Steel Rebars Market Consumption to hit 410 million tons by 2024
SELBYVILLE, Del., May 15, 2018 /PRNewswire-iReach/ — Deformed Steel Rebars Market is expected to witness growth over 4.5% up to 2024, strong application outlook for constructing bridges, roads, floor slabs and columns will propel steel rebar market growth. Key properties such as better corrosion resistance, high durability and tensile strength are stimulating product demand.
Electric arc furnace estimated to surpass 180 million tons by 2024. Rising awareness associated with waste generation & disposal during processing likely to propel electric arc furnace process adoption rate. Factors such as quality control, low cost processing and environmental concern are expected to propel market growth.
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Global Steel Rebar Market size is estimated to surpass USD 170 billion by 2024. Increasing infrastructural development to build & remodel homes will drive steel rebars market growth. Rising demand from real estate projects due to increased population will support product penetration. As per National Association of Home Builders, the U.S home building and remodeling investment accounted for over 3% share of GDP in 2017.
Higher investment in housing projects owing to improved lifestyle and rising disposable income will drive product demand. Positive government support by facilitating subsidies and implementing new construction laws will propel construction industry. Rising awareness regarding construction of earthquake resistant structures will augment steel rebars market size.
Public infrastructure application estimated to hold over 60% market share in 2016. Increasing necessity to build and upgrade existing transport or energy infrastructure will boost product demand. For instance, UK government announced to invest over USD 15 million to strengthen its transport sector. In addition, rapid construction of commercial buildings, malls, and sports complexes will influence industry size.
Industrial sector expansion supported by positive FDI policies will propel product penetration. Upsurge in public & private investment to strengthen existing industrial infrastructure and setting up new production facilities will drive industry growth.
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Asia Pacific steel rebars market will witness 5% growth over the forecast period. As per industry experts, Malaysia, Philippines and Indonesia are anticipated to invest heavily in new infrastructure projects, supported by public & private investment. Rising income level coupled with affordable housing loans will augment demand for new residential buildings. Increasing urbanization rate and demand for sustainable buildings will further drive regional growth.
Europe steel rebar market accounted over 15% market share in 2016. Increased government spending to strengthen transport infrastructure will drive product demand. For instance, Slovakia is anticipated to invest USD 4 billion for transport infrastructure investments, of which USD 1.7 billion allocated for road construction projects. Furthermore, renovation of existing schools, hospitals, and hotel chains will propel product market size.
Key industry players are ArcelorMittal, Acerinox, Essar, Nippon & Sumitomo Metal Corporation, Gerdau, Tata, Jindal, Commercial Metals Company and SAIL. Other prominent industry players are Daido, Hyundai, NJR, Kobe and Byer. Manufacturers are anticipated to adopt merger & acquisition strategy to gain competitive advantage. For instance, Commercial Metals Company acquired U.S. steel rebar mills and fabrication assets from Gerdau valued USD 600 million to enhance market share.
Browse key industry insights spread across 350 pages with 257 market data tables & 11 figures & charts from the report, “Steel Rebar Market Size By Product (Deformed, Mild), By Process (Basic Oxygen Steelmaking, Electric Arc Furnace), By Application (Residential Buildings, Public Infrastructure, Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, Austria, Czech Republic, France, Germany, Italy, Netherlands, Poland, Romania, Spain, Sweden, UK, Turkey, Russia, Ukraine, China, India, Japan, Australia & NZ, Brazil, Argentina, Mexico, South Africa, UAE, Saudi Arabia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024″ in detail along with the table of contents:
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