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Steel Rebar Market Segmented By product type such as Mild Steel Bars and Deformed Steel Bars with finishing type such as Epoxy, Black and Coated
Rebar is also known as steel reinforcement bar used as a tensioning device in the construction industry mainly for concrete reinforcement. Steel rebar is the versatile constructional material extensively used to hold and strengthen the concrete in a compressed state. Reinforcement concrete is a complex material fabricated from concrete along with some procedure of reinforcement. Concrete is adamant in density, but nearly with less strength.
Though, to overcome this imbalance in concrete, steel rebar is cast into it to hold the tensile load. There are five types of rebar namely welded wire fabric, sheet metal reinforcing bars, stainless steel rebar, wire mesh or expanded metal. The steel rebar usually consists of such size and shape that they can easily be placed and bent in the concrete to form a monolithic structure.
The steel rebar has an excellent bendability property which makes it the best material as reinforcement raw material in the concrete structure. The steel rebar significantly reduce the risk of cracking, has a high impact resistance, reduce spalling joint edges, and high durability.
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Expanding construction industry globally, declining steel price, reduce wastage, minimize overlapping at joints, helps in faster infrastructure development are the primary factor driving the growth of global steel rebar market. Moreover, an advanced thermo-mechanical technology that helps in improving the quality of steel rebar, and unique features of steel rebar such as high tension, ductility, provide perfect shaped beams, and columns with accurate quantity of cover concrete are some of the prominent factors fueling the growth of steel rebar market over the forecast period.
However, rusting of unprotected steel will reduce its strength which will further minimize the reinforced concrete strength, and the high cost of fabrication used for casting rebar concrete may limiting the growth of the steel rebar market during the forecast period.
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Steel rebar market revenue is expected to grow at a rapid growth rate, over the forecast period. The market is anticipated to perform well soon owing to use of steel rebar in construction to strengthen infrastructures along with minimizing the effect of stressors such as temperature, and tension. Additionally, steel is used as the finest material for reinforcement of concrete because of its expansion property, and its bond strength with concrete are the factors that can propel the market revenue growth of steel rebar in the near future.
Based on product type, deformed steel bar segment is projected to lead the global steel rebar market over the forecast period attributed to the fact that it reduces slippage in concrete along with enhancing the bond between the two materials, and have more tensile strength compared to mild steel bars. According to World Steel Association, in 2013, the per capita finish steel consumption of India was around 59 kg compared to 215 kg of globally.
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Depending on the geographic region, steel rebar market is divided into seven key regions: North America, Eastern Europe, Latin America, Western Europe, Japan, Asia-Pacific, and the Middle East & Africa. North America dominates the steel rebar market followed by Europe, and Japan is owing to developed infrastructure, and expanding imports of steel rebar or concrete reinforcing bar in the U.S, established research & development institutes, and favorable market conditions such as rebounding non-residential construction activities.
The market in Asia-Pacific is projected to have the fastest growth due to growing manufacturing industry, expanding construction technology, government initiatives to promote steel use, the rise in demand for steel rebar for concrete reinforcement, and the presence of domestic steel trades.
Moreover, growing national investment, and expanding the number of high profile steel ventures and selling duty-free steel rebar products by key players in developing countries are some of the factors which are anticipated to surge the growth of steel rebar market throughout the forecast period.
Some of the prominent players in the steel rebar market are Nucor Corporation, ArcelorMittal S.A., Tillos Group, Commercial Metals Corporation, Rajhi Steel Industries Co. Ltd., Gerdau Long Steel, Power Steel Co., Ltd., Akron Rebar Co., EVRAZ PLC, Zamil Steel Holding Company Ltd., Saudi Iron and Steel Company.
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