Steel rebars: Key market research findings
- Industrialization and development in APAC to spur market growth
- Increasing usage of fiber-reinforced polymer (FRP) to the primary market trend
Technavio has released a new market research report on the global steel rebars market, which is anticipated to grow at a CAGR of over 6% during the forecast period. The increasing utilization of scrap iron to reduce carbon footprint will help to improve the industry’s economic viability. Recycling of scrap helps to reduce the environmental impact by eliminating the need for iron ore extraction for steel production. By eliminating the need for iron ore extraction, industries can focus on water consumption and also reduce carbon dioxide emissions significantly. Furthermore, with the ban on nickel ore exports, the usage of steel scraps as raw material for the production of steel rebars will increase.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“According to the analysts at Technavio, APAC will be the largest and strongest growing market for steel rebars during the next four years. The rapid increase in industrialization and development in China, India, and South Korea will be the primary demand driver for steel rebars in this region. Since steel rebars are extensively used in the construction sector to provide structural integrity to bridges and columns, the government in this region has been compelled to auction iron ores assets to improve the domestic availability of iron ore and meet the demand from steel manufacturing companies,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
Recently, it has been observed that FRP rebars have been gaining immense popularity due to their advantages over traditional steel rebars. Since these rebars do not rust or corrode, they are ideal for applications involving water or brine like retaining walls, canals, swimming pools, offshore platforms, and aquariums. These rebars require less maintenance and are more durable as they do not react with road salt and other de-icing chemicals. As these rebars do not interfere with the operation of nearby electrical devices or attract lightning strikes, its rate of adoption will increase rapidly during the course of the next few years.
The leading vendors in the global steel rebars market are ArcelorMittal, EVRAZ, Gerdau, Hebei Iron and Steel, Jiangsu Shagang, Nucor, and Tata Steel. The global market for steel rebars market is highly competitive and is characterized by the presence of a few leading vendors. Factors such as intense competition, technological advancements, and changes in market preferences will pose significant challenges for the vendors.
A more detailed analysis is available in the Technavio report, Global Steel Rebars Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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