Steel rebar or reinforcement bars are used to strengthen the ability of concrete to resist tension in construction. The steel rebar market is expected to reach USD 154.08 billion by 2021, at a CAGR of 5.0% from 2016 to 2021. Growth in this market is mainly attributed to the increasing demand for steel rebar for the infrastructure, housing, and industrial segments across the globe.
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On the basis of end user, the steel rebar market has been classified into infrastructure, housing, and industrial segments. The infrastructure segment of the steel rebar market includes highways, dams, bridges, and roads, among others. The housing segment includes real estate, hospitals, schools, and petrol pumps among others, while the industrial segment consists of projects for energy & power, oil & gas, and telecommunications. In terms of value, the infrastructure segment is expected to be the fastest-growing segment in this market during forecast period. This growth is mainly attributed to the significant use of steel rebar in applications such as bridges, roads, dams, and highways, among others.
On the basis of process, the steel rebar market has been classified into basic oxygen steelmaking, and electric arc furnace. The basic oxygen steelmaking process is the fastest-growing segment in this market, which is used across different regions, and is used in more than 70% of the global crude steel production.
On the basis of type, the steel rebar market has been segmented into deformed and mild steel. The market for deformed is the fastest-growing, owing to the deformation property on the bar surface which helps in increasing the bond between materials and minimizes slippage in concrete. Mild steel bars have a plain surface and round sections of diameter from six to 50 mm. The mild steel rebar is commonly used as a tensioning device in reinforced masonry structures and reinforced concrete that hold the concrete in compression.
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The Asia-Pacific steel rebar market is expected to grow at the highest CAGR between 2016 and 2021. The Asia-Pacific steel rebar market includes countries such as China, Japan, India, and South Korea. The market in this region is witnessing increased consumption of steel rebar in the construction industry. China is estimated to be the major producer of steel rebar in 2016. Rapidly growing household incomes in the Asia-Pacific, along with the growing middle class population is expected to fuel the growth of various end-use industries utilizing steel rebar in the Asia-Pacific region.
The steel rebar market is highly fragmented and competitive and has a large number of prominent players. Key manufacturers in the steel rebar market are mainly located in the Asia-Pacific and Europe with some presence in North America, and the Middle East & Africa. The U.S. is the largest market in the North American region. Increasing investments on the infrastructure and housing segments is driving the steel rebar market in the region.
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