Steel rebar is reinforcing steel generally used in the construction industry for reinforcement of concrete structures. Steel rebars are widely used in the construction & infrastructure, manufacturing and oil and gas industries. An IndustryARC report suggests that rising number of constructions across the world are creating significant opportunities in the steel bar marketplace, which was valued at $133 billion in 2018. It projects that the market will grow at a CAGR of 5.4% over the forecast period 2019-2025. The report titled, “Steel Rebar Market: By Finishing (Black, Epoxy, Coated) End-Use Industry (Construction & Infrastructure, Manufacturing, Oil and Gas) & By Geography (Europe, Asia Pacific, North America, Rest of the World)-Forecast (2019-2025)” provides a detailed analysis of market size, trends, growth drivers, opportunities, demand, strategic analysis, and competitive landscape of the global steel rebar market. The strategy will prove useful for new market players looking to get an idea about the present and future progression of this market.
Steel Rebar Market: Leading Segments
The infrastructure industry will play a key role in the development of India. Increased focus of the Indian government in creating world-class infrastructure resulted in an allocation of nearly Rs. 5.7 trillion in the Union budget 2018. The government plans to construct 50,000 km of roads at a value of around $250 billion by 2022, while a total investment of $22 billion is aimed towards modernization projects of 189 port by 2035. The Indian real-estate market is projected to reach $180 billion by 2020. Thus, housing acts as the focal prospect in terms of steel rebar market growth. These investments in infrastructure are expected to contribute towards expansion of the steel and cement industries in India. The end use infrastructure industry is set to grow at a CAGR of 6.2% globally, during the forecast period.
China, Japan, and India were the top three countries in crude steel production in 2017, accounting for a share of 61.4% in the world.Growing requirement for steel in India due to the increasing number of constructions led steel production capacity to reach 100 million tonnes in 2018. The Indian government National Steel Policy aims to build a competitive steel industry whose crude steel capacity will be 300 MT by 2030. Increasing number of investments in the steel industry has been generating significant number of opportunities for the growth of steel rebar market revenue. For instance, Vedanta Group has invested a amount of $3.13 billion to establish a million tonne capacity steel plant in Jharkhand. Presence of ample iron ore resources along with the easy accessibility to low-cost manpower in India are increasing the share of India in the global steel rebar market. JSW Steel plant has targeted to implement a programme with a capital expenditure of $4.14 billion, to witness a rise in the steel output capacity that is from 18 million tonnes (MT) to 23 MT by 2023.
On the other hand, Tata steel has invested an amount of $3.64 billion in the integrated steel plant, in order to increase the capacity of kalinganagar steel output from 3 MT to 8 MT. Additionally, the ministry of steel is encouraging the research and development activities in the steel & iron industry, with an amount of $30 million and through the association of industry driven Steel Research and Technology Mission of India (SRTMI) with the private and public sector steel companies. SteelAsia is a steel bar manufacturer of Philippine, which is exporting reinforcing bars to Canada. This is highlighting the use of Philippine-made rebars in the Canadian buildings and infrastructure. It is showcasing the competitive steel products of this company, which has sustained the stringent standards of steel by the Canadian authorities. This company has announced that in a span of two to three years it is focusing to double the capacity of rebar section and wire rods production by producing 3 to 4 metric tons of billets. Moreover, this company has invested an amount of $1.89 billion for the establishment of 30 new mills in the existing plants along with 5 new sites which quadruple the output capacity by 2023. Thus, these factors altogether are leading the APAC region to register a share of 66% in the global steel rebar market.
Steel Rebar Market Trends
Reinforced steel rebars are in high demand from quality-steel rebar producers, as they uses a clean steel-making process and an advanced state-of-art rolling mill, which improves the stability of a construction.
In 2017, implementation of the National Steel Policy (NSP) in India grew demand for the steel industry and also contributed for the widespread of India steel industry prominence at a global level.
The corrosion resistance properties of steel rebar are attracting real estate builders to utilize steel rebar as a tension mechanism within concrete structures, and also to preserve the concrete as it is compressed.
Steel Rebar Market Companies
Gerdau S/A, Nippon Steel Corporation, SAIL, Tata Steel, Essar Steel, EVRAZ Plc, Jindal Steel & Power Ltd, Steel Dynamicas Inc, Acerinox S.A., Hyundai Steel Co. Ltd. are key players in the global steel rebar market.
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