The North America Steel Rebar Market size is expected to reach USD 13.99 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.8% over the forecast period. Rising investments in construction and infrastructure development projects are anticipated to contribute to the market growth over the forecast period. Various infrastructure development projects dedicated to boosting economic growth in North America are projected to augment the demand for steel rebar in the region over the forecast period. For instance, in May 2022, the Mexican government announced the allocation of USD 30.0 billion for infrastructure development in southeast Mexico.
The investment is expected to help in the development of airports, railways, ports, and the modernization of customs offices in southeast Mexico. In addition, investments in industrial units are expected to further boost the market growth in the region over the coming years. For instance, in June 2022, the U.S. Department of Defense (DoD) signed a contract worth USD 173.0 million with Lynas Rare Earths Ltd. to develop a rare earth refinery in Texas. This refinery is expected to manufacture dysprosium and terbium.The U.S. held the largest revenue share in 2021 and rising investments for the revival of public infrastructures are expected to fuel the product demand over the forecast period.
For instance, under the Infrastructure Investment & Jobs Act, USD 110.0 billion is allocated for rebuilding bridges and roads. In addition, the government is planning to invest USD 25.0 billion in airports and USD 17.00 billion in waterways & port infrastructure.The market is competitive due to the presence of numerous players. Theseplayers indulge in mergers and acquisitions to stay competitive. For instance, in January 2022, Knight’s Companies completed the acquisition of Sovereign Steel, a rebar and steel rebar fabricator. This acquisition is anticipated to help Knight Companies to provide additional product lines to its customer and also, to participate in the forthcoming infrastructure projects.
Related Press Release@ North America Steel Rebar Market Report
North America Steel Rebar Market Report Highlights
- The construction segment accounted for the largest revenue share in 2021 and this trend is expected to continue over the forecast period due to the rising construction activities
- For instance, according to the U.S. Census Bureau, in March 2022, the number of housing unit permits issued in Arizona, U.S. was 6,772.13 while this number was 4,930.57 in March 2021
- Based on country, the U.S. accounted for the largest revenue share in 2021. Rising infrastructure rebuilding projects and construction activities are anticipated to fuel the product consumption
- Increasing investments in the construction and infrastructure industries have forced steel rebar manufacturers to expand their manufacturing capacity
- For instance, in April 2022, Nucor announced to invest USD 350 million in the new steel rebar micro mill located in North Carolina, U.S.
- Fiber-reinforced Polymer rebars (FRP) actas a substitute for steel rebars owing to their lightweight, high-strength, high corrosion resistance, and thermal resistance
- Steel rebars are being replaced with FRPs as they are corrosive and it impacts the life expectancy of reinforced concrete structures
