US Steel Rebar Market to Grow at a CAGR of 3.7% to reach US$ 27.68 billion from 2022 to 2030

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.

MARKET ANALYSIS

Steel rebar is an indispensable element in construction, specifically designed to fortify concrete structures. Comprising robust steel rods or bars, these reinforcements play a pivotal role in counteracting the tensile weakness of concrete. Steel rebars enhance the overall strength and resilience of concrete by providing the necessary support to withstand forces such as tension; prevent cracks; and ensure structural integrity of buildings, bridges, and other infrastructure. Manufactured through a meticulous process of shaping and forming steel, rebars often feature surface patterns or deformations that optimize their adhesion to concrete. The choice of rebar type and configuration depends on the specific structural requirements and engineering considerations of a construction project.  

GROWTH DRIVERS AND CHALLENGES

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. Thus, the rising demand for lightweight, high-strength, and noncorrosive rebars drives the growth of the US steel rebars market.  

The production of these rebars is directly tied to the prices of raw materials, primarily iron and scrap metal. The steel industry is vulnerable to global market dynamics, geopolitical events, and supply chain disruptions. These factors contribute to the volatility in raw material prices. Fluctuations in prices create uncertainty for manufacturers and can lead to increased production costs. Fluctuating raw material prices are felt throughout the steel rebar supply chain. Manufacturers may struggle to maintain stable pricing for steel rebars. Contractors and builders, in turn, may face challenges in planning and estimating project costs accurately, leading to delays and potential cost overruns. This uncertainty can also deter investments in construction projects, hampering the growth of the US steel rebar market

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REPORT SEGMENTATION AND SCOPE

The "US Steel Rebar Market Analysis to 2030" is a specialized and in-depth study with a major focus on the market trends and growth opportunities in the US. The report aims to provide an overview of the market with detailed market segmentation by type, coating type, and application. The report provides key statistics on the use of steel rebar in the US. In addition, the report provides a qualitative assessment of various factors affecting the market performance in the US. The report also includes a comprehensive analysis of the leading players in the steel rebar market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.

Further, ecosystem analysis and Porter's five forces analysis provide a 360-degree view of the market, which helps understand the entire supply chain and various factors affecting the US steel rebar market growth.  

SEGMENTAL ANALYSIS

The US steel rebar market is segmented on the basis of type, coating type, and application. Based on coating type, the market is segmented into plain, galvanized, and epoxy coated. The galvanized segment accounted for a significant share of the US steel rebar market in 2022. Galvanized steel rebars are a type of reinforced steel that undergoes a protective process known as galvanization. In this type, steel is coated with a zinc layer, providing a robust shield against corrosion. The galvanization process forms a metallurgical bond between zinc and steel, creating a protective barrier that significantly enhances the rebars' durability and resistance to rust. The zinc coating acts as a sacrificial layer, corroding preferentially to the steel underneath. The protection extends the lifespan of the rebars and contributes to the overall longevity of the reinforced concrete structures in which they are used. Additionally, galvanized steel rebars find application in outdoor and marine constructions where exposure to moisture and harsh weather conditions is prevalent. The protective zinc layer ensures that the rebars maintain their structural integrity over time, even in challenging environmental conditions. This makes them a reliable choice for bridges, coastal structures, and other projects where corrosion resistance is critical. Owing to all these factors, the galvanized segment dominated the market in 2022.

COUNTRY ANALYSIS

According to the Council on Foreign Relations, the US$ 25 trillion US economy relies on a vast infrastructure network to keep afloat. As the country strives to upgrade and expand its transportation, energy, and public facilities, robust and durable construction materials are paramount. With its exceptional strength and versatility, steel rebar has emerged as a crucial component in reinforced concrete structures, ensuring their resilience against heavy loads and harsh environmental conditions. As bridges, highways, and other critical aging structures undergo renovation and reconstruction, steel rebar plays a pivotal role in enhancing their structural integrity. The durability and load-bearing capabilities of steel rebars make them an ideal choice for projects aiming to create resilient and long-lasting infrastructure.

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

The report provides a detailed overview of the US steel rebar market.

In May 2020, 72 Steel LLC, a New York-based company, announced its plan to build a US$ 218 million electric arc furnace (EAF) steel rebar mill at Aliquippa, Pennsylvania.

IMPACT OF COVID-19 PANDEMIC

The US steel rebar market witnessed growth before the onset of the COVID-19 pandemic due to increased use of these rebars in the residential, industrial, and infrastructure construction sectors. However, the disrupted chemicals & materials industry and increased restrictions on logistic operations due to the pandemic led to the shutdown of manufacturing facilities, creating challenges in procuring raw materials. The 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 US steel rebar market is reviving due to the government's significant measures such as vaccination drives. Growing demand for these sheets from the residential & nonresidential application sector propels the US steel rebar market growth. Moreover, various players in the country seek investments as businesses gain confidence in stabilizing economies and witness an increase in demand, thereby providing the impetus for the US steel rebar market growth.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

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.

US Steel Rebar Report Scope