The Steel Rebar Market Growth Outlook and Key Factors
New York, Oct. 06, 2023 (GLOBE NEWSWIRE) – The global Steel Rebar Market is expected to witness significant growth at a CAGR of 5.4% during the forecast period of 2023-2031. Factors such as the growing demand for steel rebar from non-residential construction, rise in government investment and infrastructure projects, and others are accelerating the demand for steel rebar, which, in turn, is boosting the market growth. In addition, the Growing innovations in steel manufacturing and processing technologies will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the steel rebar market is poised for strong expansion and is expected to reach USD 372.41 billion by 2031 and USD 258.13 billion in 2023. The market which was valued at USD 247.88 billion in 2022, is predicted to grow at a compound annual growth rate of 5.4% during the period 2023-2031. The report highlights the significant growth in infrastructure development and urbanization projects across the globe, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market’s competitive landscape, market segmentation, regional outlook, and emerging technologies in the steel rebar market.
Steel rebar is a ferrous steel deformed bar that is used for reinforcement, strengthening & holding concrete. Steel rebar help the concrete structure to withstand bending, shearing loads, tensile, and torsion. Generally, steel rebar is made from recycled steel such as appliances, machinery, and old cars, that are melted down with electric arc furnaces, cooled in the form of billets, and then stored. The high tensile strength of the steel rebar supplements the compressive strength of the concrete to create high-rise structures. This reduces the risk of fractures and allows the structure to better withstand movements and forces that might otherwise cause a concrete structure to fail.
The steel rebar market is influenced by factors such as growing construction activities, infrastructure development, and economic growth. The overall construction industry and the significant growth in the global residential as well as commercial construction projects. The market is closely tied to the demand for new building and infrastructure projects. Emerging economies with significant construction and infrastructure development like China, India, and others are boosting the demand for steel rebar.
