Global Steel Rebar market likely to propel by the growing adoption of steel
Posted by marsh on March 28th, 2020
Global steel rebar market estimated to grow with a remarkable rate during the forecast period, 2020-2027. Due to the increasing construction output, especially in developing countries such as China, Brazil, and India, and Middle East regions. Additionally, the surge in the number of skyscrapers and high-end building constructions in the Middle East region would contribute to the growth of the steel rebar market. Rebar is commonly known as hot-rolled ribbed steel bars. Its grade is composed of the minimum yield point of HRB and grade. Hot rolling can improve the processing performance of metals and alloys. Moreover, rising building & construction activities supported by a rapidly growing population in developing countries will trigger the steel rebar industry in these countries. Steel is mainly used as rebar because the elongation of steel due at high temperatures closely resembles that of concrete.
Furthermore, the development of a new range of steel rebar that is corrosion-resistant, along with the surge in demand these grades of steel rebar as epoxy coated, and earthquake resistant, will augment the growth of steel rebar market in the future time. There are many types of steel bars, and they are usually classified according to rolled shapes, diameters, and different roles in building structures. As the main building material, steel is widely used in houses, bridges, roads, and other civil engineering construction. In addition, the growing use of steel rebar as a tension device in reinforced concrete to strengthen and help the concrete under tension due to its weak tensile strength projected to drive the global steel rebar industry in the upcoming periods. Further, a surge in the global population, increasing per capita income in emerging economies, and changing standards of living would boom the residential industry in the future timespan.
Product Overview in the Global Steel Rebar Market
Based on the product, the global Steel Rebar market bifurcated into Deformed and Mild. The Deformed segment likely to lead the market by 2027. It is owing to its better malleability and ductility, toughness, high yield strength, and corrosion & earthquake resistance. Deformed rebar is used for higher strength variants in construction structures, and it helps to save in terms of cost and steel required.
Process Overview in the Global Steel Rebar market
Based on Process, the global Steel Rebar market bifurcated into Basic Oxygen Steelmaking, and Electric Arc Furnace. The Electric Arc Furnace estimated to register a higher CAGR by 2027 due to its environment-friendly production process, which uses steel scrap to manufacture products and energy efficiency. It is creating low wastages and pollution.
Finishing Type Overview in the Global Steel Rebar Market
Based on finishing type, the global steel rebar market classified into Black rebar, epoxy coated rebar, and Fabricated rebar. The black rebar segment projected to lead the market due to its benefits, such as superior cost-effectiveness for applications where epoxy and anti-rust coatings are not needed.
End-User Industry Overview in the Global Steel Rebar Market
Based on the end-user industry, the global steel rebar market categorized into the Construction and Infrastructure, Manufacturing, Oil & Gas Industry, and Others. Construction and Infrastructure segments estimated to dominate the market by 2027 due to the growing population in the Asia Pacific and the Middle East have led to increased construction expenditure. Additionally, infrastructure development in developing countries by governments, which includes the construction of educational hubs, bridges, dams, retail shopping centers, amusement/recreation, hospitals, hotels, etc. will demand steel rebar in the next few years.
Regional Overview in the Global Steel Rebar Market
By geography, the Global Steel Rebar Market segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific predicted to dominate the market by 2027, owing to the rise in infrastructure projects in the regions and the growing demand for steel rebar in the construction industry along with the surge in GDP in the Asia Pacific.
Global Steel Rebar Market: Competitive Landscape
Companies such as ArcelorMittal, Gerdau SA, Nucor Corporation, Nippon Steel & Sumitomo Metal Corporation, SAIL, TATA Steels, Commercial Metal Company, Steel Dynamics, HBIS GROUP, Mechel Pao, Outokumpu Oyj, Acerinox s.a., Daido Steel, Shagang Group, Ansteel Group Corporation Limited, JFE Steel Corporation, Bluescope Steel Limite, Celsa Steel Uk, and Hyundai Steel are the key players in the Global Steel Rebar Market.
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About the Authormarsh
Joined: February 19th, 2020
Articles Posted: 29
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