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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 is experiencing significant growth due to the increasing demand for steel rebars in construction activities. This trend is driven by global infrastructure development and urbanization, leading to a rise in building and infrastructure projects. Additionally, product innovations in steel rebars, such as the use of high-performance and advanced materials, are gaining popularity in the market. However, the market faces challenges due to the fluctuation in prices of raw materials required for manufacturing steel rebars, such as iron ore and coal, which can impact the profitability of manufacturers. Despite these challenges, the market is expected to continue its growth trajectory, driven by the increasing demand for steel rebars in various end-use industries.
Reinforcing bars, also known as rebar or reinforcement bars, are essential components in concrete construction for enhancing structural strength. These metal bars come in various types, including carbon steel rebars, galvanized rebars, stainless steel rebars, and epoxy-coated rebars. Carbon steel rebars are the most commonly used type due to their high compressive and tensile strength, making them suitable for concrete structural applications under heavy loads. The diameter of reinforcing bars can range from 6mm to 60mm, and they are available in hot rolled and billets forms. Rebars undergo various processes such as cutting to length, ridge rolling, and bending to meet specific project requirements.
Reinforcing bars offer excellent resistance to compression, tension, and torsional loads. However, they are susceptible to corrosion, leading to the use of protective coatings like galvanization and epoxy coating. Scrap metal is a significant source of raw materials for producing rebars. In recent years, there has been a growing trend towards eco-friendly practices in the production and use of rebars. Reinforcing bars find extensive applications in concrete structures, including bridges, buildings, and other infrastructure projects. They are also used in decorative applications for their unique textures and patterns. The temperature during the production process plays a crucial role in determining the properties of reinforcing bars.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The deformed segment is estimated to witness significant growth during the forecast period. Deformed steel rebars, also known as reinforcing bars or reinforcement bars, are essential components in concrete construction, providing structural strength and enhancing the compression and tensile properties of concrete structures. Manufactured through hot rolling or cold twisting of steel billets, these metal bars exhibit raised patterns like lugs, ribs, or indentations, which improve their bonding with concrete and prevent slippage during thermal expansion or other loading conditions. Deformed rebars are indispensable in various applications, including high-rise buildings, parking ramps, concrete piers, and heavy-load structures, where high compressive strength, bending resistance, and torsional strength are crucial. The global infrastructure development, particularly in emerging economies in Asia and Africa, fuels the demand for deformed steel rebars due to the increasing need for new housing projects and infrastructure.
Carbon steel rebars, galvanized rebars, stainless steel rebars, and epoxy-coated rebars are popular variants, offering varying levels of corrosion resistance and durability. The recycling of scrap metal through electric arc furnaces and the use of extrusion tools enable the production of deformed rebars in various diameters, catering to diverse construction requirements. In conclusion, the demand for deformed steel rebars is driven by the need for high-strength, durable, and eco-friendly reinforcement materials in various infrastructure projects, such as transportation networks, bridges, dams, and high-rise buildings. The growing investments in these projects and the rapid urbanization in developing countries create a significant market opportunity for deformed steel rebars.
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The deformed segment was valued at USD 136.29 billion in 2018 and showed a gradual increase 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 elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The APAC region dominates The market, accounting for a substantial share due to the high construction activities in countries like China, Japan, South Korea, and India. These nations are witnessing a rise in demand for steel rebars, primarily driven by the increasing number of infrastructure projects, including bridges, foundations for buildings, and roads. In India, the "Make in India" initiative is attracting several foreign metal suppliers to establish their production bases, leading to an increase in demand for steel rebars in various shapes and forms, such as mild steel, stainless steel, aluminum, tool steel, alloy steel, brass, bronze, and copper.
The Indian government is also streamlining regulations to encourage more companies to set up manufacturing units, further boosting the market growth in the region during the forecast period.
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.
Demand for steel rebars due to growing construction activities is the key driver of the market. The global market is experiencing significant growth due to the expanding construction industry. Urbanization, infrastructure development, and population growth are primary drivers fueling the construction sector's advancement worldwide. The commercial real estate sector's growth is particularly noteworthy as cities expand and evolve, necessitating more office spaces, retail outlets, and industrial structures to meet the population's increasing needs. Reinforcing bars, also known as reinforcing steel or deformed bars, are essential components in concrete construction. They provide structural strength to concrete structures, enhancing their compression, tensile, and torsional strength. Carbon steel rebars, galvanized rebars, stainless steel rebars, and epoxy-coated rebars are popular types of steel rebars used in construction.
