The global steel rebar market size is estimated to be USD 198.7 billion in 2020 and is projected to reach USD 246.3 billion by 2025, growing at a CAGR of 4.4% from 2020 to 2025. Increasing building & construction activities, especially in China, Japan, and India, the recovering construction sector in Europe, and rising non-residential construction activities in North America coupled with a shift in trend towards the use of enhanced grades of steel rebar is expected to drive the growth of the steel rebar market during the forecast period.
Based on the end-user, the steel rebar market has been classified into infrastructure, housing, and industrial segments. The infrastructure segment of the steel rebar industry includes highways, dams, bridges, and roads, among others. The housing segment includes real estate, hospitals, schools, and petrol pumps, among others, while the industrial consists of projects for energy & power, oil & gas, and telecommunications. In terms of value, infrastructure is expected to be the fastest-growing segment during the forecast period. This growth is attributed mainly to the significant use of steel rebar in applications such as bridges, roads, dams, and highways, among others.
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Based on the process, the steel rebar market has been classified into basic oxygen steelmaking and electric arc furnace. The basic oxygen steelmaking process is the fastest-growing segment in this market, which is used across different regions and is used for 60% of the global steel rebar production.
Based on type, the steel rebar market has been segmented into deformed, and mild steel. Deformed is the fastest-growing segment owing to the deformation property on the bar surface, which helps in increasing the bond between materials and minimizing slippage in concrete. Mild steel bars have a plain surface and round sections of diameter from six to 50 mm. The mild steel rebar is commonly used as a tensioning device in reinforced masonry structures and reinforced concrete that hold the concrete in compression.
The Asia Pacific steel rebar market is expected to grow at the highest CAGR between 2020 and 2025. The Asia-Pacific steel rebar industry, which includes countries such as China, Japan, India, and South Korea, is witnessing increased consumption of steel rebar in the construction industry. Rapidly growing household incomes in the Asia-Pacific, along with the growing middle-class population, are expected to fuel the growth of various end-use industries utilizing steel rebar in the Asia-Pacific region. However, with the recent outbreak of COVID-19 and its rapid spread around the world is expected to hinder the market growth to a certain extent. It has disrupted trade, travel, retail activities, manufacturing, and even domestic activities leading to the situation of quarantine in countries like China, the UK, the U.S., Italy, India, etc. The domestic manufacturing of steel rebar in China has come to a standstill with quarantine measures and has taken some severe hit in the first three months of 2020. This aspect is expected to limit the growth of the steel rebar market in the near future.
The global steel rebar market is highly fragmented and competitive and has a large number of prominent players. Key manufacturers in the steel rebar industry are located mainly in the Asia-Pacific and Europe with some presence in North America, and the Middle East & Africa. The U.S. is the largest market in the North American region. Increasing investments in the infrastructure and housing segments are driving the steel rebar market in the region.
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ArcelorMittal (Luxembourg), Gerdau S.A (Brazil), Nippon Steel & Sumitomo Metal Corporation (Japan), Posco SS Vina, Co. Ltd (Vietnam), Steel Authority of India Limited (India), Tata Steel Ltd. (India), Essar Steel (India), Mechel PAO (Russia), Nucor Corporation (U.S.), Sohar Steel LLC (Oman), Celsa Steel UK (UK), Ansteel Group (China), Hyundai Steel (South Korea), Kobe Steel, Ltd. (Japan), Jiangsu Shagang Group Co., Ltd. (China), JFE Steel Corporation (Japan), Commercial Metals Company (U.S.), Daido Steel (Japan), Barnes Reinforcing Industries (pty) Ltd (South Africa), Jindal Steel & Power Ltd. (India), Steel Dynamics, Inc. (U.S.), Outokumpu Oyj (Finland), Acerinox S.A. (Spain), Hyundai Steel Company (South Korea), Daido Steel Co., Ltd. (Japan), and Byer Steel Group Inc. (U.S.) hold a potential share of the global steel rebar market.
