New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Steel Rebar Global Market Report 2023" - https://www.reportlinker.com/p06466580/?utm_source=GNW
, Tata Steel Limited, Jindal Steel & Power Ltd., The Conco Companies, Barnes Reinforcing Industries, and Outokumpu OYJ.
The global steel rebar market is expected to grow from $230.41 billion in 2022 to $245.46 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The steel rebar market is expected to reach $307.50 billion in 2027 at a CAGR of 5.8%.
The steel rebar market consists of sales of steel rebars, hot-rolled deformed bars, cold-rolled steel bars, twisted steel bars, and welded steel wire.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Steel rebar refers to a metal bar that aids in boosting the concrete’s tensile strength. The resilience of concrete structures to tensile, bending, torsion, and shearing loads is improved as a result.
Asia-Pacific was the largest region in the steel rebar market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the steel rebar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main steel rebar products are deformed, and mild.Deformed steel rebar refers to rebar that has ribs, lugs, and indentations on the bar’s surface, which lessens the primary issue that mild steel bar faces due to slippage and accomplishes strong bonding between concrete and rebar.
The various processes are basic oxygen steelmaking, and electric arc furnace applied to residential buildings, public infrastructure, and industrial. The various end-use industries are construction and infrastructure, manufacturing, and oil and gas.
Growing building and construction activities across the world are significantly contributing to the growth of the steel rebar market.Building and construction activities refer to the area of business and manufacturing that is concerned with building, preserving, and fixing infrastructure.
Steel rebars are used in building and construction activities to strengthen and hold concrete structures in tension, so growing building and construction activities will propel the market growth. For instance, in 2022, according to a report published by the Bureau of Economic Analysis (BEA), a US-based government organization that provides official macroeconomic and industry statistics, the size of the US construction industry increased by 5.21% from $1.916 trillion in the first quarter of 2021 to $2.016 trillion in the first quarter of 2022. Therefore, growing building and construction activities across the world will drive the steel rebar market.
Product innovation is the key trend gaining popularity in the steel rebar market.Major companies operating in the steel rebar market are focusing on producing new steel bars with better mechanical and metallurgical properties for them to be used in more applications.
For instance, in March 2023, GPH Ispat Limited, a Bangladesh-based steel manufacturer launched GPH Quantum B600D-R steel rebar, the new high-grade steel rebar product.The new higher-grade steel rebar reduces construction costs.
It would increase the floor area and boost the building’s ability to carry heavy, ongoing loads.
In February 2022, FABco, a US-based provider of concrete construction materials and supplies including engineered steel rebar acquired Volunteer Rebar, LLC for an undisclosed amount.The acquisition marks a tactical next step in achieving FABCO’s goals and increasing service to the company’s sizable, national customer base.
Volunteer Rebar LLC is a US-based provider of construction products primarily focused on rebar fabrication.
The countries covered in the steel rebar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The steel rebar market research report is one of a series of new reports that provides steel rebar market statistics, including steel rebar industry global market size, regional shares, competitors with a steel rebar market share, detailed steel rebar market segments, market trends and opportunities, and any further data you may need to thrive in the steel rebar industry. This steel rebar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466580/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
