New York, United States, Feb 19, 2020, 02:52 /Comserve / -- The 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 Till 2024
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 is mainly two types of steel rebar which include deformed and mild rebar. Types and sizes of rebar vary according to the application.
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Market Size & Forecast
The 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 the 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 the global steel rebar market.
On the basis of the regional platform, the global steel rebar market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Further, Asia Pacific has been the dominating country of the global market for steel rebar. Increasing infrastructure development is likely to foster the growth of the Asia Pacific steel rebar market during the forecast period. Additionally, China is likely to be the major contributor to the growth of the market of steel rebar in this region. China is the major producer of steels and alone has captured around 30% of the steel market share in 2016.
North America is the second leading market for steel rebar. Further, the market of steel rebar in the 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 the Middle East & Africa regions.
Key Players
ArcelorMittal
Nippon Steel & Sumitomo Metal Corporation
Hebei Iron & Steel Group
Baosteel
Wuhan Iron & Steel Group
Posco
Jiangsu Shagang
Tata Steel Group
Hyundai Steel Company
JFE Steel Corporation
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What is the aim of the report?
Growth Drivers & Challenges
The global market of steel rebar is primarily driven by factors such as rising construction activities and high-end performance of steel rebar. Steel rebar is highly used reinforced bars due to their high-end performance, and the ability to withstand high tension stress. Further, such beneficial abilities of steel rebar are likely to drive the growth of the 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 that is believed to be driving the growth of the global market of steel rebar in the near future.
Furthermore, steel rebar has a wide range of applications including structural floor, road pavements, box culverts, drainage structures, concrete channels, and others. Growing constructional activities coupled with the rising adoption of steel rebar in different constructional areas are some of the major factors driving the growth of the global market of steel rebar.
However, rusting of exposed steel rebar which reduces its strength is the major factor posing threat to the future market of steel rebar. Some other problems associated with steel rebar such as slight chances of the 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 the global steel rebar market in the near future.
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