The global steel rebar market size was US$ 212.5 billion in 2021. The global steel rebar market is forecast to grow to US$ 336.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2022 to 2030.
A steel reinforcement bar is also considered rebar. Rebar is a tensioning device, majorly used for concrete reinforcement in the construction industry. Steel rebar is a versatile structural material that is generally used to sustain and retain compacted concrete.
Factors Influencing the Market Growth
Infrastructure development and urbanization are fueling the growth of the global steel rebar market. Rapid infrastructure development and the installation of new manufacturing units in emerging economies such as India and China will boost the product demand during the forecast period.
Growing per capita income, population growth, and rising living standards will all contribute to changing the outlook of the residential sector in the coming years. Thus, it will propel the growth of the global steel rebar market.
In addition, the growth of the large-scale smart city and housing programs to assist the residential sector will boost in the coming years. Several regions are working together to address challenges associated with smart city initiatives and policy formation. Thus, it will accelerate the growth of the global steel rebar market.
Mechanical properties of reinforced steel, including malleability, high yield strength, durability, and thermal resistance, will accelerate the growth of the entire steel rebar market. In addition, the rising popularity of skyscrapers and high-end building developments in the Middle East is forecast to benefit the market.
The shortage of skilled individuals is forecast to hamper the growth of the global steel rebar market.
Regional Analysis
The Asia Pacific will be the largest steel rebar market during the forecast period due to rising construction activity and spreading industrialization across the region. Several nations in the region, including India, China, South Korea, and others, are increasing the manufacturing of steel rebar. In addition, the region is home to prominent small and medium-scale rebar manufacturers, mainly in China, Japan, South Korea, and India. Thus the Asia-Pacific steel rebar market will grow significantly during the study period.
COVID-19 Impact Analysis
The COVID-19 pandemic had a negative impact on the global steel rebar market due to supply chain disruptions. The global steel rebar market depends on raw ingredients. Moreover, increasing urbanization is the primary factor driving market growth. During the COVID-19 pandemic, growth of urbanization and industrialization also declined, which hampered the global steel rebar market. Furthermore, the bans on imports and exports of goods because of the international borders closures have impacted the market growth during the pandemic period.
Competitors in the Market
Market Segmentation
The global steel rebar market segmentation focuses on End-User, Type, Process, and Region.
Based on End User:
Based on Type:
Based on Process:
By Region
