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 are mainly two type of steel rebar which include deformed and mild rebar. Types and size of rebar varies according to the application.
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The global steel rebar market is segmented into product type such as mild and deformed. Further, deformed steel is stronger than mild steel and has a relatively high tensile strength.
Further, such properties of deformed steel make them perfect for reinforcement steel rebar in construction activities. Further, high bond strength of deformed steel rebar is also a major factor which is likely to fuel the growth of this segment in upcoming years.
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Global steel rebar market is expected to register a 6.9% CAGR over the forecast period. Moreover, The Global Steel Rebar Market is expected to reach at USD 223.7 Billion by the end of 2024.
The market is expected to expand on the back of increasing construction activities across the globe. Further, rapid urbanization across the globe, especially in developing regions is a key reason which is increasing the consumption of steel rebar.
The Asia Pacific steel rebar market is likely to grow at remarkable pace during the forecast period. The industrialization in Asian countries is a major factor which has made Asia Pacific world’s leading steel producer and consumer.
Additionally, rapid urbanization in Asian economies such as India and China is also a major factor which is likely to drive the growth of Asia Pacific steel rebar market at a considerable pace over the forecast period.
Increasing Construction Activities
The world is witnessing infrastructural transformation which includes numerous constructional activities such as new housing, building constructions, structural floor, road pavements, box culverts, drainage structures, concrete cannels and others. Further, steel rebar is used as a reinforcing bar in constructional activities to withstand high tension forces.
Further, growing use of steel rebar in constructional industry to make reinforcement rebar is likely to intensify the growth of steel rebar market in upcoming years. According to U.S. Census Bureau and the U.S.
Department of Housing and Urban Development, privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,192,000 in United States in 2017.
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Benefits of Steel Rebar
Numerous advantages associated with use of steel rebar such as cost effectiveness, high durability, better corrosion resistance and better adaptability are also responsible for increased demand for steel rebar all across the globe.
However, presence of other alternatives such as basalt rebar is likely to inhibit the growth of the steel rebar market in the near future.
The report titled “Global Steel rebar Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global steel rebar market in terms of market segmentation by product, by finishing, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global steel rebar market which includes company profiling of ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Hebei Iron & Steel Group, Baosteel, Wuhan Iron & Steel Group, Posco, Jiangsu Shagang, Tata Steel Group, Hyundai Steel Company and JFE Steel Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global steel rebar market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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