Steel Rebar Market Dynamics 2021-2031
The Steel Rebar Market size is projected to reach US$ 326.9 billion by 2031 from US$ 229.0 billion in 2023. The market is expected to register a CAGR of 4.5% in 2023–2031. The growing demand from applications, including residential, commercial, industrial, and infrastructure, is likely to remain a key steel rebar market trends.
Steel Rebar Market Analysis
The steel rebar market experiences a significant boost from the growing demand in the residential construction sector, a trend influenced by various factors. As urbanization continues globally, there is a parallel increase in the construction of residential buildings to accommodate the expanding population. This surge in housing projects directly fuels the demand for these rebars, which play a pivotal role in reinforcing the structural elements of residential constructions, ensuring their stability and longevity. In addition, the desire for more robust and resilient residential structures contributes to the preference for these rebars. Homeowners and builders alike recognize the importance of using materials that enhance the structural integrity of buildings, especially in regions prone to natural disasters or harsh environmental conditions. These rebars provide the strength to withstand various external pressures, making them a preferred choice in the residential construction sector. Additionally, the trend towards multi-story and high-rise residential buildings further amplifies the demand for these rebars. As developers aim to maximize available space in urban areas, they often opt for vertically oriented constructions. Steel rebar's ability to support the increased loads associated with taller structures makes it an indispensable component in the construction of these modern residential complexes. Furthermore, the residential construction sector is influenced by architectural trends that prioritize innovative and aesthetically pleasing design options, contributing to the growing popularity of steel rebar in the residential construction sector.
Steel Rebar Market Overview
The revitalization of urban areas and the development of business districts contribute to the rising demand for commercial construction, further propelling the steel rebar market. The construction of skyscrapers, mixed-use complexes, and modern office spaces requires materials that meet stringent safety standards and support the weight and stresses associated with these ambitious structures. With its versatility and strength, these rebars have become preferred in such projects. Additionally, as businesses expand and new ventures emerge, there is an increased need for construction projects that can accommodate growing commercial activities. This trend fuels the demand for steel rebar not only in new construction but also in renovation and expansion projects, and existing commercial spaces are adapted to meet the evolving needs of businesses.
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Steel Rebar Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Steel Rebar Market: Strategic Insights
Shejal
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Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Steel Rebar Market Drivers and Opportunities
Growing Demand from Commercial Construction Bolsters Steel Rebar Market Growth
Steel rebar is a crucial construction material that plays a foundational role in reinforcing concrete structures. The primary purpose of these rebars is to enhance the tensile strength of concrete, thereby preventing structural failure and ensuring the durability and longevity of buildings, bridges, and various infrastructures. Commercial construction encompasses a wide range of projects, including office buildings, shopping centers, hotels, and other non-residential structures. As economies thrive and urbanization accelerates, there is a simultaneous surge in the need for commercial spaces to accommodate businesses, services, and retail activities. This uptick in commercial construction directly translates into increased demand for these rebars, a fundamental component in reinforced concrete structures. Commercial buildings are often characterized by their size and complexity and require robust and durable construction materials to ensure their stability and longevity. Steel rebars provide the necessary tensile strength to reinforced concrete, enhancing its ability to withstand the dynamic loads associated with large commercial structures. As developers and builders aim for architectural innovations and structural resilience in commercial projects, the demand for these high-quality rebars grows. Thus, increasing demand from the commercial construction sector drives the steel rebar market growth.
Increasing Demand for Lightweight, High Strength, and Noncorrosive Rebars
Builders and engineers seek advanced construction materials as construction practices evolve, and the emphasis on efficiency and sustainability intensifies. Lightweight steel rebars, in particular, address the need for robust and economically viable structures. These rebars reduce the overall weight of structures, facilitating easier transportation and handling during construction. The quest for high-strength materials is driven by the desire to construct resilient buildings and infrastructure. Steel rebars with enhanced strength are used in the development of structures that can withstand greater loads and stresses. This is especially crucial in regions prone to seismic activity or extreme weather conditions, where the structural integrity of buildings is paramount. Noncorrosive properties are becoming increasingly important in construction materials, especially in areas with high humidity or proximity to saltwater. Traditional rebars are susceptible to corrosion, which can compromise the structural integrity of a building over time. The demand for noncorrosive steel rebars has upsurged as they offer longevity and durability, reducing maintenance costs and ensuring the safety and stability of structures over their lifespan. Thus, the rising demand for lightweight, high-strength, and noncorrosive rebars drives the growth of the steel rebars market.
Steel Rebar Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Steel Rebar Market analysis are type, coating type, and end use.
- Based on type, the market is segmented into mild and deformed. The deformed segment held a larger market share in 2023.
- In terms of application, the market is segmented into plain, galvanized, and epoxy coated. The galvanized segment held the largest share of the market in 2023.
- On the basis of the end use, the steel rebar market is segmented into residential buildings, infrastructure, and industrial. The infrastructure segment held the largest share of the market in 2023.
Steel Rebar Market Share Analysis by Geography
The geographic scope of the Steel Rebar Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The rapid pace of urbanization and industrialization in countries like China and India has led to an unprecedented demand for construction materials, particularly steel rebar. As these nations undergo extensive infrastructure development and urban expansion, the need for reinforced concrete in various construction projects has significantly propelled the demand for these rebars in the region. In addition, the construction in the Asia Pacific region, fueled by population growth and economic development, has contributed to the substantial market share. Rising urban populations drive residential buildings, commercial complexes, and infrastructure projects, all of which rely heavily on these rebars for structural reinforcement; thus, the region's increasing construction activities with a growing population are expected to boost the market growth in Asia Pacific.
Steel Rebar Market Report Scope
Steel Rebar Market News and Recent Developments
The steel rebar market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for steel rebar and strategies:
- Tata Tiscon, India's first GreenPro Certified rebar brand, has launched a new and superior rebar named 'Tata Tiscon 550SD (Super Ductile)'. The brand has led the product journey from Fe 415 to Fe 500D to Super Ductile rebars and now 550SD. The new GreenPro labelled eco-friendly rebar is the next generation innovation in rebar technology and will provide more safety and strength, resulting into savings for the users. (Source: Tata Steel, Press Release, 2021)
Steel Rebar Market Report Coverage and Deliverables
The "Steel Rebar Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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