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Steel round bars are used as reinforcing steel bars or rebars in concrete construction. Steel round bars provide tensile strength, structural integrity and reinforce the compressive strength of concrete.
The global Steel Round Bars Market is estimated to be valued at US$ 242.9 Bn or Billion in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the steel round bars market is the introduction of high strength rebars. Due to growing construction of taller and larger structures, demand for strong yet ductile rebars is increasing. Leading manufacturers are developing next generation rebars with advanced alloys, improved processing and strengthened microstructure to deliver elevated strength up to 600 MPa without sacrificing ductility. These advanced rebars allow reducing steel usage in infrastructure and buildings by 15-20% thereby minimizing costs and carbon footprint of construction projects.
SWOT Analysis
Strength: Steel round bars have wide applications in construction, infrastructure and manufacturing industries due to their high strength and durability. They are cost effective material for various industrial applications.
Weakness: Fluctuations in raw material prices can increase the production cost of steel round bars. stringent environmental regulations regarding steel production increase the compliance cost.
Opportunity: Growing construction and infrastructure development activities in developing countries of Asia and Africa offer lucrative growth opportunities. Increasing investment in urban infrastructure projects will boost the demand for steel round bars.
Threats: Sensitivity to global economic slowdowns poses threats to construction activities and downstream demand. Rising popularity of substitute materials like aluminum, plastics and composites can hamper the steel round bars market growth.
Key players
Key players operating in the steel round bars market are ArcelorMittal, Nippon Steel Corporation, POSCO, Tata Steel, Baosteel Group Corporation, JFE Steel Corporation, Thyssenkrupp AG, Nucor Corporation, Hyundai Steel, SAIL (Steel Authority of India Limited), Outokumpu Oyj, Gerdau S.A., SSAB AB, Acerinox S.A., Tenaris S.A. The players are focusing on expansion of production capabilities and new product launches to strengthen their market position.
Regional analysis
Asia Pacific dominates the global steel round bars market and is estimated to continue its dominance, growing at a CAGR of over 5% during the forecast period. Rising construction spending in China and India is driving the regional market growth. Europe is another major market for steel round bars owing to strong manufacturing sector in the region.
Key Takeaways
The global steel round bars market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing investment in infrastructure development and construction activities globally. The steel round bars market size for 2023 is estimated at US$ 242.9 Bn.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
