According to the MRFR analysis, the Global Steel Rebar Market is projected to reach a market value of over USD 290 Billion by the end of 2028 at a CAGR of over 4%.
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Rebars, also known as reinforcement steel or reinforcing steel, are steel bars or a mesh of steel wires used in reinforced concrete and masonry structures to strengthen and hold the concrete in tension as well as to improve the quality of the bond with the concrete. The tensile property provided by the steel reinforcement helps to prevent and minimize cracks in concrete under tension loads. The coefficient of thermal expansion of steel reinforcement and concrete are similar and undergo similar expansions during temperature changes, which ensures that the concrete is subjected to minimal stress during temperature variations.
The prominent factor favoring the growth of the global market is the increasing demand for Steel rebars Market Growth in the building & construction industry, especially in residential construction and infrastructure projects. As per MRFR analysis, the expenditure in the global construction industry was USD 11.2 trillion in 2018 which is rising significantly year-on-year and is expected to reach USD 13.4 trillion by the end of 2028. The expanding construction sector in the emerging economies of Asia-Pacific is likely to drive the market growth during the forecast period. The growing investments in infrastructural development in Southeast Asian economies such as Thailand, Indonesia, Malaysia, Myanmar, Singapore, and Vietnam are likely to favor the global market growth. For instance, the government of Thailand has announced an investment of approximately USD 26 billion for its infrastructure development projects such as railways, commercial buildings, airports, public roads and highways, and shipping ports.
However, the availability of effective and low-cost alternatives to steel rebars in the residential construction applications is expected to be a key factor hampering the market growth in the years to follow.
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COVID 19 Analysis
The arrival of the novel coronavirus pandemic has played its role in hampering the growth scenario for the steel rebar market and trends. The global market has been witnessing a huge backlash in terms of marketing, production, functioning, and manufacturing that are causing major disruptions in the demand and supply chain mechanism of the global market during the forecast period that will be ending in 2028. The global market has been witnessing a shortage of skilled labor, raw material, resources, and much more that might have a major challenge for the market to grow and dwell based on the predictions that have been laid by the business analysts for the forecast period of 2021-2028.
The steel rebar market players are collaborating with the key players that are functional in the market and have positive attributes in store for the market operations and growth during the period that will be ending in 2028. The rising investments are putting the production and manufacturing units in a better position for bulk products that will help the steel rebar market to enhance at a global and elaborated market scale.
Regulatory Analysis and Trade Analysis
The American Society for Testing and Materials (ASTM) has created a standard identification ruling that all rebars must comply with:
- The number must identify the bar size.
- The symbol for the type of steel must be noted. For instance, "N" means the bar was rolled from a new billet, "A" designates rolled axle steel, and "W" stands for weldable steel.
- The rebar grade identification must be cited, the grade indicates the rebar yield strength.
- A symbol identifying the manufacturer that rolled the bar must be included
Grades of Rebar in Different Codes
Source: ASTM International, The Concrete Centre, The Indian Concrete Journal, and MRFR Analysis
SEGMENTATION
By End-Use
- Infrastructure: The growth of the infrastructure segment is primarily driven by the increasing investments by the governments of developing economies across the globe. For instance, the Smart City project, the Dubai Expo 2020, the Lusail City project, and Qatar’s FIFA World Cup 2022 undertaken by the Middle East governments; since 2018, the National Development and Reform Commission (NDRC) of China has approved 27 infrastructure projects with a value of around USD 220 billion. This segment accounted for a share of over 35% in 2019 and is expected to register the highest CAGR during the forecast period.
- Residential Construction: The residential construction sector is the major end-use segment for the steel rebar market, with a share of around 45% in 2019. The rising residential and commercial construction, especially in India and China, due to the growing economies and population, the increasing government and private sector investments, the rising per-capita incomes, growing consumer spending, and the improving standard of living are together expected to boost the demand for steel rebars in the region and thus favor the growth of the segment in the years to follow.
- Commercial Construction: The commercial construction segment is expected to witness healthy growth, particularly in the developing economies of Asia-Pacific, Latin America, and the Middle East & Africa. Widespread use of steel rebars in non-residential construction, such as high-rise buildings, warehouses, industrial construction, shopping malls is expected to favor the growth of the segment in the years to follow.
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By Region
- North America: The growth of the residential construction sector and the ongoing infrastructure development projects, primarily in the US, is the primary driver for regional market growth.
- Europe: Western European countries, including Germany, France, and Spain, are the major contributors to the regional market growth. The established building & construction industry is expected to support the growth of the regional market during the forecast period.
- Asia-Pacific: Asia-Pacific is the largest and fastest-growing regional market for steel rebars, with China and India being the leading country-level markets.
- Latin America: The booming construction sector in Mexico and Brazil is likely to fuel the demand for steel rebars in Latin America in the coming years.
- Middle East & Africa: The high growth potential of the paints & coatings industry and the expanding construction sector in the GCC countries is expected to propel the regional market growth during the forecast period.
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