The market for steel rebar is expected to grow at a CAGR of greater than 4% during the forecast period (2022-2027).
Due to the COVID-19 outbreak, nationwide lockdown around the globe, disruption in manufacturing activities and supply chains, production halts and labour unavailability have negatively impacted the steel rebar market. However, the conditions started recovering in 2021, thereby restoring the growth trajectory of the market studied during the forecast period.
The Steel Rebar market is partially fragmented. Some of the players (not in any particular order) operating in the business include ArcelorMittal, Gerdau S/A, Nucor, Mechel and SAIL among others.
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Due to the COVID-19 outbreak, nationwide lockdown around the globe, disruption in manufacturing activities and supply chains, production halts and labour unavailability have negatively impacted the steel rebar market. However, the conditions started recovering in 2021, thereby restoring the growth trajectory of the market studied during the forecast period.
Key Highlights
- The worldwide demand for steel rebar from the non-residential sector for the construction of commercial, infrastructural, religious, hotels, recreational, and educational buildings, is driving the market of Steel Rebar.
- Availability of cheap substitutes of steel rebar is likely to hinder the market in the forecast period.
- Asia-Pacific region is forecasted to be the fastest-growing steel rebar market owing to the increasing investments for the construction of new projects for infrastructural expansion across various countries in the region.
Key Market Trends
Growing Demand from the Non-Residential Sector
- With increasing urbanization, steel rebars are experiencing its extensive utilization from the non-residential segment, like the oil & gas industry, infrastructure, commercial construction, corporate buildings, etc.
- According to U.S. Census Bureau, the total construction output in the United States is estimated to be USD 1,639.86 billion in December 2021, where the non- residential sector accounts for USD 820.73 billion, registering a growth of 3.9% compared to the same period previous year.
- As per White House briefing, in the United States, 1 in 5 miles of highways and major roads, and 45,000 bridges, are in poor condition. The legislation will reauthorize surface transportation programs for five years and invest USD 110 billion in additional funding to repair our roads and bridges and support major, transformational projects.
- In Union budget 2022-23, the Indian Government have allocated INR 1.34 lakh crore for National Highway Authority of India (NHAI), registering an increase of 133% compared to last year, thus augment the market studied.
- One of the major projects include, the construction of new Indonesian capital on Borneo Island named Nusantara, to replace Jakarta, 40% of which is estimated to be submerged by 2050. The construction of new capital from the ground up is estimated to cost USD 32.4 billion.
- All the above mentioned factors are expected to propel the demand for steel rebar during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is anticipated to be the largest consumer of the steel rebar as a result of the infrastructure development in emerging countries and upcoming projects in the region.
- By the end of 2020, the Asia-Pacific region is projected to lead the construction spending accounting for almost 46% of the share globally with counties like China, India, Indonesia making the major contribution in the industry.
- China is in experiencing massive growth in its construction sector. According to National Bureau of Statistics of China, in 2021, the construction output in China is valued at approximately CNY 29.31 trillion.
- In the Indian Union Budget 2022-23, capital expenditure on infrastructure has been increased sharply by 35.4%, from INR 5.54 lakh crore to INR 7.50 lakh crore in 2022-23, which include a total of 2,000 km of rail network, 60,000 houses under PM Aawas Yojna, among others.
- Indonesia also plans to develop USD 1 billion worth 900 MW hydropower project in Kayan River in the North Kalimantan (Kaltara) province. The project stands at EPC stage with startup date planned for 2022. Post completion of the construction, the project is expected to get commissioned in 2025.
- Japanese construction industry is expected to be blooming as the country will host the World Expo in 2025 in Osaka, Japan. Furthermore, Yaesu redevelopment project along with a 61-storey, 390 m tall office tower due for completion in 2023 and 2027 respectively.
- Thus, rising demand from various countries is expected to drive the market studied in the region during the forecast period.
Competitive Landscape
The Steel Rebar market is partially fragmented. Some of the players (not in any particular order) operating in the business include ArcelorMittal, Gerdau S/A, Nucor, Mechel and SAIL among others.
Additional Benefits:
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned
A selection of companies mentioned in this report includes:
- ArcelorMittal
- Celsa Steel (UK) Ltd.
- Contractors Materials Company
- Daido Steel Co., Ltd.
- Essar Steel
- Gerdau S/A
- HYUNDAI STEEL
- JFE Steel Corporation
- Jiangsu Shagang Group Co., Ltd.
- KOBE STEEL, LTD.
- Mechel
- NIPPON STEEL CORPORATION
- Nucor
- SAIL
- Sohar Steel Group
- Tata Steel
Methodology
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