The market is expected to grow at an average rate of 4.4% and reach US$246.3 billion by 2028.
Reinforcing bars, also known as rebars, can be described as steel bars or wire mesh used in reinforced concrete and masonry systems and used as tension systems. Due to its low tensile strength, it helps to stabilize and tension concrete. The development of infrastructure and the construction of advanced industries in developing countries have increased the demand for innovative advanced technologies. In the steel bar market, the demand for deformed steel bars is the highest.
Compared with mild steel products, wrought steel bars are known for many impressive properties, including high ductility and ductility, significant yield strength, durability, excellent impact resistance and corrosion resistance. In addition, these types are economical and therefore find application in commercial, industrial, bridge systems and residential buildings. Their popularity is also growing due to the requirements for high strength steel installation in various building structures.
The market is mainly benefiting from a sharp increase in investment in construction and infrastructure development projects. Government spending to accelerate infrastructure development has contributed to economic growth and greatly strengthened the market position. In 2021, the Chinese government has provided almost $573 billion in special bonds for infrastructure construction. At least 50% of all funds raised through the issuance of special bonds are directed to the development of transport infrastructure and industrial parks.
Given the surge in spending on infrastructure renovation projects, the US remains a major consumer and will continue to control a huge share of the global market. In 2021, the government launched infrastructure investment efforts aimed at supporting the economy and rebuilding public infrastructure through spending on various projects such as railways, bridges, communications, ports and roads. The American Infrastructure Renovation Program has done wonders for the country’s rebar industry. The US government has said major bridges and highways are in need of repair.
In the coming years, the market will be overwhelmed by a lack of skilled workers and a low level of awareness of the benefits of rebar. The lack of proper sources of information and an unwillingness to spend adequately will also cause problems for the global market in the coming years.
View the in-depth market research report (185 pages) of steel bars: https://www.marketresearchfuture.com/reports/steel-rebar-market-9631
The steel industry has been hit hard by the COVID-19 outbreak. Given the circumstances of the pandemic, many countries had to enter quarantine to contain the increase in the incidence. As a result, supply and demand chains are disrupted, affecting global markets. Due to the pandemic situation, infrastructure projects, production units, industries and various enterprises had to be suspended.
Fluctuations in the cost of raw materials and the COVID-19 pandemic are holding back the growth rate of the global market. On the other hand, everything is returning to normal, which means that the market will rise in the future. In addition, the emergence of a new coronavirus vaccine and the reopening of several recycling facilities around the world will see the rebar market return to full capacity.
The different types of rebar available on the market include low strength rebar, deformed rebar and other rebar (epoxy coated rebar, European rebar and stainless steel rebar). The largest share of the global market belongs to the deformed segment, while the middle segment will take second place in the coming years.
In terms of end-user industries, the global market can be seen as the infrastructure industry, residential construction and commercial construction.
The largest market segment is residential construction, which accounts for about 45% of the total share, while the infrastructure industry accounts for 35% of the global market.
As the fastest growing market, the Asia-Pacific region will also become the global value leader. The region has a strong influence on the global market due to the presence of developing countries such as Japan, South Korea, India and China, which are among the leading centers of automotive, residential and commercial construction. As a result, the demand for steel bars in these countries is exceptionally high. In addition, the rapid growth of the pace of industrialization and urbanization will boost market demand in the coming years.
North America ranks second in the world market due to the presence of highly industrialized and urbanized countries such as the US and Canada. In these countries, the automotive industry using fittings is developed.
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