Market Synopsis
According to the MRFR analysis, the Global Steel Rebar Market
Trends 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.
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.
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 Trends, 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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