Market Synopsis:
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 2027 at a CAGR of over 4%.
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.
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The prominent factor favoring the
growth of the global market is the increasing demand for steel rebars 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 2024. 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.
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
Steel Rebar Market Outlook and
Opportunities in Grooming Regions with Forecast 2027-Press release image-00
Source: ASTM International, The
Concrete Centre, The Indian Concrete Journal, and MRFR Analysis
SEGMENTATION
By Type
Mild: The mild steel rebars have
a plain and round-shaped surface and they are available in various sizes from 6
mm to 50 mm. They are used in concrete for special purposes, such as dowels at
expansion joints, for contraction joints in roads and runways, and for column
spirals. They are easy to cut and bend without damage. The residential and
commercial construction sectors are the major consumers of mild steel rebars.
This segment held the second-largest share of the market, around 30%, in 2019.
Deformed: Deformed steel rebars
have higher tensile properties as compared to other steel rebars. These rebars
have ribs, lugs, and indentations on their surface, which reduces slippage and
allows for superior bonding between the concrete and the rebar. These rebars
offer better ductility and malleability, high yield strength and toughness,
high bonding strength, earthquake resistance, excellent corrosion resistance,
high thermal resistance, and are economical and safe for use. In construction,
they are extensively and majorly used for reinforcement purposes. These bars
are used in structural buildings like bridges, dams, road construction, and
other heavy structures as well as in residential construction projects. The
deformed segment held the largest share of 55% in the global market in 2019.
Others: The others segment
includes European rebars, epoxy-coated rebars, and stainless-steel rebars. The
majority of these rebars are costly and are used in specific applications in
the construction industry.
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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.
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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