Steel Rebar Market Analysis
Rapid urbanization coupled with the growing need for new infrastructure will foster global steel rebar market outlook. Steel rebars are largely utilized to impart higher tensile strength to the concrete. The material has become an inherent part of buildings due to stress bearing capacity and high reinforcement. Moreover, the anti-corroding properties of the steel provide longer shelf life to structures, resulting in greater stability.
The global demand for steel rebars is escalating due to the rise in number of residential building projects as a result of significant urban expansion in developing economies. Construction activities underway across the Asia Pacific region is creating lucrative scope for steel rebar manufacturers. Some of the global manufacturers include Gerdau SA, ArcelorMittal, Tata Steel, SAIL, Nippon Steel & Sumitomo Metal, Essar Steel, Daido Steel, Hyundai Steel, Kobe Steel, and Jindal Steel & Power Ltd., among others.
Major manufacturers are actively investing in R&D activities related to innovative products that are cost-efficient. For instance, various companies across China are inclined towards the production of high-strength deformed steel rebar with earthquake-resistant properties. High yield strength, thermal resistance and durably of these components will led to massive deployment in infrastructure projects. Estimates suggest that global steel rebar market size will exceed yearly valuation of USD 198.6 billion by 2026.
Deformed steel rebar is manufactured by hot rolling and then deformed through twisting and making grooves over the surface. This process imparts greater tensile and bonding strength, which makes it ideal for utilization in vertical infrastructure. In 2018, deformed = segment held the majority of steel rebar market share, around 75% in terms of revenues.
On the other hand, mild steel rebars are produced from cold rolled steel bars and are commonly utilized as tensioning device in reinforced masonry structures. Mild steel bars are brittle, despite of ample strength and tensile properties. They can be cut, drilled, welded and easily recyclable after use. BOF (Basic Oxygen Steelmaking) is the recognized as the oldest and most dominant steelmaking technology available in the market.
The process uses iron ore as its base raw material, in form of both and steel scrap and molten pig iron. Then oxygen is blown into the melt under a basic slag, where the oxidizing action alters raw material into steel. The material is then processed to produce mild steel or deformed rebar. Electric arc furnace process is also gaining remarkable traction due to lower production cost per ton and high energy efficiency when compared to Basic Oxygen Steelmaking.
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APAC steel rebar market share is likely to exhibit consistent growth as emerging countries across the region are focused upon strengthening their public infrastructure facilities in a bid to accommodate the exploding population. Simultaneous population explosion as well as high infrastructure growth trends can be primarily observed in many countries including Indonesia, India, China, Thailand and Malaysia.
Private financing companies as well as regional governments are mutually supporting the building of new projects for commercial and residential customers. Moreover, lower cost of steel rebars across the region because of high production in India and China will drive the regional forecast.
Author Name : Aakriti Kakkar