive. However, in 2021, due to the vaccination drive, the governments lifted the lockdown and travel restrictions from the region. This has led to the economic recovery from the COVID-19 crisis, which has led to the reopening of several production facilities, including the TMT steel bar. Such factors will boost the growth of the TMT steel bar market in this region during the forecast period.
The TMT steel bar market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
TMT Steel Bar Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.34% |
Market growth 2023-2027 |
USD 84.39 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.98 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 76% |
Key countries |
US, China, India, Japan, 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, MMD, MS Life Steel, 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 Ltd., Ultra TMT, MSP Steel and Power Ltd., and Kamdhenu Ltd. |
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, and 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. |
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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