Reinforcing bars are referred to as rebars, and these are made of steel. These tensile device is used in the construction industry for reinforcing concrete. These type of tensioning devise have been used for holding the concrete in compressed state in different types of construction structure including masonry building..
The construction industry is expanding due to the rise in global population. The real estate industry is expanding significantly in emerging economies such as China, India, and South Korea. Considerable expansion and development in the construction industry coupled with industrial development, has led to higher demand for steel rebars in the region. In India, rising population and impact of globalization enhances the growth prospect of urbanization in the near future. This, in turn, is triggering infrastructural development in the region. Rising number of industries and increasing infrastructure promote the market prospect of steel rebars in the region. Infrastructural bottlenecks has been a severe problem in Africa and Latin America. Economic development in these regions have led to industrial expansion which broadens the uses of steel rebars in these regions. Moreover, climate change has been a global concern recently. Severe and sudden change in weather is a regular phenomenon and this leads to frequent occurrence of natural calamities. This drives the demand for steel rebars in the construction industry as these rebars offer high-tensile strength and are able to absorb energy during extreme weather condition, thus securing the lifetime of building construction. These factors are is expected to fuel the demand for steel rebars market during the forecast period.
However, steel is an expensive metal, and this in turn increases the cost of steel rebars. Therefore, the higher cost of materials leads building contractors to switch their demand from steel rebars. Moreover, exposed steel can be damaged due to rusting, and this adversely impacts on the life and safety of any kind of construction. These disadvantages of steel rebars are restraining the expansion prospect of the market during the forecast period.
There is rising demand for power generation from renewable energy sources such as wind, solar power, and tidal energy due to the gradual depletion of non-renewable energy sources. Demand for electricity is increasing in industries, household sector, and agriculture. Hence, there is a rising trend for production of energy from non-renewable energy sources. This, in turn, is driving the demand for installation of solar plants and windmills. These kind of infrastructures require steel rebars, and this is anticipated to increase the demand for steel rebars during the forecast period.
In terms of product type, the steel rebar market can be segmented into wielded wire fabric, sheet-metal reinforcing bars, stainless steel rebars, expanded metal or wire mesh, and epoxy coated rebars. Wielded wire fabric are made from steel wires, and these are primarily employed in road pavements, small canals, and drainage systems. Sheet-metal reinforcing bars are majorly utilized as floor slabs, in roof construction, and stairs. Stainless steel rebars are particularly applicable to those cases where corrosion is a problem. Expanded metal or wire mesh can be utilized for concrete and epoxy coated rebars, which are extensively employed where probability of corrosion is high. However, epoxy coated rebars are quite expensive. Sheet metal reinforcing bars held significant market share, as they are employed in roof and floor construction. Demand for stainless steel rebars is rising due to their low price.
In terms of geography, the steel rebars market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. Asia Pacific held significant share of the market, as the region consists of emerging economies such as China, India, and South Korea. These countries are experiencing expansion in infrastructural development and industrial growth, thus boosting the demand for steel rebars in the region.
Key market players include Gerdau, Nucor, Tata Steel, ArcelorMittal, and Jiangsu Shagang.
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