Steel Rebar Market in Asia Pacific will generate revenue over USD 110 billion by 2024. The region already accounts for 60% of the world population and increasing necessity to accommodate rising inhabitants will enhance regional construction spending. In addition, regional technology services sector expansion will also propel telecommunications infrastructure investments. Presence of key manufactures such as Tata, SAIL, Essar and Jindal will also play a key role in promoting regional industry growth.
Rapid construction of highways, bridges & buildings, and public utilities owing to shifting economic and demographic trends will drive steel rebar market. Increasing smart city projects financed by public-private partnership will propel product application scope. As per industry estimates, global infrastructural spending was over USD 4.5 trillion in 2016.
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Deformed steel rebar dominated the overall industry and expected to witness growth over 4.5% up to 2024. Key properties such as minimum slippage and improved mechanical anchoring supporting product penetration. Increasing demand for reinforced concrete cages, columns, slabs, prefabricated beams, will foster industry growth. Strong application outlook to refurbish old structures will propel steel rebar market.
Electric arc operations accounted for over 40% of the overall industry demand in 2016. Rising carbon and alloy steels production by recycling ferrous scrap fostering the segment growth. Factor such as quality control, reduced costs, low CO2 emission and better energy savings potential will support steel rebar market growth. Globally, increasing demand for finished structural products and falling scrap prices are expected to further influence segment growth.
Public infrastructure estimated to witness CAGR over 4.5% up to 2024. Increasing necessity to build and upgrade bridges, roads, government institutions, airports, water treatment infrastructure and rail services fueling product demand. Changing consumer trends and rising disposable income will drive the construction of new commercial buildings, shopping malls, and sports complexes over the projected timeframe.
Rising government budgets on renovation of structurally deficient buildings in the emerging economies has positively influenced steel rebar market share. For instance, China 13th Five-Year Plan (2016-20), for green building construction and renovation by 2020 will enhance product demand. Rapid urbanization and industrialization likely to augment construction of new manufacturing facilities and upgradation of existing structure.
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Residential building application witnessed demand over 95 million tons in 2016. Surge in public-private partnership projects will provide lucrative business opportunities for manufactures. Increasing government spending on construction of smart cities will drive steel rebar market growth. Emerging economies such as India, China, Japan and South Korea expected to invest in smart city projects over the forecast period. For instance, Indian government is expected to invest USD 15 billion for development of 100 cities in coming years.
Global steel rebar market share is competitive in nature. Key industry participants are:
- Nippon & Sumitomo Metal Corporation
Manufacturers are anticipated to upgrade existing production capacity and adopt new solution through extensive R&D to attain competitive advantage.
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