Further, these bars offer varying degrees of corrosion resistance, making them suitable for diverse applications. Steel rebars come in various diameters, hot rolled from billets, and are available in different lengths after cutting. They are designed to withstand heavy loads and resist deformations under thermal expansion and compression. Steel rebars are used in various applications, including high-rise buildings, parking ramps, and concrete piers, to reinforce concrete structures against bending, torsion, shearing loads, and slippage. Recycled steel is increasingly used to produce steel rebars through electric arc furnaces and extrusion tools. These processes minimize the environmental impact, making steel rebars an eco-friendly choice for construction projects.
Steel rebars' thermal expansion properties must be considered during construction to ensure proper alignment and prevent potential issues. Ribbed or ridged rebars are commonly used to improve bonding between the steel and concrete, enhancing the overall structural integrity.
Growing product innovations in steel rebars is the upcoming trend in the market. Steel rebars, also known as reinforcing bars or metal bars, play a crucial role in concrete construction by providing structural strength and enhancing the compressive, tensile, and torsional properties of concrete structures. These rebars are available in various forms, including Carbon Steel Rebar, Galvanized Rebar, Stainless Steel Rebar, and Epoxy-Coated Rebar, each offering different levels of corrosion resistance. The manufacturing process of steel rebars involves the production of billets, which are then hot rolled into rods of specific diameters and lengths. Ridges are added to the surface of the rebars to ensure proper bonding with concrete and prevent slippage during heavy loads and temperature changes.
Moreover, advancements in steel rebar technology include 3D printing and nanotechnology. The 3D printing of steel rebars allows for precise shapes and sizes, minimizing scrap and reducing raw material wastage. Nanotechnology in steel rebar coatings enhances their properties, providing improved corrosion resistance and thermal expansion characteristics. Steel rebars are essential in various structures, including high-rise buildings, parking ramps, and concrete piers, where they withstand bending, torsion, shearing loads, and other stresses. Recycled steel is also used in the production of steel rebars through electric arc furnaces and extrusion tools. Despite their importance, steel rebars face challenges such as deformations during cutting to length and the risk of corrosion.
Therefore, continuous research and development efforts are focused on enhancing their properties and improving their production processes to meet the evolving demands of the construction industry.
Fluctuation in prices of raw materials needed to manufacture steel rebars is a key challenge affecting the market growth. The market experiences significant volatility due to fluctuations in the cost of raw materials, primarily iron ore, used in the production of Reinforcing Bars, including Carbon Steel Rebar, Galvanized Rebar, Stainless Steel Rebar, and Epoxy-Coated Rebar. These metals are essential inputs in the manufacturing process of steel rebars, which are integral to Concrete Construction for providing Structural Strength and resistance to Compression, Tensile, and Torsional forces. The sudden increase in raw material prices, such as the record-breaking USD212 per ton for iron ore in Q2 2021, can significantly impact companies, as the prices are non-negotiable once agreements are made, resulting in potential losses for manufacturers.
However, the use of recycled steel, produced through electric arc furnaces and extrusion tools, is an eco-friendly alternative, reducing the reliance on primary raw materials and offering cost savings. Despite these challenges, steel rebars remain a critical component in various structures, including High-rise Buildings, Parking Ramps, and Concrete Piers, enduring heavy loads, temperature changes, and other environmental stressors, such as Thermal Expansion, Slippage, and Deformations. The Grid Pattern of reinforcement bars plays a crucial role in ensuring the desired Compressive Strength and resisting Bending, Torsion, Shearing loads, and other forces, making them indispensable in the construction industry.
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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
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 high-performing products that cater to the diverse needs of the construction industry.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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.
Reinforcing bars, also known as reinforcement bars or metal bars, play a crucial role in concrete construction by enhancing the structural strength of buildings and structures. These bars, available in various diameters and materials such as carbon steel rebar, galvanized rebar, stainless steel rebar, and epoxy-coated rebar, offer superior compression strength, tensile strength, and torsional strength. Carbon steel rebars are commonly used due to their cost-effectiveness and high strength. However, rebars coated with materials like zinc (galvanized) or epoxy provide enhanced corrosion resistance, extending their lifespan in harsh environments. Manufacturing processes for reinforcing bars include hot rolling and extrusion, using billets and deformations like ridges for improved grip.
These bars are cut to length and used in heavy loads, high-rise buildings, parking ramps, concrete piers, and other structures to resist bending, torsion, shearing loads, and thermal expansion. Recycled steel is increasingly used in the production of rebars through electric arc furnaces. Eco-friendly options like ribbed bars and grid patterns contribute to reducing slippage and improving overall structural integrity. Temperature control during the manufacturing process is essential to ensure the bars meet the required specifications for various applications.
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Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.45% |
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Market Growth 2024-2028 |
USD 57.68 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.14 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 52% |
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Key countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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 |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market 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 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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