August 01, 2022 13:20 ET | Source: Straits Research Straits Research
New York, United States, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Rebar is a tensioning device used to strengthen concrete. Steel Rebar strengthens compressed concrete. Concrete with reinforcement is a complicated substance. Concrete lacks tensile strength despite its density.
However, steel rebar put into concrete corrects this mismatch. Wire mesh is one of five types of rebar, along with welded wire fabric, sheet metal reinforcing bars, and stainless-steel rebar. Steel rebar is cut and formed into regular lengths and widths for monolithic buildings. Steel rebar's bending flexibility makes it an effective concrete reinforcement. Steel rebar has high impact resistance, less spalling, and long-term durability.
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Global Steel Rebar Market: DRIVERS
Infrastructure and Urbanization Are Accelerating
Rapid infrastructure development and new industrial units in India and China are growing product demand. Rising per capita income, increased populations, and better living circumstances should help the residential sector. Several countries, including India, are considering substantial housing and smart city plans to boost residential sector growth. Rapid urbanization in emerging economies creates new growth and development opportunities. Globally, people are working to solve the most important issues. These include the creation of "smart cities" and the establishment of residential construction laws.
Government Initiatives Drive the Market
Public housing funding boosts the home construction industry. Low-income households receive government subsidies and aid. These incentives make it easier to secure low-interest home loans. Thermo-mechanical technology can improve steel rebar's high tension, ductility, and capacity to construct columns and beams with exact concrete cover. Governments around the world favor high-strength rebar in building structures. This has reduced mild steel reinforcing bars' global market share. China's Ministry of Housing and Urban-Rural Development promotes earthquake-resistant deformed steel rebar.
Global Steel Rebar Market: KEY FUTURE OPPORTUNITIES
Technological Progress Creates New Opportunities
The steel rebar sector is expected to increase, along with its innovation and progress, creating significant business chances for both established and new market participants. High-end usage and technological developments drive steel rebar innovation. Fe-500, Fe-550, and Fe-500D are recent grades. Modern steel rebar is used in corrosion-resistant, epoxy-coated, and earthquake-resistant applications. Increased public transit financing, rapid urbanization, and developing infrastructure are expected to boost the industry.
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Regional Overview of Global Steel Rebar Market
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa make up the Steel Rebar Market.
Due to China's need for steel rebar, Asia Pacific is expected to have the largest consumption throughout the projection period. Even though China's industrial sector has stagnated, the building sector has risen.
Due to regulatory improvements, China's real estate sector should increase demand for steel and related products. New construction requirements and relaxed regulatory rules in tier 2 and tier 4 cities may raise steel demand in China. Because they're the second and fourth most populous cities, respectively.
The North American area is expected to grow steadily as the United States and Canada rebuild their infrastructure. The US infrastructure business lacks investment.
COVID-19's epidemic affected the U.S. merchants' income and profitability. Nucor's sales declined 10.8% between 2019 and 2020, hitting $20 billion. COVID-19's epidemic affected profits and earnings.
This tendency will be helped by Europe's construction industry rebound. Saudi Arabia's 2019 crude steel production is anticipated at 8,191 thousand tons by the World Steel Association. Depleting iron ore supplies could affect the supply chain by affecting raw material and final product prices. Due to COVID-19, demand for finished steel products decreased in 2020 and will for a while. Future growth will be boosted by government initiatives and megaprojects.
The global economic recovery has boosted demand for steel goods like rebar so far in 2021. Steel Dynamics, Inc. announced first-quarter revenues of USD 3.5 billion, up from USD 2.6 billion in 2020. Net income rose from 187 million to 431 million.
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List of major competitor companies in the Steel Rebar Market across the globe are:
Global Steel Rebar Market: Segmentation
Table of Content and Figure @ https://straitsresearch.com/report/steel-rebar-market/toc
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