Increasing Demand from Residential Construction Sector Drives US Steel Rebar Market Growth
According to The Insight Partners analysis, US steel rebar market is expected to grow from US$ 20.67 billion in 2022 to US$ 27.68 billion by 2030; it is expected to register a CAGR of 3.7% from 2022 to 2030.
Steel rebar is a crucial construction material that is extensively used in the building industry to reinforce concrete structures. Comprising sturdy and durable steel, rebar is strategically placed within concrete elements such as foundations, columns, and slabs to enhance their tensile strength and overall structural integrity. These rebars provide crucial structural support in residential construction, reinforcing concrete structures and enhancing their strength. Moreover, steel rebar offers advantages in terms of safety and longevity. Steel-reinforced structures are preferred in seismic-prone regions due to their ability to withstand earthquakes. Additionally, these rebars are resistant to corrosion, ensuring the durability of residential buildings over time. The longevity is appealing to homeowners and developers, contributing to the increased demand for steel rebar in the residential construction sector.
US Steel Rebar Market Breakdown – by Country
Construction is one of the major contributors to the US economy. According to the Associated General Contractors of America (AGC), the construction industry has more than 745,000 employers with more than 7.6 million employees and creates nearly US$ 1.4 trillion worth of structures annually. Residential building construction is the largest segment of the US construction industry. The market for this segment is fueled by a rise in government spending on residential construction and an increase in demand for new homes and building improvements. The government spending from the National Housing Strategy (NHS) to encourage energy-efficient construction is powering additional demand for residential projects. The government has announced funding for the NHS over the 2018–2019 to 2028–2029 period of more than US$ 82 billion. According to the US Census Bureau, 37 million (15%) adults aged 18 and above lived alone in 2021, up from 33 million (15%) in 2011. As the construction industry in the US expands to meet the demand for new homes and infrastructure, the need for durable and resilient building materials such as steel rebars grows.
As environmental consciousness grows, industries are increasingly adopting eco-friendly practices, and the steel production sector is no exception. Sustainable manufacturing aligns with global environmental goals and enhances the overall appeal and market positioning of steel rebar as a construction material. Sustainable manufacturing techniques such as electric arc furnaces powered by renewable energy sources are gaining traction. This shift addresses environmental concerns and positions steel rebar as a more sustainable and socially responsible choice for construction projects. The demand for green building materials is rising, driven by regulatory frameworks and a growing awareness of the environmental impact of construction. Steel rebar, produced through sustainable methods, meet these evolving market demands. Architects, builders, and developers are increasingly seeking materials with lower embodied carbon and reduced environmental impact, making sustainably produced steel rebar an attractive choice for construction projects aiming for LEED certification or other sustainability benchmarks. From addressing environmental concerns to meeting the rising demand for green building materials, the adoption of eco-friendly practices positions steel rebar as a key element in the construction industry's transition toward more sustainable and responsible practices. Therefore, the development of sustainable manufacturing processes is anticipated to shape the future of the steel rebar market in the US.
Steel Edge Inc, InteRebar Fabricators LLC, JJ Rebar Corp, Pacific Steel Group, PJ's Rebar Inc, Integrity Rebar Placers, Nucor Harris Rebar Inc, Camblin Steel Services Inc, Northern Nevada Rebar Inc, and Bellis Steel Co Inc are among the key players operating in the US steel rebar market.
Impact of COVID-19 Pandemic on US Steel Rebar Market Growth
The US steel rebar market witnessed growth before the onset of the COVID-19 pandemic due to increased use of these rebar from residential and nonresidential construction, infrastructure, and industrial applications. The pandemic adversely impacted economy of the US and slowed down the growth of various industries in 2020. The disrupted manufacturing industry and increased restrictions on logistic operations due to the pandemic led to the shutdown of manufacturing facilities, which created challenges in procuring raw materials. An unprecedented rise in the number of COVID-19 cases across the US and overall disruptions in manufacturing processes, research, and development activities restrained the US steel rebar market growth. The severely decreased automotive manufacturing activities reduced the demand for steel rebar in the US.
The US steel rebar market is reviving due to the government's significant measures such as vaccination drives. The growing demand for steel rebars from the infrastructure sector fuels the market growth. Moreover, various players in the country are seeking investments as businesses gain confidence in stabilizing economies and witness an increase in demand, thereby providing the impetus for the US steel rebar market share.
The "US Steel Rebar Market Forecast Analysis to 2030" is a specialized and in-depth study of the chemicals & materials industry, focusing on the US steel rebar market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The US steel rebar market is segmented on the basis of type, coating type, and application. In terms of type, the market is bifurcated into mild and deformed. In 2022, the deformed segment dominated the market and is expected to be the fastest-growing segment from 2022 to 2030. Deformed steel rebar plays a crucial role in construction by providing strength and stability to concrete structures. These bars are manufactured with ridges, deformations, or patterns to enhance their bonding with concrete. The deformations create a mechanical anchoring effect, preventing slippage between the steel and concrete, especially in situations where the structure is subjected to tension or stress. The uneven surface of the rebar allows for better adhesion with the surrounding concrete, ensuring a robust and durable composite material. This is particularly important in applications where the structure needs to withstand seismic forces, heavy loads, or other external pressures. Furthermore, using deformed steel rebar helps enhance the ductility of the reinforced concrete. In the event of an earthquake or other dynamic forces, structures reinforced with deformed rebar are better equipped to absorb and redistribute energy, reducing the risk of catastrophic failure. All these factors boost the market growth for the deformed segment.
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