Steel Rebar Market Analysis by Regional Outlook and Segments till 2024

The year 2017 witnessed China manufacturing around 832 million tons of steel. Currently the country is looking forward to encouraging biggies to develop more electric furnaces in order to process scrap, which is likely to have a considerable impact on China steel rebar market trends. The APAC region has been depicting an increase in industry size, despite rising product prices. It has been observed that driven by the growing steel product requirement from the industrial, automotive, and construction sectors, Japan market has been consistently generating a substantial valuation. As per statistics, in 2016, APAC accounted for 65% of the overall industry share. Escalating investments in urban development projects mainly across India and China will also boost product demand over the years ahead.

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The surging implementation of smart city programs across several countries will also have a remarkable impact on steel rebar industry growth, as regional governments have been making heavy investments in the construction of buildings, road, and highways. Taking into account growing demand for steel rebar, many fabrication companies have been working toward constructing new production facilities. For instance, the U.S.  based steel manufacturer, PennFab, recently commenced the production of rebar cages for highway signs, signal bridges, and catenary poles.

It has been observed that the increasing deployment of regulatory programs related to smart cities and industrialization will generate lucrative opportunities for giants in market for future. Smart cities have emerged as one of the visionary projects for several regional governments for a high quality and sustainable life comprising mobility, infrastructure, resource availability, technology, connectivity, and environment. In fact, developing firms are giving preference for steel structures for drainage, sewage, and transmission to ensure less maintenance and zero wastage. Moreover, the intensive use of steel in city planning, building materials, and advanced architecture is likely to play a key role in the approval of project design.

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Undeniably, the surging deployment of steel and the rise in the construction of myriad steel-based structures in long-term projects are likely to boost overall industry outlook. According to Global Market Insights, Inc., steel rebar market will generate revenue of more than USD 170 billion by the end of 2024.

Lately, on account of the vivid environmental crackdown, the world’s largest steel producer – China, apparently declared to reduce its steel production capacity by 2020. In consequence, this has led to the shutdown of numerous induction furnaces, gradually resulting in the rise of steel rebar prices. Last year alone, the price of steel bars increased by around 38%. In essence, this decision taken by the Chinese government has helped many downsized companies to improve their market position with the production of steel rebars.

Considering the rising prices of steel rebars across several countries including Kuwait, Egypt, and China, most of the players in steel rebar industry have been working toward improving their production facilities to produce quality steel rebars at a competitive price. The Malaysia based company, Leader Steel Holdings Bhd, for example, made it to the headlines for having announced its decision to commence the manufacturing of cost-effective reinforced bars for the local market. The increasing involvement of companies toward product innovation and advancements will thus fuel the market share. For the record, in 2016, steel rebar market held a revenue of USD 120 billion.

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