Steel Rebar Market Overview
Steel rebar or reinforcing bars are used in reinforced concrete and reinforced masonry structures. Steel rebar is used as a tensioning device for concrete reinforcement in order to provide extra tensile strength to the reinforced concrete. Further, there are mainly two type of steel rebar which include deformed and mild rebar. Types and size of rebar varies according to the application.
Market Size & Forecast
Global steel rebar market is expected to grow at a robust compound annual growth rate (CAGR) of 6.9% during the forecast period 2017-2024. The global market is projected to reach at a valuation of about USD 223.7 Billion by the end of forecast period. Further, growing constructional activities across the globe and rising demand for high ductile reinforcement bars are some of the major factors which are likely to bolster the growth of global steel rebar market.
On the basis of regional platform, global steel rebar market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Further, Asia Pacific has been the dominating country of global market for steel rebar. Increasing infrastructure development is likely to foster the growth of Asia Pacific steel rebar market during the forecast period. Additionally, China is likely to be the major contributor to the growth of market of steel rebar in this region. China is the major producer of steels and alone has captured around 30% of steel market share in 2016.
North America is the second leading market for steel rebar. Further, the market of steel rebar in North America region is believed to grow at a robust pace owing to increasing construction activities in this region. Moreover, growing demand for steel rebar in housing, industrial and other infrastructural construction are some of the major factors which are fostering the consumption of steel rebar in Europe and Middle East & Africa regions.CLICK TO DOWNLOAD FREE SAMPLE
Our-in depth analysis of the global steel rebar market includes the following segments:
Global steel rebar market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Global market of steel rebar is primarily driven by factors such as rising construction activities and high end performance of steel rebar. Steel rebar are highly used reinforced bars due to their high end performance, and ability to withstand high tension stress. Further, such beneficial abilities of steel rebar are likely to drive the growth of global market. Steel rebar or steel reinforced bars are high ductile metals and can be deformed easily without losing their toughness. Further, rising demand for high ductile reinforced bars is also a major factor which is believed to be driving the growth of global market of steel rebar in near future.
Furthermore, steel rebar have a wide range of application including structural floor, road pavements, box culverts, drainage structures, concrete cannels and others. Growing constructional activities coupled with rising adoption of steel rebar in different constructional areas are some of the major factors driving the growth of global market of steel rebar.
However, rusting of exposed steel rebar which reduces its strength is major factor posing threat to the future market of steel rebar. Some other problems associated with steel rebar such as slight chances of reaction of concrete with steel which may cause spall or braking of rebar. Such problems with steel rebar are likely to hamper the growth of global steel rebar market in near future.
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